Nuveen Asset Management LLC Trims Stock Position in Prosperity Bancshares, Inc. (NYSE:PB)

Nuveen Asset Management LLC lessened its holdings in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 8.2% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 334,121 shares of the bank's stock after selling 29,748 shares during the period. Nuveen Asset Management LLC owned about 0.35% of Prosperity Bancshares worth $25,176,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the business. Blue Trust Inc. lifted its position in shares of Prosperity Bancshares by 14.9% in the 4th quarter. Blue Trust Inc. now owns 987 shares of the bank's stock worth $71,000 after purchasing an additional 128 shares during the period. CIBC Private Wealth Group LLC raised its stake in shares of Prosperity Bancshares by 4.4% during the 4th quarter. CIBC Private Wealth Group LLC now owns 3,069 shares of the bank's stock worth $229,000 after acquiring an additional 128 shares in the last quarter. Sanctuary Advisors LLC raised its stake in shares of Prosperity Bancshares by 3.8% during the 4th quarter. Sanctuary Advisors LLC now owns 5,359 shares of the bank's stock worth $430,000 after acquiring an additional 194 shares in the last quarter. First Horizon Advisors Inc. raised its stake in shares of Prosperity Bancshares by 23.9% during the 4th quarter. First Horizon Advisors Inc. now owns 1,010 shares of the bank's stock worth $76,000 after acquiring an additional 195 shares in the last quarter. Finally, Savant Capital LLC raised its stake in shares of Prosperity Bancshares by 4.6% during the 4th quarter. Savant Capital LLC now owns 4,505 shares of the bank's stock worth $339,000 after acquiring an additional 197 shares in the last quarter. Hedge funds and other institutional investors own 80.69% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Morgan Stanley reduced their price objective on shares of Prosperity Bancshares from $102.00 to $94.00 and set an "overweight" rating for the company in a research note on Thursday, March 13th. Barclays reduced their price objective on shares of Prosperity Bancshares from $88.00 to $86.00 and set an "equal weight" rating for the company in a research note on Tuesday, April 8th. Jefferies Financial Group began coverage on shares of Prosperity Bancshares in a research note on Wednesday, May 21st. They set a "buy" rating and a $85.00 price target on the stock. Keefe, Bruyette & Woods cut their price target on shares of Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating on the stock in a research note on Monday, May 5th. Finally, Royal Bank of Canada cut their price target on shares of Prosperity Bancshares from $85.00 to $78.00 and set a "sector perform" rating on the stock in a research note on Thursday, April 24th. Seven research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, Prosperity Bancshares presently has a consensus rating of "Moderate Buy" and an average price target of $83.80.

Insider Buying and Selling at Prosperity Bancshares

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $70.63, for a total transaction of $35,315.00. Following the transaction, the director now directly owns 104,815 shares of the company's stock, valued at $7,403,083.45. This trade represents a 0.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders have sold a total of 6,600 shares of company stock valued at $460,409 over the last ninety days. Corporate insiders own 4.20% of the company's stock.

Prosperity Bancshares Stock Down 0.7%

Shares of NYSE:PB traded down $0.53 during midday trading on Wednesday, reaching $70.20. The company's stock had a trading volume of 83,705 shares, compared to its average volume of 588,430. The firm has a market capitalization of $6.69 billion, a PE ratio of 13.88, a P/E/G ratio of 0.94 and a beta of 0.70. Prosperity Bancshares, Inc. has a twelve month low of $57.16 and a twelve month high of $86.76. The stock has a fifty day moving average of $68.86 and a 200 day moving average of $74.80.

Prosperity Bancshares (NYSE:PB - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The bank reported $1.37 EPS for the quarter, beating the consensus estimate of $1.35 by $0.02. The company had revenue of $306.68 million for the quarter, compared to analyst estimates of $307.17 million. Prosperity Bancshares had a net margin of 26.79% and a return on equity of 6.64%. The firm's revenue was up 10.7% on a year-over-year basis. During the same quarter last year, the business earned $1.18 earnings per share. Sell-side analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current fiscal year.

Prosperity Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be issued a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a yield of 3.30%. The ex-dividend date of this dividend is Friday, June 13th. Prosperity Bancshares's payout ratio is 44.19%.

About Prosperity Bancshares

Prosperity Bancshares, Inc operates as bank holding company for the Prosperity Bank that provides financial products and services to businesses and consumers. It accepts various deposit products, such as demand, savings, money market, and time accounts, as well as and certificates of deposit. The company also offers 1-4 family residential mortgage, commercial real estate and multifamily residential, commercial and industrial, agricultural, and non-real estate agricultural loans, as well as construction, land development, and other land loans; consumer loans, including automobile, recreational vehicle, boat, home improvement, personal, and deposit account collateralized loans; term loans and lines of credit; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and purchase of equipment and machinery.