Palisade Capital Management LP Has $37.63 Million Stock Position in Prosperity Bancshares, Inc. (NYSE:PB)

Palisade Capital Management LP reduced its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 1.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 527,205 shares of the bank's stock after selling 7,284 shares during the quarter. Prosperity Bancshares accounts for about 1.1% of Palisade Capital Management LP's investment portfolio, making the stock its 17th largest holding. Palisade Capital Management LP owned about 0.55% of Prosperity Bancshares worth $37,627,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. increased its holdings in shares of Prosperity Bancshares by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 9,780,006 shares of the bank's stock valued at $736,923,000 after acquiring an additional 44,567 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Prosperity Bancshares by 1.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 4,586,260 shares of the bank's stock worth $345,575,000 after acquiring an additional 48,304 shares during the period. Massachusetts Financial Services Co. MA boosted its stake in Prosperity Bancshares by 1.4% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,342,047 shares of the bank's stock valued at $176,473,000 after acquiring an additional 32,917 shares during the period. Snyder Capital Management L P grew its holdings in shares of Prosperity Bancshares by 7.3% during the fourth quarter. Snyder Capital Management L P now owns 1,220,977 shares of the bank's stock valued at $92,001,000 after purchasing an additional 83,488 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Prosperity Bancshares by 0.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,188,208 shares of the bank's stock worth $89,531,000 after purchasing an additional 4,913 shares during the period. Institutional investors and hedge funds own 80.69% of the company's stock.

Analyst Ratings Changes

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

Prosperity Bancshares Stock Up 0.2%

Shares of Prosperity Bancshares stock traded up $0.17 during trading on Thursday, hitting $73.73. The stock had a trading volume of 468,888 shares, compared to its average volume of 605,387. Prosperity Bancshares, Inc. has a 1 year low of $58.66 and a 1 year high of $86.76. The stock has a 50 day simple moving average of $70.02 and a 200 day simple moving average of $72.45. The company has a market capitalization of $7.02 billion, a PE ratio of 14.04, a P/E/G ratio of 0.92 and a beta of 0.68.

Prosperity Bancshares (NYSE:PB - Get Free Report) last issued its earnings results on Wednesday, April 23rd. The bank reported $1.37 EPS for the quarter, topping the consensus estimate of $1.35 by $0.02. The business had revenue of $306.68 million during the quarter, compared to analysts' expectations of $307.17 million. Prosperity Bancshares had a return on equity of 6.81% and a net margin of 27.69%. Prosperity Bancshares's revenue was up 10.7% compared to the same quarter last year. During the same quarter last year, the firm posted $1.18 earnings per share. As a group, equities analysts expect that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current fiscal year.

Prosperity Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th were given a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.15%. The ex-dividend date was Friday, June 13th. Prosperity Bancshares's dividend payout ratio (DPR) is 44.19%.

Insider Activity at Prosperity Bancshares

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $72.97, for a total value of $36,485.00. Following the completion of the sale, the director owned 98,415 shares in the company, valued at $7,181,342.55. This represents a 0.51% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold 9,600 shares of company stock worth $666,785 in the last ninety days. Company insiders own 4.20% of the company's stock.

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.