Palisade Capital Management LP Lowers Stock Holdings in Prosperity Bancshares, Inc. (NYSE:PB)

Palisade Capital Management LP trimmed its position 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 filing with the Securities and Exchange Commission (SEC). The institutional investor owned 527,205 shares of the bank's stock after selling 7,284 shares during the quarter. Prosperity Bancshares makes up about 1.1% of Palisade Capital Management LP's portfolio, making the stock its 17th biggest holding. Palisade Capital Management LP owned 0.55% of Prosperity Bancshares worth $37,627,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Smartleaf Asset Management LLC raised its stake in shares of Prosperity Bancshares by 487.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 376 shares of the bank's stock worth $28,000 after buying an additional 312 shares during the period. Jones Financial Companies Lllp raised its stake in shares of Prosperity Bancshares by 368.5% during the 4th quarter. Jones Financial Companies Lllp now owns 520 shares of the bank's stock worth $39,000 after buying an additional 409 shares during the period. Aster Capital Management DIFC Ltd increased its position in shares of Prosperity Bancshares by 349.5% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 917 shares of the bank's stock worth $69,000 after purchasing an additional 713 shares in the last quarter. Quarry LP purchased a new stake in shares of Prosperity Bancshares during the fourth quarter worth approximately $88,000. Finally, Fifth Third Bancorp increased its position in shares of Prosperity Bancshares by 44.9% during the first quarter. Fifth Third Bancorp now owns 1,277 shares of the bank's stock worth $91,000 after purchasing an additional 396 shares in the last quarter. 80.69% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on PB. Keefe, Bruyette & Woods dropped their price target on Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating for the company in a research report on Monday, May 5th. Barclays dropped their target price on Prosperity Bancshares from $88.00 to $86.00 and set an "equal weight" rating for the company in a report on Tuesday, April 8th. Royal Bank Of Canada dropped their target price on Prosperity Bancshares from $85.00 to $78.00 and set a "sector perform" rating for the company in a report on Thursday, April 24th. Jefferies Financial Group initiated coverage on Prosperity Bancshares in a report on Wednesday, May 21st. They issued a "buy" rating and a $85.00 target price for the company. Finally, Wall Street Zen upgraded Prosperity Bancshares from a "sell" rating to a "hold" rating in a report on Tuesday, May 13th. Seven analysts have rated the stock with a hold rating and ten have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $83.80.

Insider Buying and Selling at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 600 shares of the firm's stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $70.89, for a total value of $42,534.00. Following the completion of the sale, the director directly owned 45,700 shares of the company's stock, valued at $3,239,673. This trade represents a 1.30% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last quarter, insiders sold 9,600 shares of company stock valued at $666,785. Company insiders own 4.20% of the company's stock.

Prosperity Bancshares Price Performance

Shares of PB traded up $0.17 during mid-day trading on Friday, reaching $73.73. The company's stock had a trading volume of 468,888 shares, compared to its average volume of 603,559. Prosperity Bancshares, Inc. has a 12-month low of $58.66 and a 12-month high of $86.76. The stock has a market cap of $7.02 billion, a PE ratio of 14.04, a price-to-earnings-growth ratio of 0.92 and a beta of 0.68. The company's 50 day moving average is $70.15 and its 200 day moving average is $72.38.

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

Prosperity Bancshares Dividend Announcement

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

Prosperity Bancshares Company Profile

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.