MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Acquires 3,746 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 17.7% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 24,872 shares of the bank's stock after buying an additional 3,746 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.'s holdings in Prosperity Bancshares were worth $1,874,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Lazard Asset Management LLC bought a new stake in shares of Prosperity Bancshares during the 4th quarter valued at about $270,000. Fiduciary Trust Co bought a new stake in shares of Prosperity Bancshares during the 4th quarter valued at about $234,000. Deutsche Bank AG grew its stake in shares of Prosperity Bancshares by 10.6% during the 4th quarter. Deutsche Bank AG now owns 6,194 shares of the bank's stock valued at $467,000 after purchasing an additional 592 shares during the period. Dean Capital Management grew its stake in shares of Prosperity Bancshares by 21.7% during the 4th quarter. Dean Capital Management now owns 29,081 shares of the bank's stock valued at $2,191,000 after purchasing an additional 5,178 shares during the period. Finally, Cetera Investment Advisers grew its stake in shares of Prosperity Bancshares by 5.9% during the 4th quarter. Cetera Investment Advisers now owns 7,675 shares of the bank's stock valued at $578,000 after purchasing an additional 427 shares during the period. Hedge funds and other institutional investors own 80.69% of the company's stock.

Prosperity Bancshares Price Performance

Shares of NYSE PB traded down $0.53 during midday trading on Wednesday, reaching $70.21. 83,705 shares of the stock traded hands, compared to its average volume of 588,430. The stock 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 one year low of $57.16 and a one year high of $86.76. The company's 50 day moving average is $68.86 and its 200 day moving average is $74.80.

Prosperity Bancshares (NYSE:PB - Get Free Report) last posted its earnings results on Wednesday, April 23rd. The bank reported $1.37 EPS for the quarter, beating analysts' consensus estimates of $1.35 by $0.02. The firm had revenue of $306.68 million during the quarter, compared to the consensus estimate of $307.17 million. Prosperity Bancshares had a return on equity of 6.64% and a net margin of 26.79%. The company's quarterly revenue was up 10.7% compared to the same quarter last year. During the same period in the prior year, the company earned $1.18 EPS. As a group, equities analysts forecast that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Prosperity Bancshares Announces Dividend

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

Insider Activity

In other news, Director Ned S. Holmes sold 500 shares of the stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $73.62, for a total value of $36,810.00. Following the sale, the director now directly owns 105,315 shares in the company, valued at approximately $7,753,290.30. This represents a 0.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In the last ninety days, insiders sold 6,600 shares of company stock worth $460,409. 4.20% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

PB has been the subject of a number of recent research reports. Stephens boosted their price objective on Prosperity Bancshares from $93.00 to $94.00 and gave the company an "overweight" rating in a research note on Thursday, January 30th. Morgan Stanley cut their price objective on Prosperity Bancshares from $102.00 to $94.00 and set an "overweight" rating for the company in a research note on Thursday, March 13th. Wall Street Zen upgraded Prosperity Bancshares from a "sell" rating to a "hold" rating in a research note on Tuesday, May 13th. Barclays cut their price objective on 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. Finally, Royal Bank of Canada cut their price objective on Prosperity Bancshares from $85.00 to $78.00 and set a "sector perform" rating for the company 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 company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $83.80.

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.