Rhumbline Advisers Decreases Stock Position in Prosperity Bancshares, Inc. (NYSE:PB)

Rhumbline Advisers decreased its position in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 8.0% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 265,642 shares of the bank's stock after selling 22,958 shares during the period. Rhumbline Advisers owned 0.28% of Prosperity Bancshares worth $18,959,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PB. Blue Trust Inc. grew its position in shares of Prosperity Bancshares by 14.9% during the 4th quarter. Blue Trust Inc. now owns 987 shares of the bank's stock valued at $71,000 after acquiring an additional 128 shares during the period. Choreo LLC bought a new position in shares of Prosperity Bancshares during the 4th quarter valued at approximately $240,000. Strategic Financial Concepts LLC bought a new position in shares of Prosperity Bancshares during the 4th quarter valued at approximately $5,463,000. Vaughan Nelson Investment Management L.P. grew its position in shares of Prosperity Bancshares by 6.4% during the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 889,219 shares of the bank's stock valued at $67,002,000 after acquiring an additional 53,654 shares during the period. Finally, Savant Capital LLC grew its position 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 valued at $339,000 after acquiring an additional 197 shares during the period. Hedge funds and other institutional investors own 80.69% of the company's stock.

Insider Buying and Selling at Prosperity Bancshares

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the firm's stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $70.86, for a total transaction of $35,430.00. Following the sale, the director now owns 104,315 shares in the company, valued at $7,391,760.90. This trade represents a 0.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have sold 7,200 shares of company stock worth $500,949 over the last 90 days. Corporate insiders own 4.20% of the company's stock.

Prosperity Bancshares Price Performance

NYSE:PB traded up $1.54 during trading hours on Friday, hitting $70.03. The stock had a trading volume of 582,843 shares, compared to its average volume of 595,585. The company has a 50 day simple moving average of $68.56 and a two-hundred day simple moving average of $74.02. Prosperity Bancshares, Inc. has a one year low of $57.16 and a one year high of $86.76. The firm has a market capitalization of $6.67 billion, a price-to-earnings ratio of 13.84, a P/E/G ratio of 0.94 and a beta of 0.68.

Prosperity Bancshares (NYSE:PB - Get Free Report) last announced 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. Prosperity Bancshares had a net margin of 26.79% and a return on equity of 6.64%. The firm had revenue of $306.68 million during the quarter, compared to the consensus estimate of $307.17 million. During the same period last year, the firm earned $1.18 EPS. The business's quarterly revenue was up 10.7% compared to the same quarter last year. Equities research analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders 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 yield of 3.31%. Prosperity Bancshares's payout ratio is 44.19%.

Wall Street Analysts Forecast Growth

PB has been the subject of a number of research reports. Barclays reduced their target price on shares of Prosperity Bancshares from $88.00 to $86.00 and set an "equal weight" rating for the company in a research report on Tuesday, April 8th. Royal Bank of Canada cut their price objective on shares of Prosperity Bancshares from $85.00 to $78.00 and set a "sector perform" rating for the company in a report on Thursday, April 24th. Wall Street Zen raised shares of Prosperity Bancshares from a "sell" rating to a "hold" rating in a report on Tuesday, May 13th. Morgan Stanley cut their price objective on shares of Prosperity Bancshares from $102.00 to $94.00 and set an "overweight" rating for the company in a report on Thursday, March 13th. Finally, Keefe, Bruyette & Woods cut their price objective on shares of Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating for the company in a report on Monday, May 5th. Seven equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target 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.