Rhumbline Advisers Has $18.96 Million Holdings in Prosperity Bancshares, Inc. (NYSE:PB)

Rhumbline Advisers lessened its holdings in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 8.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 265,642 shares of the bank's stock after selling 22,958 shares during the quarter. Rhumbline Advisers owned approximately 0.28% of Prosperity Bancshares worth $18,959,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of PB. GAMMA Investing LLC boosted its position in shares of Prosperity Bancshares by 8,212.4% in the 1st quarter. GAMMA Investing LLC now owns 70,157 shares of the bank's stock worth $5,007,000 after purchasing an additional 69,313 shares during the last quarter. Versant Capital Management Inc boosted its holdings in Prosperity Bancshares by 9.2% during the first quarter. Versant Capital Management Inc now owns 11,354 shares of the bank's stock worth $810,000 after buying an additional 956 shares during the last quarter. First Hawaiian Bank grew its position in shares of Prosperity Bancshares by 10.6% during the 1st quarter. First Hawaiian Bank now owns 5,102 shares of the bank's stock worth $364,000 after buying an additional 490 shares during the period. Wealth Enhancement Advisory Services LLC grew its position in shares of Prosperity Bancshares by 9.8% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 6,801 shares of the bank's stock worth $512,000 after buying an additional 608 shares during the period. Finally, Forum Financial Management LP bought a new stake in shares of Prosperity Bancshares in the 4th quarter valued at about $242,000. Institutional investors and hedge funds own 80.69% of the company's stock.

Insiders Place Their Bets

In other news, Director Ned S. Holmes sold 500 shares of the company's stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $70.34, for a total value of $35,170.00. Following the sale, the director now directly owns 100,915 shares of the company's stock, valued at approximately $7,098,361.10. This represents a 0.49% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold 7,200 shares of company stock valued at $500,949 in the last 90 days. 4.20% of the stock is currently owned by insiders.

Prosperity Bancshares Stock Up 1.0%

Shares of PB stock traded up $0.71 during trading on Tuesday, reaching $70.94. The company's stock had a trading volume of 600,359 shares, compared to its average volume of 594,281. Prosperity Bancshares, Inc. has a one year low of $57.16 and a one year high of $86.76. The business has a fifty day moving average price of $68.63 and a 200-day moving average price of $73.90. The company has a market cap of $6.76 billion, a price-to-earnings ratio of 14.02, a price-to-earnings-growth ratio of 0.94 and a beta of 0.68.

Prosperity Bancshares (NYSE:PB - Get Free Report) last issued its quarterly 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 firm had revenue of $306.68 million for the quarter, compared to analysts' expectations of $307.17 million. Prosperity Bancshares had a net margin of 26.79% and a return on equity of 6.64%. The company's revenue for the quarter was up 10.7% on a year-over-year basis. During the same period in the previous year, the firm posted $1.18 EPS. Research analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Prosperity Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be paid a $0.58 dividend. 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 3.27%. Prosperity Bancshares's dividend payout ratio is 44.19%.

Analyst Ratings Changes

A number of brokerages recently issued reports on PB. Keefe, Bruyette & Woods decreased 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. Hovde Group decreased their price target on shares of Prosperity Bancshares from $90.00 to $80.00 and set an "outperform" rating for the company in a report on Friday, April 25th. Jefferies Financial Group initiated coverage on shares of Prosperity Bancshares in a research report on Wednesday, May 21st. They issued a "buy" rating and a $85.00 price objective for the company. Wall Street Zen upgraded Prosperity Bancshares from a "sell" rating to a "hold" rating in a report on Tuesday, May 13th. Finally, Royal Bank of Canada lowered their price target 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. Seven equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, Prosperity Bancshares currently has an average rating of "Moderate Buy" and an average price target of $83.80.

Prosperity Bancshares 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.