Squarepoint Ops LLC Acquires New Holdings in Prosperity Bancshares, Inc. (NYSE:PB)

Squarepoint Ops LLC bought a new stake in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 19,551 shares of the bank's stock, valued at approximately $1,473,000.

Several other large investors have also added to or reduced their stakes in the business. Blue Trust Inc. increased its position in Prosperity Bancshares by 14.9% in the 4th quarter. Blue Trust Inc. now owns 987 shares of the bank's stock valued at $71,000 after buying an additional 128 shares in the last quarter. CIBC Private Wealth Group LLC boosted its holdings in Prosperity Bancshares by 4.4% in the fourth quarter. CIBC Private Wealth Group LLC now owns 3,069 shares of the bank's stock worth $229,000 after acquiring an additional 128 shares in the last quarter. Sanctuary Advisors LLC grew its stake in Prosperity Bancshares by 3.8% in the fourth quarter. Sanctuary Advisors LLC now owns 5,359 shares of the bank's stock valued at $430,000 after acquiring an additional 194 shares during the period. First Horizon Advisors Inc. increased its holdings in shares of Prosperity Bancshares by 23.9% during the fourth quarter. First Horizon Advisors Inc. now owns 1,010 shares of the bank's stock valued at $76,000 after acquiring an additional 195 shares in the last quarter. Finally, Savant Capital LLC increased its holdings in shares of Prosperity Bancshares by 4.6% during the fourth quarter. Savant Capital LLC now owns 4,505 shares of the bank's stock valued at $339,000 after acquiring an additional 197 shares in the last quarter. Institutional investors and hedge funds own 80.69% of the company's stock.

Insider Activity

In other news, Director Ned S. Holmes sold 500 shares of the firm's stock in a transaction on Wednesday, March 19th. The stock was sold at an average price of $70.86, for a total value of $35,430.00. Following the completion of the transaction, the director now directly owns 104,315 shares of the company's stock, 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold a total of 7,200 shares of company stock valued at $500,949 over the last quarter. Company insiders own 4.20% of the company's stock.

Prosperity Bancshares Stock Performance

NYSE PB traded down $0.60 on Wednesday, hitting $69.17. 726,664 shares of the stock traded hands, compared to its average volume of 596,850. The business's fifty day moving average is $68.64 and its two-hundred day moving average is $74.31. Prosperity Bancshares, Inc. has a 12 month low of $57.16 and a 12 month high of $86.76. The firm has a market capitalization of $6.59 billion, a price-to-earnings ratio of 13.67, a PEG ratio of 0.94 and a beta of 0.68.

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

Prosperity Bancshares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders 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 annualized dividend and a dividend yield of 3.35%. Prosperity Bancshares's payout ratio is 44.19%.

Analyst Ratings Changes

Several analysts recently issued reports on PB shares. Barclays reduced their price target 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. Hovde Group reduced their target price on shares of Prosperity Bancshares from $90.00 to $80.00 and set an "outperform" rating for the company in a research note on Friday, April 25th. Wall Street Zen upgraded shares of Prosperity Bancshares from a "sell" rating to a "hold" rating in a report on Tuesday, May 13th. Morgan Stanley cut their price target on shares of Prosperity Bancshares from $102.00 to $94.00 and set an "overweight" rating on the stock in a report on Thursday, March 13th. Finally, Royal Bank of Canada decreased 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 research note on Thursday, April 24th. Seven investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Prosperity Bancshares presently has an average rating of "Moderate Buy" and a consensus target price of $83.80.

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.