Prosperity Bancshares, Inc. (NYSE:PB) Position Decreased by Voloridge Investment Management LLC

Voloridge Investment Management LLC cut its position in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 56.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 97,212 shares of the bank's stock after selling 123,639 shares during the period. Voloridge Investment Management LLC owned about 0.10% of Prosperity Bancshares worth $7,325,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of PB. Vanguard Group Inc. lifted its holdings in shares of Prosperity Bancshares by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 9,780,006 shares of the bank's stock worth $736,923,000 after acquiring an additional 44,567 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Prosperity Bancshares by 1.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 4,586,260 shares of the bank's stock valued at $345,575,000 after acquiring an additional 48,304 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in Prosperity Bancshares by 1.4% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,342,047 shares of the bank's stock worth $176,473,000 after buying an additional 32,917 shares in the last quarter. Snyder Capital Management L P boosted its holdings in Prosperity Bancshares by 7.3% during the fourth quarter. Snyder Capital Management L P now owns 1,220,977 shares of the bank's stock worth $92,001,000 after buying an additional 83,488 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in Prosperity Bancshares by 0.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,188,208 shares of the bank's stock worth $89,531,000 after acquiring an additional 4,913 shares during the period. 80.69% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director Ned S. Holmes sold 500 shares of the stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $73.62, for a total value of $36,810.00. Following the completion of the transaction, the director now owns 105,315 shares in the company, valued at $7,753,290.30. This represents a 0.47% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Over the last three months, insiders have sold 7,700 shares of company stock valued at $537,759. Company insiders own 4.20% of the company's stock.

Prosperity Bancshares Trading Down 0.5%

Shares of PB traded down $0.37 during trading hours on Friday, reaching $69.75. The company had a trading volume of 68,886 shares, compared to its average volume of 590,835. The firm has a 50 day simple moving average of $68.80 and a 200-day simple moving average of $74.67. Prosperity Bancshares, Inc. has a 12-month low of $57.16 and a 12-month high of $86.76. The company has a market capitalization of $6.64 billion, a price-to-earnings ratio of 13.78, a PEG ratio of 0.94 and a beta of 0.70.

Prosperity Bancshares (NYSE:PB - Get Free Report) last announced its quarterly earnings results on Wednesday, April 23rd. The bank reported $1.37 earnings per share for the quarter, beating analysts' consensus estimates 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%. Prosperity Bancshares's revenue was up 10.7% compared to the same quarter last year. During the same period in the previous year, the company posted $1.18 earnings per share. Sell-side analysts forecast that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be issued a dividend of $0.58 per share. The ex-dividend date is Friday, June 13th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.33%. Prosperity Bancshares's dividend payout ratio (DPR) is 44.19%.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Wall Street Zen upgraded shares of Prosperity Bancshares from a "sell" rating to a "hold" rating in a research report on Tuesday, May 13th. 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 research report on Thursday, April 24th. Raymond James increased their target price on shares of Prosperity Bancshares from $82.00 to $87.00 and gave the stock an "outperform" rating in a research note on Thursday, January 30th. Stephens increased their target price on shares of Prosperity Bancshares from $93.00 to $94.00 and gave the stock an "overweight" rating in a research note on Thursday, January 30th. Finally, Keefe, Bruyette & Woods lowered their price objective on shares of Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating for the company in a research note on Monday, May 5th. Seven research 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 stock currently has an average 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.