Wedge Capital Management L L P NC Cuts Holdings in Prosperity Bancshares, Inc. (NYSE:PB)

Wedge Capital Management L L P NC decreased its position in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 27.6% in the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 99,936 shares of the bank's stock after selling 38,012 shares during the period. Wedge Capital Management L L P NC owned 0.10% of Prosperity Bancshares worth $7,132,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Smartleaf Asset Management LLC lifted its position in shares of Prosperity Bancshares by 487.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 376 shares of the bank's stock worth $28,000 after purchasing an additional 312 shares during the period. Jones Financial Companies Lllp lifted its holdings in Prosperity Bancshares by 368.5% during the fourth quarter. Jones Financial Companies Lllp now owns 520 shares of the bank's stock worth $39,000 after buying an additional 409 shares during the period. Aster Capital Management DIFC Ltd boosted its position in Prosperity Bancshares by 349.5% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 917 shares of the bank's stock valued at $69,000 after acquiring an additional 713 shares in the last quarter. Blue Trust Inc. increased its holdings in shares of 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 acquiring an additional 128 shares during the period. Finally, First Horizon Advisors Inc. raised its position in shares of Prosperity Bancshares by 23.9% in the 4th quarter. First Horizon Advisors Inc. now owns 1,010 shares of the bank's stock worth $76,000 after acquiring an additional 195 shares in the last quarter. Institutional investors own 80.69% of the company's stock.

Prosperity Bancshares Price Performance

PB traded down $0.28 on Thursday, reaching $69.69. 515,872 shares of the stock were exchanged, compared to its average volume of 592,287. The company's 50-day moving average price is $68.75 and its 200 day moving average price is $73.88. The firm has a market capitalization of $6.64 billion, a PE ratio of 13.77, a PEG ratio of 0.94 and a beta of 0.68. Prosperity Bancshares, Inc. has a fifty-two week low of $57.16 and a fifty-two week high of $86.76.

Prosperity Bancshares (NYSE:PB - Get Free Report) last released its earnings results on Wednesday, April 23rd. The bank reported $1.37 EPS for the quarter, topping 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%. During the same quarter in the previous year, the company posted $1.18 earnings per share. The company's revenue was up 10.7% compared to the same quarter last year. As a group, equities analysts forecast that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current fiscal year.

Prosperity Bancshares Dividend Announcement

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

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the company. Keefe, Bruyette & Woods cut their target price on Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating on the stock in a research note on Monday, May 5th. Wall Street Zen raised shares of Prosperity Bancshares from a "sell" rating to a "hold" rating in a research report on Tuesday, May 13th. Morgan Stanley decreased their target price on shares of Prosperity Bancshares from $102.00 to $94.00 and set an "overweight" rating for the company in a research report on Thursday, March 13th. Royal Bank of Canada cut their price target on shares of Prosperity Bancshares from $85.00 to $78.00 and set a "sector perform" rating on the stock in a report on Thursday, April 24th. Finally, Hovde Group decreased their price objective on Prosperity Bancshares from $90.00 to $80.00 and set an "outperform" rating for the company in a report on Friday, April 25th. Seven research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, Prosperity Bancshares has an average rating of "Moderate Buy" and an average price target of $83.80.

Insider Transactions at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 600 shares of Prosperity Bancshares stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $70.89, for a total transaction of $42,534.00. Following the completion of the transaction, the director now directly owns 45,700 shares in the company, valued at approximately $3,239,673. This trade represents a 1.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold 7,800 shares of company stock worth $542,975 over the last 90 days. 4.20% of the stock is currently owned by company insiders.

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.