Y Intercept Hong Kong Ltd Increases Stock Position in Prosperity Bancshares, Inc. (NYSE:PB)

Y Intercept Hong Kong Ltd raised its position in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 100.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 26,514 shares of the bank's stock after acquiring an additional 13,306 shares during the quarter. Y Intercept Hong Kong Ltd's holdings in Prosperity Bancshares were worth $1,892,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in shares of Prosperity Bancshares by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 9,780,006 shares of the bank's stock worth $736,923,000 after buying an additional 44,567 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Prosperity Bancshares by 1.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,586,260 shares of the bank's stock worth $345,575,000 after buying an additional 48,304 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its stake in shares of Prosperity Bancshares by 1.4% in 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 lifted its stake in shares of Prosperity Bancshares by 7.3% in 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, Vaughan Nelson Investment Management L.P. lifted its stake in shares of Prosperity Bancshares by 25.1% in the first quarter. Vaughan Nelson Investment Management L.P. now owns 1,112,574 shares of the bank's stock worth $79,404,000 after buying an additional 223,355 shares in the last quarter. Hedge funds and other institutional investors own 80.69% of the company's stock.

Insiders Place Their Bets

In other news, Director Ned S. Holmes sold 600 shares of the stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $70.89, for a total value of $42,534.00. Following the completion of the sale, the director directly owned 45,700 shares in the company, valued at $3,239,673. This represents a 1.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders have sold 12,500 shares of company stock worth $885,446 in the last ninety days. Corporate insiders own 4.20% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on PB shares. Hovde Group decreased their price objective on shares of Prosperity Bancshares from $85.00 to $83.00 and set an "outperform" rating for the company in a report on Thursday. Barclays decreased their price objective on shares of Prosperity Bancshares from $88.00 to $86.00 and set an "equal weight" rating for the company in a report on Tuesday, April 8th. 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. 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 report on Thursday, April 24th. Finally, Wall Street Zen upgraded shares of Prosperity Bancshares from a "sell" rating to a "hold" rating in a research report on Tuesday, May 13th. Seven equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $84.27.

Prosperity Bancshares Stock Performance

NYSE PB traded up $0.17 during mid-day trading on Friday, reaching $67.76. 588,976 shares of the stock were exchanged, compared to its average volume of 653,706. The business's 50 day moving average is $70.84 and its 200-day moving average is $72.18. Prosperity Bancshares, Inc. has a 1 year low of $61.57 and a 1 year high of $86.75. The company has a market capitalization of $6.45 billion, a P/E ratio of 12.32, a P/E/G ratio of 0.96 and a beta of 0.68.

Prosperity Bancshares (NYSE:PB - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The bank reported $1.42 earnings per share for the quarter, topping analysts' consensus estimates of $1.40 by $0.02. The company had revenue of $310.70 million during the quarter, compared to analysts' expectations of $315.66 million. Prosperity Bancshares had a net margin of 29.37% and a return on equity of 6.99%. During the same period in the prior year, the business posted $1.22 earnings per share. Equities analysts predict that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be given a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a yield of 3.42%. The ex-dividend date is Monday, September 15th. Prosperity Bancshares's dividend payout ratio is presently 44.19%.

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.