Guggenheim Capital LLC Sells 115,384 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

Guggenheim Capital LLC lessened its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 82.8% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 23,890 shares of the bank's stock after selling 115,384 shares during the period. Guggenheim Capital LLC's holdings in Prosperity Bancshares were worth $1,800,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the business. Smartleaf Asset Management LLC grew its position in Prosperity Bancshares by 487.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 376 shares of the bank's stock worth $28,000 after buying an additional 312 shares in the last quarter. Jones Financial Companies Lllp grew its holdings in shares of Prosperity Bancshares by 368.5% during the 4th quarter. Jones Financial Companies Lllp now owns 520 shares of the bank's stock worth $39,000 after purchasing an additional 409 shares in the last quarter. UMB Bank n.a. grew its holdings in shares of Prosperity Bancshares by 102.7% during the 4th quarter. UMB Bank n.a. now owns 592 shares of the bank's stock worth $45,000 after purchasing an additional 300 shares in the last quarter. GAMMA Investing LLC raised its stake in Prosperity Bancshares by 20.4% in the fourth quarter. GAMMA Investing LLC now owns 844 shares of the bank's stock valued at $64,000 after purchasing an additional 143 shares in the last quarter. Finally, Aster Capital Management DIFC Ltd raised its stake in Prosperity Bancshares by 349.5% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 917 shares of the bank's stock valued at $69,000 after purchasing an additional 713 shares in the last quarter. 80.69% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

PB has been the topic of several recent analyst reports. Morgan Stanley decreased their target price 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. Hovde Group lowered their price objective on shares of Prosperity Bancshares from $90.00 to $80.00 and set an "outperform" rating for the company in a research report on Friday. Raymond James lifted their price target on Prosperity Bancshares from $82.00 to $87.00 and gave the company an "outperform" rating in a research note on Thursday, January 30th. Stephens upped their price objective on Prosperity Bancshares from $93.00 to $94.00 and gave the stock an "overweight" rating in a research report on Thursday, January 30th. Finally, Bank of America raised Prosperity Bancshares from an "underperform" rating to a "neutral" rating and set a $80.00 price objective on the stock in a research note on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, Prosperity Bancshares has a consensus rating of "Hold" and an average target price of $83.23.

Prosperity Bancshares Stock Performance

Shares of Prosperity Bancshares stock traded down $0.17 on Friday, hitting $67.49. The stock had a trading volume of 128,844 shares, compared to its average volume of 572,111. The stock has a 50 day moving average of $70.43 and a 200 day moving average of $75.31. Prosperity Bancshares, Inc. has a twelve month low of $57.16 and a twelve month high of $86.76. The firm has a market capitalization of $6.43 billion, a P/E ratio of 13.33, a PEG ratio of 0.94 and a beta of 0.82.

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 (EPS) for the quarter, beating the consensus estimate of $1.35 by $0.02. The firm had revenue of $306.68 million during 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%. Equities analysts expect that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

The business 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. This represents a $2.32 annualized dividend and a yield of 3.44%. The ex-dividend date of this dividend is Friday, June 13th. Prosperity Bancshares's payout ratio is presently 44.19%.

Insider Buying and Selling at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 500 shares of the business's stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $80.01, for a total value of $40,005.00. Following the transaction, the director now owns 107,315 shares in the company, valued at $8,586,273.15. The trade was a 0.46 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last quarter, insiders have sold 5,500 shares of company stock worth $396,700. Insiders own 4.20% of the company's stock.

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.