Northern Trust Corp Increases Stake in Prosperity Bancshares, Inc. (NYSE:PB)

Northern Trust Corp boosted its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 25.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 937,108 shares of the bank's stock after acquiring an additional 190,449 shares during the quarter. Northern Trust Corp owned 0.98% of Prosperity Bancshares worth $70,611,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in PB. Norges Bank acquired a new position in shares of Prosperity Bancshares during the fourth quarter valued at about $68,986,000. North Reef Capital Management LP purchased a new position in Prosperity Bancshares in the fourth quarter valued at about $29,211,000. ExodusPoint Capital Management LP boosted its stake in Prosperity Bancshares by 462.3% in the fourth quarter. ExodusPoint Capital Management LP now owns 169,778 shares of the bank's stock valued at $12,793,000 after acquiring an additional 139,585 shares during the last quarter. Raymond James Financial Inc. purchased a new position in Prosperity Bancshares in the fourth quarter valued at about $8,643,000. Finally, Snyder Capital Management L P lifted its stake in shares of Prosperity Bancshares by 7.3% during the 4th quarter. Snyder Capital Management L P now owns 1,220,977 shares of the bank's stock valued at $92,001,000 after buying an additional 83,488 shares in the last quarter. 80.69% of the stock is owned by institutional investors.

Insider Transactions at Prosperity Bancshares

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the stock in a transaction dated Wednesday, May 7th. The shares were sold at an average price of $69.78, for a total transaction of $34,890.00. Following the completion of the sale, the director now directly owns 102,415 shares of the company's stock, valued at approximately $7,146,518.70. This represents a 0.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Over the last ninety days, insiders have sold 5,500 shares of company stock worth $385,225. Insiders own 4.20% of the company's stock.

Prosperity Bancshares Trading Up 0.2%

NYSE PB traded up $0.15 during trading hours on Friday, hitting $71.27. 544,724 shares of the company's stock traded hands, compared to its average volume of 579,476. Prosperity Bancshares, Inc. has a 52 week low of $57.16 and a 52 week high of $86.76. The firm has a market capitalization of $6.79 billion, a P/E ratio of 14.09, a P/E/G ratio of 0.94 and a beta of 0.70. The business's fifty day moving average price is $68.79 and its two-hundred day moving average price is $75.09.

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 the consensus estimate of $1.35 by $0.02. The firm had revenue of $306.68 million for the quarter, compared to the consensus estimate of $307.17 million. Prosperity Bancshares had a net margin of 26.79% and a return on equity of 6.64%. The company's quarterly revenue was up 10.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.18 earnings per share. On average, sell-side analysts expect that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be given a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a yield of 3.26%. The ex-dividend date of this dividend is Friday, June 13th. Prosperity Bancshares's dividend payout ratio (DPR) is 44.19%.

Wall Street Analyst Weigh In

PB has been the topic of several recent analyst reports. Hovde Group lowered their target price on shares of Prosperity Bancshares from $90.00 to $80.00 and set an "outperform" rating on the stock in a research note on Friday, April 25th. Royal Bank of Canada decreased 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. Keefe, Bruyette & Woods decreased their target price on shares of Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating on the stock in a research report on Monday, May 5th. 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, Barclays cut their price target on shares of Prosperity Bancshares from $88.00 to $86.00 and set an "equal weight" rating on the stock in a report on Tuesday, April 8th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and nine 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 a consensus price target of $83.71.

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.