Price T Rowe Associates Inc. MD Buys 4,339 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

Price T Rowe Associates Inc. MD boosted its position in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 7.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 60,113 shares of the bank's stock after acquiring an additional 4,339 shares during the period. Price T Rowe Associates Inc. MD owned 0.06% of Prosperity Bancshares worth $4,530,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised 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 increased its holdings in Prosperity Bancshares by 1.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,586,260 shares of the bank's stock worth $345,575,000 after purchasing an additional 48,304 shares in the last quarter. Massachusetts Financial Services Co. MA raised 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 purchasing an additional 32,917 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Prosperity Bancshares by 0.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,188,208 shares of the bank's stock valued at $89,531,000 after purchasing an additional 4,913 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of Prosperity Bancshares during the fourth quarter valued at approximately $68,986,000. Institutional investors and hedge funds own 80.69% of the company's stock.

Analyst Ratings Changes

Several equities analysts have weighed in on PB shares. Hovde Group dropped their price objective on Prosperity Bancshares from $90.00 to $80.00 and set an "outperform" rating on the stock in a research note on Friday, April 25th. 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. Royal Bank of Canada reduced 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. Stephens lifted their target price on shares of Prosperity Bancshares from $93.00 to $94.00 and gave the stock an "overweight" rating in a research report on Thursday, January 30th. Finally, Raymond James lifted their price target on Prosperity Bancshares from $82.00 to $87.00 and gave the stock an "outperform" rating in a report on Thursday, January 30th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $83.71.

Insider Activity

In related news, Director Ned S. Holmes sold 500 shares of the business's stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $73.62, for a total transaction of $36,810.00. Following the completion of the transaction, the director now owns 105,315 shares of the company's stock, valued at approximately $7,753,290.30. The trade was a 0.47 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold a total of 5,500 shares of company stock worth $385,225 over the last ninety days. Company insiders own 4.20% of the company's stock.

Prosperity Bancshares Price Performance

NYSE:PB traded up $0.15 on Friday, reaching $71.27. 544,724 shares of the company's stock were exchanged, compared to its average volume of 579,595. The stock has a fifty day simple moving average of $68.79 and a 200-day simple moving average of $75.07. The firm has a market cap of $6.79 billion, a price-to-earnings ratio of 14.09, a P/E/G ratio of 0.94 and a beta of 0.70. Prosperity Bancshares, Inc. has a 52 week low of $57.16 and a 52 week high of $86.76.

Prosperity Bancshares (NYSE:PB - Get Free Report) last issued its earnings results on Wednesday, April 23rd. The bank reported $1.37 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.35 by $0.02. Prosperity Bancshares had a net margin of 26.79% and a return on equity of 6.64%. The business had revenue of $306.68 million for the quarter, compared to analysts' expectations of $307.17 million. During the same quarter in the previous year, the firm posted $1.18 EPS. The business's revenue for the quarter was up 10.7% compared to the same quarter last year. As a group, sell-side analysts predict that Prosperity Bancshares, Inc. will post 5.83 EPS 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 dividend on an annualized basis and a yield of 3.26%. The ex-dividend date is Friday, June 13th. Prosperity Bancshares's payout ratio is presently 44.19%.

About Prosperity Bancshares

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.