Price T Rowe Associates Inc. MD Boosts Holdings in Prosperity Bancshares, Inc. (NYSE:PB)

Price T Rowe Associates Inc. MD raised its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 7.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 60,113 shares of the bank's stock after purchasing an additional 4,339 shares during the period. Price T Rowe Associates Inc. MD owned 0.06% of Prosperity Bancshares worth $4,530,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Norges Bank purchased a new stake in Prosperity Bancshares in the fourth quarter valued at approximately $68,986,000. ExodusPoint Capital Management LP raised its holdings in shares of Prosperity Bancshares by 462.3% during the fourth quarter. ExodusPoint Capital Management LP now owns 169,778 shares of the bank's stock worth $12,793,000 after purchasing an additional 139,585 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in Prosperity Bancshares in the fourth quarter valued at $8,643,000. Strategic Financial Concepts LLC purchased a new position in shares of Prosperity Bancshares during the 4th quarter valued at about $5,463,000. Finally, Treasurer of the State of North Carolina lifted its holdings in shares of Prosperity Bancshares by 163.9% in the 4th quarter. Treasurer of the State of North Carolina now owns 103,444 shares of the bank's stock valued at $7,795,000 after buying an additional 64,250 shares during the period. Hedge funds and other institutional investors own 80.69% of the company's stock.

Insider Activity at Prosperity Bancshares

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

Prosperity Bancshares Stock Up 0.2 %

NYSE:PB traded up $0.15 on Friday, hitting $71.27. The stock had a trading volume of 544,724 shares, compared to its average volume of 579,476. The company has a fifty day moving average price of $68.79 and a two-hundred day moving average price of $75.08. Prosperity Bancshares, Inc. has a 1-year low of $57.16 and a 1-year high of $86.76. The stock has a market cap of $6.79 billion, a price-to-earnings ratio of 14.09, a PEG ratio of 0.94 and a beta of 0.70.

Prosperity Bancshares (NYSE:PB - Get Free Report) last released its quarterly earnings data on Wednesday, April 23rd. The bank reported $1.37 EPS for the quarter, beating analysts' consensus estimates of $1.35 by $0.02. The firm had revenue of $306.68 million for the quarter, compared to analysts' expectations of $307.17 million. Prosperity Bancshares had a return on equity of 6.64% and a net margin of 26.79%. The firm's quarterly revenue was up 10.7% on a year-over-year basis. During the same period in the prior year, the firm posted $1.18 earnings per share. As a group, analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Investors 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 dividend yield of 3.26%. The ex-dividend date is Friday, June 13th. Prosperity Bancshares's payout ratio is 44.19%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Hovde Group decreased their price target on Prosperity Bancshares from $90.00 to $80.00 and set an "outperform" rating for the company in a report on Friday, April 25th. Raymond James lifted their price objective on shares of Prosperity Bancshares from $82.00 to $87.00 and gave the company an "outperform" rating in a report on Thursday, January 30th. Keefe, Bruyette & Woods reduced their price target on Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating for the company in a report on Monday, May 5th. Barclays dropped their price objective on Prosperity Bancshares from $88.00 to $86.00 and set an "equal weight" rating on the stock in a report on Tuesday, April 8th. Finally, Stephens lifted their price target on shares of Prosperity Bancshares from $93.00 to $94.00 and gave the company an "overweight" rating in a research note on Thursday, January 30th. One analyst has rated the stock with a sell rating, six have given a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $83.71.

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.