ProShare Advisors LLC Raises Stock Position in Prosperity Bancshares, Inc. (NYSE:PB)

ProShare Advisors LLC boosted its position in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 1.4% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 456,575 shares of the bank's stock after purchasing an additional 6,224 shares during the quarter. ProShare Advisors LLC owned about 0.48% of Prosperity Bancshares worth $34,403,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of PB. Norges Bank purchased a new position in Prosperity Bancshares during the 4th quarter valued at about $68,986,000. North Reef Capital Management LP purchased a new position in shares of Prosperity Bancshares during the fourth quarter valued at approximately $29,211,000. Northern Trust Corp grew its position in Prosperity Bancshares by 25.5% during the fourth quarter. Northern Trust Corp now owns 937,108 shares of the bank's stock valued at $70,611,000 after buying an additional 190,449 shares during the period. ExodusPoint Capital Management LP grew its position in Prosperity Bancshares by 462.3% during the fourth quarter. ExodusPoint Capital Management LP now owns 169,778 shares of the bank's stock valued at $12,793,000 after buying an additional 139,585 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in Prosperity Bancshares during the fourth quarter valued at approximately $8,643,000. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the firm's stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $72.69, for a total transaction of $36,345.00. Following the completion of the transaction, the director now directly owns 101,915 shares of the company's stock, valued at approximately $7,408,201.35. This trade represents a 0.49% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders have sold 5,500 shares of company stock valued at $382,420 in the last 90 days. Company insiders own 4.20% of the company's stock.

Prosperity Bancshares Stock Down 1.3%

Prosperity Bancshares stock traded down $0.97 during mid-day trading on Wednesday, reaching $70.99. 123,367 shares of the company's stock traded hands, compared to its average volume of 583,624. The company has a market cap of $6.76 billion, a price-to-earnings ratio of 14.06, a PEG ratio of 0.94 and a beta of 0.70. The stock has a 50 day moving average of $68.94 and a two-hundred day moving average of $75.05. Prosperity Bancshares, Inc. has a 12-month low of $57.16 and a 12-month high of $86.76.

Prosperity Bancshares (NYSE:PB - Get Free Report) last announced its earnings results on Wednesday, April 23rd. The bank reported $1.37 earnings per share for the quarter, beating the consensus estimate 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 the consensus estimate of $307.17 million. During the same quarter in the prior year, the firm posted $1.18 earnings per share. The business's revenue for the quarter was up 10.7% on a year-over-year basis. As a group, sell-side analysts forecast that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 13th will be paid a $0.58 dividend. This represents a $2.32 annualized dividend and a yield of 3.27%. The ex-dividend date is Friday, June 13th. Prosperity Bancshares's dividend payout ratio is presently 44.19%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on PB. Raymond James upped their price target on shares of Prosperity Bancshares from $82.00 to $87.00 and gave the stock an "outperform" rating in a research report on Thursday, January 30th. Morgan Stanley dropped their price target on shares of Prosperity Bancshares from $102.00 to $94.00 and set an "overweight" rating for the company in a research report on Thursday, March 13th. Stephens upped their price target 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. Royal Bank of Canada dropped their price target 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. Finally, Jefferies Financial Group assumed coverage on shares of Prosperity Bancshares in a research report on Wednesday. They issued a "buy" rating and a $85.00 price target for the company. Seven equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $83.80.

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.