Arrowstreet Capital Limited Partnership Cuts Stake in Prosperity Bancshares, Inc. (NYSE:PB)

Arrowstreet Capital Limited Partnership lessened its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 47.1% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 218,142 shares of the bank’s stock after selling 194,425 shares during the period. Arrowstreet Capital Limited Partnership’s holdings in Prosperity Bancshares were worth $16,437,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Smartleaf Asset Management LLC grew its holdings in shares of 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 stake in Prosperity Bancshares by 368.5% during the 4th quarter. Jones Financial Companies Lllp now owns 520 shares of the bank’s stock valued at $39,000 after acquiring an additional 409 shares in the last quarter. UMB Bank n.a. raised its holdings in Prosperity Bancshares by 102.7% in the 4th quarter. UMB Bank n.a. now owns 592 shares of the bank’s stock valued at $45,000 after acquiring an additional 300 shares during the last quarter. GAMMA Investing LLC lifted its stake in Prosperity Bancshares by 20.4% in the 4th quarter. GAMMA Investing LLC now owns 844 shares of the bank’s stock worth $64,000 after purchasing an additional 143 shares in the last quarter. Finally, Sunbelt Securities Inc. boosted its holdings in shares of Prosperity Bancshares by 31.0% during the 3rd quarter. Sunbelt Securities Inc. now owns 981 shares of the bank’s stock worth $71,000 after purchasing an additional 232 shares during the last quarter. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 500 shares of the company’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $78.43, for a total transaction of $39,215.00. Following the sale, the director now directly owns 108,815 shares in the company, valued at approximately $8,534,360.45. This represents a 0.46 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last 90 days, insiders have sold 5,500 shares of company stock valued at $413,945. 4.20% of the stock is currently owned by company insiders.

Prosperity Bancshares Trading Down 2.6 %

PB stock opened at $64.38 on Friday. The business’s fifty day moving average price is $74.82 and its 200 day moving average price is $76.00. Prosperity Bancshares, Inc. has a 12-month low of $57.16 and a 12-month high of $86.76. The company has a market capitalization of $6.13 billion, a PE ratio of 12.72, a P/E/G ratio of 0.94 and a beta of 0.82.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results on Wednesday, January 29th. The bank reported $1.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.33 by $0.04. Prosperity Bancshares had a net margin of 26.79% and a return on equity of 6.64%. Research analysts predict that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th were paid a $0.58 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $2.32 annualized dividend and a dividend yield of 3.60%. Prosperity Bancshares’s dividend payout ratio (DPR) is 45.85%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on PB shares. Stephens lifted 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. Barclays boosted their price target on shares of Prosperity Bancshares from $84.00 to $88.00 and gave the company an “equal weight” rating in a research report on Friday, December 20th. UBS Group cut their price objective on shares of Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating for the company in a research report on Thursday, December 26th. 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 note on Thursday, March 13th. Finally, StockNews.com lowered shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Wednesday, March 19th. One analyst has rated the stock with a sell rating, six have given a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $83.50.

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.