LPL Financial LLC Has $1.87 Million Stake in Prosperity Bancshares, Inc. (NYSE:PB)

LPL Financial LLC lowered its position in Prosperity Bancshares, Inc. (NYSE:PB) by 9.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 24,809 shares of the bank’s stock after selling 2,538 shares during the period. LPL Financial LLC’s holdings in Prosperity Bancshares were worth $1,869,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the business. Fox Run Management L.L.C. bought a new position in Prosperity Bancshares during the fourth quarter worth about $235,000. KLP Kapitalforvaltning AS acquired a new stake in shares of Prosperity Bancshares during the 4th quarter worth $1,471,000. American Century Companies Inc. lifted its holdings in shares of Prosperity Bancshares by 0.8% during the 4th quarter. American Century Companies Inc. now owns 31,013 shares of the bank’s stock worth $2,337,000 after acquiring an additional 255 shares during the period. Teacher Retirement System of Texas lifted its stake in Prosperity Bancshares by 13.5% during the fourth quarter. Teacher Retirement System of Texas now owns 17,720 shares of the bank’s stock worth $1,335,000 after purchasing an additional 2,112 shares during the last quarter. Finally, First Financial Bankshares Inc boosted its stake in Prosperity Bancshares by 8.4% in the fourth quarter. First Financial Bankshares Inc now owns 15,778 shares of the bank’s stock valued at $1,189,000 after buying an additional 1,224 shares in the last quarter. Institutional investors and hedge funds own 80.69% of the company’s stock.

Prosperity Bancshares Price Performance

Shares of PB stock opened at $65.89 on Wednesday. The company has a market cap of $6.28 billion, a PE ratio of 13.02, a price-to-earnings-growth ratio of 0.94 and a beta of 0.82. Prosperity Bancshares, Inc. has a 1 year low of $57.16 and a 1 year high of $86.76. The stock’s 50 day simple moving average is $72.14 and its two-hundred day simple moving average is $75.55.

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

Prosperity Bancshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Friday, March 14th were paid a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a yield of 3.52%. The ex-dividend date was Friday, March 14th. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 45.85%.

Wall Street Analysts Forecast Growth

PB has been the topic of several analyst reports. Morgan Stanley reduced their price objective on shares of Prosperity Bancshares from $102.00 to $94.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. Barclays cut their price objective on shares of Prosperity Bancshares from $88.00 to $86.00 and set an “equal weight” rating on the stock in a research report on Tuesday, April 8th. UBS Group lowered their price objective on shares of Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating on the stock in a report on Thursday, December 26th. StockNews.com raised Prosperity Bancshares from a “sell” rating to a “hold” rating in a research report on Thursday, April 10th. Finally, Raymond James boosted their target price on Prosperity Bancshares from $82.00 to $87.00 and gave the stock an “outperform” rating in a research note on Thursday, January 30th. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $83.35.

Insiders Place Their Bets

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the business’s stock in a transaction dated Wednesday, April 9th. The shares were sold at an average price of $63.62, for a total value of $31,810.00. Following the completion of the transaction, the director now directly owns 102,815 shares in the company, valued at approximately $6,541,090.30. The trade was a 0.48 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders have sold a total of 5,000 shares of company stock worth $369,480 in the last three months. Corporate insiders own 4.20% of the company’s stock.

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.