Prosperity Bancshares, Inc. (NYSE:PB) Shares Sold by BNP Paribas Financial Markets

BNP Paribas Financial Markets reduced its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 61.2% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 9,631 shares of the bank’s stock after selling 15,163 shares during the period. BNP Paribas Financial Markets’ holdings in Prosperity Bancshares were worth $726,000 as of its most recent filing with the SEC.

Other institutional investors also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC lifted its holdings in shares of Prosperity Bancshares by 3.9% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 282,920 shares of the bank’s stock worth $21,128,000 after purchasing an additional 10,589 shares during the period. Avantax Advisory Services Inc. lifted its stake in shares of Prosperity Bancshares by 45.1% in the 4th quarter. Avantax Advisory Services Inc. now owns 7,281 shares of the bank’s stock worth $549,000 after acquiring an additional 2,263 shares during the period. Hodges Capital Management Inc. boosted its holdings in shares of Prosperity Bancshares by 4.9% in the fourth quarter. Hodges Capital Management Inc. now owns 147,231 shares of the bank’s stock valued at $11,094,000 after acquiring an additional 6,902 shares in the last quarter. O Shaughnessy Asset Management LLC boosted its holdings in shares of Prosperity Bancshares by 20.1% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 3,784 shares of the bank’s stock valued at $285,000 after acquiring an additional 632 shares in the last quarter. Finally, American Century Companies Inc. increased its stake in shares of Prosperity Bancshares by 0.8% during the fourth 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. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction dated Wednesday, April 9th. The shares were sold at an average price of $63.62, for a total transaction of $31,810.00. Following the completion of the sale, the director now directly owns 102,815 shares in the company, valued at $6,541,090.30. The trade was a 0.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In the last quarter, insiders sold 6,600 shares of company stock valued at $460,409. 4.20% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on PB shares. Keefe, Bruyette & Woods reduced their price objective on shares of Prosperity Bancshares from $95.00 to $90.00 and set an “outperform” rating for the company in a research report on Monday, May 5th. Jefferies Financial Group initiated coverage on Prosperity Bancshares in a report on Wednesday. They issued a “buy” rating and a $85.00 price target for the company. Wall Street Zen raised Prosperity Bancshares from a “sell” rating to a “hold” rating in a report on Tuesday, May 13th. Royal Bank of Canada cut their price objective on 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, Barclays decreased their target price 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. Seven investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $83.80.

Prosperity Bancshares Price Performance

PB stock opened at $69.92 on Friday. The company’s 50 day simple moving average is $68.91 and its 200-day simple moving average is $74.99. Prosperity Bancshares, Inc. has a 12 month low of $57.16 and a 12 month high of $86.76. The firm has a market capitalization of $6.66 billion, a PE ratio of 13.82, a P/E/G ratio of 0.94 and a beta of 0.70.

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

Prosperity Bancshares Dividend Announcement

The business 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 yield of 3.32%. The ex-dividend date of this dividend is Friday, June 13th. Prosperity Bancshares’s dividend 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.