Bank of New York Mellon Corp Sells 19,657 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

Bank of New York Mellon Corp decreased its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 2.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 811,609 shares of the bank’s stock after selling 19,657 shares during the period. Bank of New York Mellon Corp owned about 0.85% of Prosperity Bancshares worth $57,925,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Norges Bank bought a new position in Prosperity Bancshares in the 4th quarter worth about $68,986,000. North Reef Capital Management LP purchased a new position in shares of Prosperity Bancshares in the fourth quarter worth $29,211,000. Vaughan Nelson Investment Management L.P. raised its holdings in shares of Prosperity Bancshares by 25.1% in the first quarter. Vaughan Nelson Investment Management L.P. now owns 1,112,574 shares of the bank’s stock worth $79,404,000 after buying an additional 223,355 shares during the last quarter. Northern Trust Corp raised its holdings in shares of Prosperity Bancshares by 25.5% in the fourth quarter. Northern Trust Corp now owns 937,108 shares of the bank’s stock worth $70,611,000 after buying an additional 190,449 shares during the last quarter. Finally, ExodusPoint Capital Management LP raised its holdings in shares of Prosperity Bancshares by 462.3% in the fourth quarter. ExodusPoint Capital Management LP now owns 169,778 shares of the bank’s stock worth $12,793,000 after buying an additional 139,585 shares during the last quarter. 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 the business’s stock in a transaction that occurred on Wednesday, July 9th. The stock was sold at an average price of $74.13, for a total value of $37,065.00. Following the completion of the sale, the director directly owned 97,915 shares in the company, valued at approximately $7,258,438.95. The trade was a 0.51% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Over the last three months, insiders sold 10,200 shares of company stock valued at $716,512. Insiders own 4.20% of the company’s stock.

Analyst Ratings Changes

PB has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods decreased their price target on shares of Prosperity Bancshares from $95.00 to $90.00 and set an “outperform” rating for the company in a report on Monday, May 5th. Royal Bank Of Canada reduced their target price on shares of Prosperity Bancshares from $85.00 to $78.00 and set a “sector perform” rating for the company in a report on Thursday, April 24th. Hovde Group reduced their target price on shares of Prosperity Bancshares from $90.00 to $80.00 and set an “outperform” rating for the company in a report on Friday, April 25th. Barclays reduced their target price on shares of Prosperity Bancshares from $88.00 to $86.00 and set an “equal weight” rating for the company in a report on Tuesday, April 8th. Finally, Wall Street Zen upgraded shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a research report on Tuesday, May 13th. Seven research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. 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 Stock Down 1.2%

Shares of NYSE PB opened at $73.84 on Friday. Prosperity Bancshares, Inc. has a fifty-two week low of $61.57 and a fifty-two week high of $86.76. The firm’s 50-day simple moving average is $70.72 and its 200 day simple moving average is $72.35. The stock has a market cap of $7.03 billion, a P/E ratio of 14.06, a P/E/G ratio of 0.92 and a beta of 0.68.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results on Wednesday, April 23rd. The bank reported $1.37 EPS for the quarter, topping the consensus estimate 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 net margin of 27.69% and a return on equity of 6.81%. Prosperity Bancshares’s revenue for the quarter was up 10.7% compared to the same quarter last year. During the same period in the previous year, the business earned $1.18 earnings per share. On average, sell-side analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current fiscal year.

Prosperity Bancshares Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Friday, June 13th were paid a $0.58 dividend. The ex-dividend date of this dividend was Friday, June 13th. This represents a $2.32 annualized dividend and a dividend yield of 3.14%. Prosperity Bancshares’s payout ratio is 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.