Rhumbline Advisers Sells 3,429 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

Rhumbline Advisers trimmed its stake in Prosperity Bancshares, Inc. (NYSE:PB) by 1.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 288,600 shares of the bank’s stock after selling 3,429 shares during the quarter. Rhumbline Advisers owned approximately 0.30% of Prosperity Bancshares worth $21,746,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Blue Trust Inc. boosted its stake in shares of Prosperity Bancshares by 14.9% during the 4th quarter. Blue Trust Inc. now owns 987 shares of the bank’s stock worth $71,000 after acquiring an additional 128 shares during the period. GAMMA Investing LLC boosted its stake in shares of Prosperity Bancshares by 20.4% during the 4th quarter. GAMMA Investing LLC now owns 844 shares of the bank’s stock worth $64,000 after acquiring an additional 143 shares during the period. M&T Bank Corp boosted its stake in shares of Prosperity Bancshares by 0.3% during the 3rd quarter. M&T Bank Corp now owns 45,392 shares of the bank’s stock worth $3,272,000 after acquiring an additional 149 shares during the period. US Bancorp DE boosted its stake in shares of Prosperity Bancshares by 3.4% during the 3rd quarter. US Bancorp DE now owns 4,720 shares of the bank’s stock worth $340,000 after acquiring an additional 153 shares during the period. Finally, Savant Capital LLC boosted its stake in shares of Prosperity Bancshares by 4.6% during the 4th quarter. Savant Capital LLC now owns 4,505 shares of the bank’s stock worth $339,000 after acquiring an additional 197 shares during the period. 80.69% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Prosperity Bancshares

In related news, Director Harrison Stafford II sold 4,000 shares of the company’s stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $80.07, for a total transaction of $320,280.00. Following the sale, the director now owns 107,137 shares in the company, valued at $8,578,459.59. This represents a 3.60 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ned S. Holmes sold 500 shares of the company’s stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $84.66, for a total value of $42,330.00. Following the transaction, the director now directly owns 113,315 shares in the company, valued at approximately $9,593,247.90. This trade represents a 0.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 14,000 shares of company stock worth $1,140,995. Insiders own 4.28% of the company’s stock.

Prosperity Bancshares Stock Down 0.8 %

Shares of PB stock opened at $77.46 on Friday. The firm has a market capitalization of $7.38 billion, a P/E ratio of 15.31, a P/E/G ratio of 0.95 and a beta of 0.94. Prosperity Bancshares, Inc. has a twelve month low of $57.16 and a twelve month high of $86.75. The stock’s fifty day simple moving average is $77.53 and its 200 day simple moving average is $75.89.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, January 29th. The bank reported $1.37 EPS for the quarter, beating analysts’ consensus estimates of $1.33 by $0.04. Prosperity Bancshares had a return on equity of 6.64% and a net margin of 26.79%. As a group, equities research analysts expect that Prosperity Bancshares, Inc. will post 5.82 EPS for the current fiscal year.

Prosperity Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be given a $0.58 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.00%. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 45.85%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on PB shares. Bank of America upgraded Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $80.00 target price for the company in a research note on Tuesday, January 7th. StockNews.com raised Prosperity Bancshares from a “sell” rating to a “hold” rating in a report on Friday, January 31st. Wolfe Research reissued a “peer perform” rating on shares of Prosperity Bancshares in a report on Thursday, December 5th. UBS Group dropped their price objective on Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating for the company in a report on Thursday, December 26th. Finally, Stephens lifted their price objective on Prosperity Bancshares from $93.00 to $94.00 and gave the company an “overweight” rating in a report on Thursday, January 30th. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $82.88.

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.