Prosperity Bancshares, Inc. (NYSE:PB) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp cut its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 2.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 831,266 shares of the bank’s stock after selling 24,564 shares during the period. Bank of New York Mellon Corp owned approximately 0.87% of Prosperity Bancshares worth $62,636,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Blue Trust Inc. lifted its position in Prosperity Bancshares by 14.9% in the fourth quarter. Blue Trust Inc. now owns 987 shares of the bank’s stock worth $71,000 after purchasing an additional 128 shares during the period. GAMMA Investing LLC lifted its position in Prosperity Bancshares by 20.4% in the fourth quarter. GAMMA Investing LLC now owns 844 shares of the bank’s stock worth $64,000 after purchasing an additional 143 shares during the period. M&T Bank Corp lifted its position in Prosperity Bancshares by 0.3% in the third quarter. M&T Bank Corp now owns 45,392 shares of the bank’s stock worth $3,272,000 after purchasing an additional 149 shares during the period. US Bancorp DE lifted its position in Prosperity Bancshares by 3.4% in the third quarter. US Bancorp DE now owns 4,720 shares of the bank’s stock worth $340,000 after purchasing an additional 153 shares during the period. Finally, Sanctuary Advisors LLC lifted its position in Prosperity Bancshares by 3.8% in the fourth quarter. Sanctuary Advisors LLC now owns 5,359 shares of the bank’s stock worth $430,000 after purchasing an additional 194 shares during the period. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Prosperity Bancshares Stock Down 3.1 %

Shares of NYSE:PB opened at $73.81 on Wednesday. The company’s fifty day moving average is $77.46 and its two-hundred day moving average is $76.30. Prosperity Bancshares, Inc. has a 12-month low of $57.16 and a 12-month high of $86.76. The company has a market cap of $7.03 billion, a P/E ratio of 14.59, a price-to-earnings-growth ratio of 0.94 and a beta of 0.94.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data 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 return on equity of 6.64% and a net margin of 26.79%. Equities research analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be issued a dividend of $0.58 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $2.32 annualized dividend and a dividend yield of 3.14%. Prosperity Bancshares’s dividend payout ratio is 45.85%.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. StockNews.com cut Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Monday. Bank of America raised Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $80.00 price target on the stock in a report on Tuesday, January 7th. Barclays upped their price target on Prosperity Bancshares from $84.00 to $88.00 and gave the company an “equal weight” rating in a report on Friday, December 20th. UBS Group dropped their price target on Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating on the stock in a report on Thursday, December 26th. Finally, Raymond James upped their price target on Prosperity Bancshares from $82.00 to $87.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $82.88.

Insider Buying and Selling

In other Prosperity Bancshares news, Director Harrison Stafford II sold 4,000 shares of the stock in a transaction on Friday, December 13th. The shares were sold at an average price of $80.07, for a total transaction of $320,280.00. Following the transaction, the director now directly owns 107,137 shares of the company’s stock, valued at $8,578,459.59. This represents a 3.60 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Ned S. Holmes sold 500 shares of the stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $82.17, for a total transaction of $41,085.00. Following the transaction, the director now directly owns 111,315 shares in the company, valued at $9,146,753.55. The trade was a 0.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 9,000 shares of company stock worth $711,145. Corporate insiders own 4.28% 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.