Ceredex Value Advisors LLC Sells 31,100 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

Ceredex Value Advisors LLC trimmed its position in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 14.3% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 186,646 shares of the bank’s stock after selling 31,100 shares during the quarter. Ceredex Value Advisors LLC’s holdings in Prosperity Bancshares were worth $14,064,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Sanctuary Advisors LLC purchased a new stake in Prosperity Bancshares in the third quarter worth about $372,000. Allspring Global Investments Holdings LLC grew its stake in shares of Prosperity Bancshares by 3.9% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 282,920 shares of the bank’s stock worth $21,128,000 after buying an additional 10,589 shares during the last quarter. Avantax Advisory Services Inc. increased its position in Prosperity Bancshares by 45.1% during the 4th quarter. Avantax Advisory Services Inc. now owns 7,281 shares of the bank’s stock valued at $549,000 after buying an additional 2,263 shares in the last quarter. Hodges Capital Management Inc. raised its stake in Prosperity Bancshares by 4.9% during the fourth quarter. Hodges Capital Management Inc. now owns 147,231 shares of the bank’s stock valued at $11,094,000 after buying an additional 6,902 shares during the last quarter. Finally, Franklin Resources Inc. boosted its holdings in Prosperity Bancshares by 40.6% in the third quarter. Franklin Resources Inc. now owns 34,411 shares of the bank’s stock worth $2,509,000 after acquiring an additional 9,935 shares in the last quarter. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Wall Street Analysts Forecast Growth

PB has been the subject of several analyst reports. UBS Group reduced their price target on Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating for the company in a report on Thursday, December 26th. Morgan Stanley decreased their target price on shares of Prosperity Bancshares from $102.00 to $94.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. Barclays cut their price target on shares of Prosperity Bancshares from $88.00 to $86.00 and set an “equal weight” rating on the stock in a report on Tuesday, April 8th. Stephens boosted their price objective on shares of Prosperity Bancshares from $93.00 to $94.00 and gave the stock an “overweight” rating in a report on Thursday, January 30th. Finally, Raymond James upped their price objective on Prosperity Bancshares from $82.00 to $87.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $83.35.

Insider Activity at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 500 shares of the firm’s stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $80.01, for a total value of $40,005.00. Following the transaction, the director now owns 107,315 shares of the company’s stock, valued at $8,586,273.15. This trade represents a 0.46 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last three months, insiders have sold 5,000 shares of company stock worth $369,480. Corporate insiders own 4.20% of the company’s stock.

Prosperity Bancshares Stock Down 0.5 %

Prosperity Bancshares stock opened at $65.58 on Thursday. Prosperity Bancshares, Inc. has a 52-week low of $57.16 and a 52-week high of $86.76. The company has a market cap of $6.25 billion, a P/E ratio of 12.96, a P/E/G ratio of 0.94 and a beta of 0.82. The business has a 50-day simple moving average of $71.85 and a two-hundred day simple moving average of $75.49.

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 net margin of 26.79% and a return on equity of 6.64%. Research analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 13th will be issued a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a yield of 3.54%. Prosperity Bancshares’s dividend payout ratio is currently 45.85%.

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.