Kennedy Capital Management LLC Sells 6,750 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

Kennedy Capital Management LLC lessened its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 21.1% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 25,262 shares of the bank’s stock after selling 6,750 shares during the quarter. Kennedy Capital Management LLC’s holdings in Prosperity Bancshares were worth $1,903,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in PB. Norges Bank acquired a new position in shares of Prosperity Bancshares during the 4th quarter valued at about $68,986,000. ExodusPoint Capital Management LP grew its holdings in Prosperity Bancshares by 462.3% during the fourth quarter. ExodusPoint Capital Management LP now owns 169,778 shares of the bank’s stock valued at $12,793,000 after purchasing an additional 139,585 shares during the last quarter. Raymond James Financial Inc. bought a new position in shares of Prosperity Bancshares in the fourth quarter valued at approximately $8,643,000. Strategic Financial Concepts LLC acquired a new stake in shares of Prosperity Bancshares in the fourth quarter worth $5,463,000. Finally, Treasurer of the State of North Carolina boosted its holdings in shares of Prosperity Bancshares by 163.9% during the 4th quarter. Treasurer of the State of North Carolina now owns 103,444 shares of the bank’s stock worth $7,795,000 after buying an additional 64,250 shares during the period. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Prosperity Bancshares Stock Up 1.3 %

NYSE:PB opened at $65.65 on Tuesday. The firm has a 50-day moving average price of $72.43 and a 200 day moving average price of $75.62. The firm has a market capitalization of $6.25 billion, a PE ratio of 12.97, a price-to-earnings-growth ratio of 0.94 and a beta of 0.82. Prosperity Bancshares, Inc. has a 12-month low of $57.16 and a 12-month high of $86.76.

Prosperity Bancshares (NYSE:PB) last posted its earnings results on Wednesday, January 29th. The bank reported $1.37 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%. On average, research analysts expect that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Prosperity Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th were paid a $0.58 dividend. The ex-dividend date was Friday, March 14th. This represents a $2.32 annualized dividend and a dividend yield of 3.53%. Prosperity Bancshares’s dividend payout ratio is presently 45.85%.

Insider Transactions at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 500 shares of the business’s stock in a transaction that occurred on Wednesday, April 9th. The stock was sold at an average price of $63.62, for a total value of $31,810.00. Following the transaction, the director now directly owns 102,815 shares of the company’s stock, valued at $6,541,090.30. The trade was a 0.48 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In the last quarter, insiders have sold 5,500 shares of company stock valued at $408,695. 4.20% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

PB has been the topic of several recent analyst reports. StockNews.com upgraded shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a report on Thursday, April 10th. Raymond James boosted their price objective on Prosperity Bancshares from $82.00 to $87.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. 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 research report on Tuesday, January 7th. Morgan Stanley reduced their price objective on Prosperity Bancshares from $102.00 to $94.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Finally, Barclays dropped 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 eight have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $83.35.

Prosperity Bancshares Company 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.