Sterling Capital Management LLC Buys 1,897 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

Sterling Capital Management LLC increased its position in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 54.8% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,360 shares of the bank’s stock after purchasing an additional 1,897 shares during the quarter. Sterling Capital Management LLC’s holdings in Prosperity Bancshares were worth $404,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Smartleaf Asset Management LLC raised its stake in shares of Prosperity Bancshares by 487.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 376 shares of the bank’s stock valued at $28,000 after acquiring an additional 312 shares during the last quarter. Jones Financial Companies Lllp grew its holdings in Prosperity Bancshares by 368.5% during the 4th quarter. Jones Financial Companies Lllp now owns 520 shares of the bank’s stock worth $39,000 after acquiring an additional 409 shares during the last quarter. UMB Bank n.a. increased its position in Prosperity Bancshares by 102.7% in the 4th quarter. UMB Bank n.a. now owns 592 shares of the bank’s stock valued at $45,000 after acquiring an additional 300 shares in the last quarter. GAMMA Investing LLC raised its stake in shares of 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 acquiring an additional 143 shares during the last quarter. Finally, Aster Capital Management DIFC Ltd lifted its holdings in Prosperity Bancshares by 349.5% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 917 shares of the bank’s stock worth $69,000 after buying an additional 713 shares in the last quarter. 80.69% of the stock is owned by institutional investors.

Prosperity Bancshares Stock Up 0.2 %

Shares of Prosperity Bancshares stock opened at $65.74 on Friday. The company has a 50-day simple moving average of $71.59 and a two-hundred day simple moving average of $75.44. Prosperity Bancshares, Inc. has a twelve month low of $57.16 and a twelve month high of $86.76. The stock has a market capitalization of $6.26 billion, a price-to-earnings ratio of 12.99, a price-to-earnings-growth ratio of 0.94 and a beta of 0.82.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results on Wednesday, January 29th. The bank reported $1.37 earnings per share (EPS) for the quarter, topping 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%. 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 announced a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be issued a $0.58 dividend. This represents a $2.32 annualized dividend and a yield of 3.53%. The ex-dividend date is Friday, June 13th. Prosperity Bancshares’s dividend payout ratio is currently 45.85%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. UBS Group cut their price target on Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating on the stock in a research note on Thursday, December 26th. Barclays lowered their price target on shares of Prosperity Bancshares from $88.00 to $86.00 and set an “equal weight” rating for the company in a research report on Tuesday, April 8th. Stephens lifted their target price 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. StockNews.com raised Prosperity Bancshares from a “sell” rating to a “hold” rating in a research note on Thursday, April 10th. Finally, Raymond James lifted their price objective on Prosperity Bancshares from $82.00 to $87.00 and gave the stock an “outperform” rating in a research note on Thursday, January 30th. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, Prosperity Bancshares presently has an average rating of “Moderate Buy” and a consensus target price of $83.35.

Insider Activity

In other news, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction 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 owns 102,815 shares in the company, valued at approximately $6,541,090.30. This trade represents a 0.48 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last ninety days, insiders sold 5,500 shares of company stock worth $402,415. 4.20% of the stock is currently owned by corporate insiders.

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.