State of Tennessee Department of Treasury Has $2.96 Million Holdings in Prosperity Bancshares, Inc. (NYSE:PB)

State of Tennessee Department of Treasury reduced its position in Prosperity Bancshares, Inc. (NYSE:PB) by 2.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 39,311 shares of the bank’s stock after selling 1,109 shares during the quarter. State of Tennessee Department of Treasury’s holdings in Prosperity Bancshares were worth $2,962,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Smartleaf Asset Management LLC grew its stake in shares of Prosperity Bancshares by 487.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 376 shares of the bank’s stock valued at $28,000 after purchasing an additional 312 shares during the period. Jones Financial Companies Lllp raised its stake in Prosperity Bancshares by 368.5% during the fourth quarter. Jones Financial Companies Lllp now owns 520 shares of the bank’s stock worth $39,000 after acquiring an additional 409 shares in the last quarter. UMB Bank n.a. lifted its holdings in shares of Prosperity Bancshares by 102.7% during the fourth quarter. UMB Bank n.a. now owns 592 shares of the bank’s stock valued at $45,000 after acquiring an additional 300 shares during the period. GAMMA Investing LLC boosted its stake in shares of Prosperity Bancshares by 20.4% in the 4th quarter. GAMMA Investing LLC now owns 844 shares of the bank’s stock valued at $64,000 after purchasing an additional 143 shares in the last quarter. Finally, Aster Capital Management DIFC Ltd grew its holdings in shares of Prosperity Bancshares by 349.5% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 917 shares of the bank’s stock worth $69,000 after purchasing an additional 713 shares during the last quarter. 80.69% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities analysts recently issued reports on PB shares. StockNews.com downgraded shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Thursday. Barclays reduced their target price on Prosperity Bancshares from $88.00 to $86.00 and set an “equal weight” rating on the stock in a report on Tuesday, April 8th. Morgan Stanley cut 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. Raymond James increased their target price on Prosperity Bancshares from $82.00 to $87.00 and gave the stock an “outperform” rating in a report on Thursday, January 30th. Finally, Bank of America raised Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $80.00 price target for the company in a report on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, Prosperity Bancshares has an average rating of “Hold” and a consensus target price of $83.23.

Insiders Place Their Bets

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the stock in a transaction on Wednesday, April 9th. The shares were sold at an average price of $63.62, for a total value of $31,810.00. Following the sale, the director now directly owns 102,815 shares in the company, valued at approximately $6,541,090.30. This trade represents a 0.48 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Over the last quarter, insiders have sold 5,500 shares of company stock worth $396,700. Insiders own 4.20% of the company’s stock.

Prosperity Bancshares Price Performance

Shares of NYSE:PB opened at $67.06 on Monday. The stock has a market cap of $6.39 billion, a price-to-earnings ratio of 13.25, a P/E/G ratio of 0.94 and a beta of 0.82. The company has a 50 day moving average of $70.21 and a 200-day moving average of $75.35. Prosperity Bancshares, Inc. has a one year low of $57.16 and a one year high of $86.76.

Prosperity Bancshares (NYSE:PB) last released its earnings results on Wednesday, April 23rd. The bank reported $1.37 EPS for the quarter, topping analysts’ consensus estimates of $1.35 by $0.02. The firm had revenue of $306.68 million during the quarter, compared to analyst estimates of $307.17 million. Prosperity Bancshares had a net margin of 26.79% and a return on equity of 6.64%. Equities research analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be paid a $0.58 dividend. This represents a $2.32 annualized dividend and a yield of 3.46%. The ex-dividend date of this dividend is Friday, June 13th. Prosperity Bancshares’s payout ratio is 44.19%.

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.