Crestline Management LP Lowers Holdings in Prosperity Bancshares, Inc. (NYSE:PB)

Crestline Management LP reduced its position in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 36.8% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 5,635 shares of the bank’s stock after selling 3,283 shares during the quarter. Crestline Management LP’s holdings in Prosperity Bancshares were worth $425,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of PB. Norges Bank bought a new position in shares of Prosperity Bancshares during the 4th quarter worth $68,986,000. North Reef Capital Management LP bought a new position in shares of Prosperity Bancshares in the 4th quarter worth $29,211,000. Northern Trust Corp lifted its stake in shares of Prosperity Bancshares by 25.5% during the 4th quarter. Northern Trust Corp now owns 937,108 shares of the bank’s stock worth $70,611,000 after purchasing an additional 190,449 shares during the last quarter. ExodusPoint Capital Management LP boosted its position 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 in the last quarter. Finally, Raymond James Financial Inc. bought a new stake in Prosperity Bancshares during the fourth quarter valued at about $8,643,000. 80.69% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Royal Bank of Canada decreased their price target on shares of Prosperity Bancshares from $85.00 to $78.00 and set a “sector perform” rating for the company in a research report on Thursday, April 24th. Raymond James increased their target price on shares of Prosperity Bancshares from $82.00 to $87.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. 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. Morgan Stanley decreased their price objective on Prosperity Bancshares from $102.00 to $94.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. Finally, Stephens boosted their target price on Prosperity Bancshares from $93.00 to $94.00 and gave the stock an “overweight” rating in a research note on Thursday, January 30th. One research analyst has rated the stock with a sell rating, six have given a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $83.71.

Prosperity Bancshares Stock Up 0.2 %

Prosperity Bancshares stock opened at $71.27 on Friday. Prosperity Bancshares, Inc. has a 52 week low of $57.16 and a 52 week high of $86.76. The stock has a 50-day moving average price of $68.79 and a 200 day moving average price of $75.08. The company has a market capitalization of $6.79 billion, a price-to-earnings ratio of 14.09, a price-to-earnings-growth ratio of 0.94 and a beta of 0.70.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings data on Wednesday, April 23rd. The bank reported $1.37 EPS for the quarter, beating the consensus estimate of $1.35 by $0.02. Prosperity Bancshares had a net margin of 26.79% and a return on equity of 6.64%. The business had revenue of $306.68 million for the quarter, compared to the consensus estimate of $307.17 million. During the same period in the prior year, the firm earned $1.18 EPS. The business’s revenue for the quarter was up 10.7% on a year-over-year basis. Research analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be paid a dividend of $0.58 per share. The ex-dividend date is Friday, June 13th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.26%. Prosperity Bancshares’s payout ratio is currently 44.19%.

Insider Activity

In other news, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $73.62, for a total transaction of $36,810.00. Following the completion of the transaction, the director now directly owns 105,315 shares of the company’s stock, valued at $7,753,290.30. The trade was a 0.47 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold a total of 5,500 shares of company stock valued at $385,225 in the last quarter. 4.20% of the stock is currently owned by company insiders.

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.