Ameriprise Financial Inc. Boosts Holdings in Prosperity Bancshares, Inc. (NYSE:PB)

Ameriprise Financial Inc. increased its holdings in Prosperity Bancshares, Inc. (NYSE:PB) by 7.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 319,320 shares of the bank’s stock after purchasing an additional 21,857 shares during the period. Ameriprise Financial Inc.’s holdings in Prosperity Bancshares were worth $24,065,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in PB. Vanguard Group Inc. raised its holdings in shares of Prosperity Bancshares by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 9,780,006 shares of the bank’s stock worth $736,923,000 after acquiring an additional 44,567 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Prosperity Bancshares by 1.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,586,260 shares of the bank’s stock worth $345,575,000 after acquiring an additional 48,304 shares in the last quarter. Massachusetts Financial Services Co. MA raised its holdings in shares of Prosperity Bancshares by 1.4% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,342,047 shares of the bank’s stock worth $176,473,000 after acquiring an additional 32,917 shares in the last quarter. Snyder Capital Management L P raised its holdings in shares of Prosperity Bancshares by 7.3% during the 4th quarter. Snyder Capital Management L P now owns 1,220,977 shares of the bank’s stock worth $92,001,000 after acquiring an additional 83,488 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Prosperity Bancshares by 0.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,188,208 shares of the bank’s stock worth $89,531,000 after acquiring an additional 4,913 shares in the last quarter. 80.69% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 500 shares of the stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $70.63, for a total transaction of $35,315.00. Following the transaction, the director now owns 104,815 shares of the company’s stock, valued at approximately $7,403,083.45. This represents a 0.47% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 5,500 shares of company stock valued at $382,420 in the last quarter. 4.20% of the stock is owned by insiders.

Prosperity Bancshares Stock Down 1.3%

Shares of Prosperity Bancshares stock opened at $72.41 on Thursday. The stock’s fifty day moving average is $68.79 and its two-hundred day moving average is $75.07. The company has a market capitalization of $6.90 billion, a PE ratio of 14.31, a price-to-earnings-growth ratio of 0.94 and a beta of 0.70. Prosperity Bancshares, Inc. has a 52 week low of $57.16 and a 52 week high of $86.76.

Prosperity Bancshares (NYSE:PB) last announced 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. The company had revenue of $306.68 million for the quarter, compared to the consensus estimate of $307.17 million. Prosperity Bancshares had a return on equity of 6.64% and a net margin of 26.79%. Prosperity Bancshares’s quarterly revenue was up 10.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.18 EPS. As a group, research analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be given a $0.58 dividend. This represents a $2.32 annualized dividend and a yield of 3.20%. The ex-dividend date of this dividend is Friday, June 13th. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 44.19%.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on PB shares. Morgan Stanley decreased their price objective on Prosperity Bancshares from $102.00 to $94.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Hovde Group cut their target price on Prosperity Bancshares from $90.00 to $80.00 and set an “outperform” rating on the stock in a research report on Friday, April 25th. Barclays cut their target price on 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. Royal Bank of Canada cut their target price on Prosperity Bancshares from $85.00 to $78.00 and set a “sector perform” rating on the stock in a research report on Thursday, April 24th. Finally, Stephens boosted their target price on Prosperity Bancshares from $93.00 to $94.00 and gave the company an “overweight” rating in a research report on Thursday, January 30th. Seven equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $83.71.

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.