Prosperity Bancshares, Inc. (NYSE:PB) Stock Position Reduced by Deprince Race & Zollo Inc.

Deprince Race & Zollo Inc. lowered its position in Prosperity Bancshares, Inc. (NYSE:PB) by 25.1% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 572,605 shares of the bank’s stock after selling 192,376 shares during the period. Deprince Race & Zollo Inc.’s holdings in Prosperity Bancshares were worth $43,146,000 at the end of the most recent reporting period.

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

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Barclays decreased 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 report on Tuesday, April 8th. Keefe, Bruyette & Woods lowered their target price on Prosperity Bancshares from $95.00 to $90.00 and set an “outperform” rating on the stock in a report on Monday. Hovde Group cut their price target on Prosperity Bancshares from $90.00 to $80.00 and set an “outperform” rating for the company in a report on Friday, April 25th. 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, Stephens boosted their target price on shares of Prosperity Bancshares from $93.00 to $94.00 and gave the stock an “overweight” rating in a research report on Thursday, January 30th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, Prosperity Bancshares currently has an average rating of “Moderate Buy” and a consensus price target of $83.71.

Prosperity Bancshares Stock Performance

Shares of PB stock opened at $69.31 on Thursday. The stock’s fifty day moving average is $68.94 and its 200-day moving average is $75.08. Prosperity Bancshares, Inc. has a 52 week low of $57.16 and a 52 week high of $86.76. The stock has a market capitalization of $6.60 billion, a PE ratio of 13.70, a PEG ratio of 0.94 and a beta of 0.70.

Prosperity Bancshares (NYSE:PB) last announced its earnings results on Wednesday, April 23rd. The bank reported $1.37 earnings per share for the quarter, topping analysts’ consensus estimates of $1.35 by $0.02. The company had revenue of $306.68 million during the quarter, compared to the consensus estimate of $307.17 million. Prosperity Bancshares had a net margin of 26.79% and a return on equity of 6.64%. The company’s revenue was up 10.7% on a year-over-year basis. During the same period in the previous year, the firm posted $1.18 earnings per share. As a group, analysts forecast that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current fiscal year.

Prosperity Bancshares Announces Dividend

The firm 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 dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a yield of 3.35%. The ex-dividend date of this dividend is Friday, June 13th. Prosperity Bancshares’s dividend payout ratio is presently 44.19%.

Insider Buying and Selling at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 500 shares of the firm’s stock in a transaction that occurred on Wednesday, February 12th. The shares were sold at an average price of $78.30, for a total transaction of $39,150.00. Following the completion of the transaction, the director now directly owns 106,815 shares of the company’s stock, valued at $8,363,614.50. This trade represents a 0.47 % 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 90 days, insiders sold 5,500 shares of company stock worth $385,225. Insiders own 4.20% of the company’s stock.

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.