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

Crestline Management LP reduced its position in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 36.8% in the fourth quarter, according to the company in its most recent 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 SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Norges Bank bought a new stake in Prosperity Bancshares during the fourth quarter valued at about $68,986,000. North Reef Capital Management LP bought a new position in shares of Prosperity Bancshares during the 4th quarter valued at approximately $29,211,000. Northern Trust Corp raised its stake in 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 acquiring an additional 190,449 shares during the period. ExodusPoint Capital Management LP raised its stake in Prosperity Bancshares by 462.3% during the 4th quarter. ExodusPoint Capital Management LP now owns 169,778 shares of the bank’s stock worth $12,793,000 after acquiring an additional 139,585 shares during the period. Finally, Raymond James Financial Inc. purchased a new position in Prosperity Bancshares during the fourth quarter valued at approximately $8,643,000. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Prosperity Bancshares Trading Up 0.2 %

Shares of NYSE PB opened at $71.27 on Friday. Prosperity Bancshares, Inc. has a 12-month low of $57.16 and a 12-month high of $86.76. The firm’s 50-day moving average price is $68.79 and its 200-day moving average price is $75.08. The stock has a market capitalization of $6.79 billion, a price-to-earnings ratio of 14.09, a P/E/G ratio of 0.94 and a beta of 0.70.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, April 23rd. The bank reported $1.37 earnings per share for the quarter, beating the consensus estimate of $1.35 by $0.02. Prosperity Bancshares had a return on equity of 6.64% and a net margin of 26.79%. The company had revenue of $306.68 million for the quarter, compared to analyst estimates of $307.17 million. During the same quarter in the prior year, the firm posted $1.18 EPS. Prosperity Bancshares’s quarterly revenue was up 10.7% compared to the same quarter last year. On average, equities analysts predict that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

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

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Keefe, Bruyette & Woods decreased their price objective on shares of Prosperity Bancshares from $95.00 to $90.00 and set an “outperform” rating on the stock in a research report on Monday, May 5th. Stephens boosted their price objective on Prosperity Bancshares from $93.00 to $94.00 and gave the company an “overweight” rating in a research report on Thursday, January 30th. Hovde Group cut their target price on Prosperity Bancshares from $90.00 to $80.00 and set an “outperform” rating for the company in a research report on Friday, April 25th. Raymond James lifted their target price on Prosperity Bancshares from $82.00 to $87.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. Finally, Barclays dropped their price target on Prosperity Bancshares from $88.00 to $86.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 8th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $83.71.

Insider Buying and Selling

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $73.62, for a total value of $36,810.00. Following the sale, the director now owns 105,315 shares in the company, valued at $7,753,290.30. This trade represents a 0.47 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have sold 5,500 shares of company stock valued at $385,225 in the last ninety days. 4.20% of the stock is owned by company 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.