Prosperity Bancshares, Inc. (NYSE:PB) Shares Sold by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC decreased its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 0.7% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 137,948 shares of the bank’s stock after selling 950 shares during the period. Wedge Capital Management L L P NC’s holdings in Prosperity Bancshares were worth $10,394,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Quarry LP lifted its position in Prosperity Bancshares by 533.3% during the 2nd quarter. Quarry LP now owns 494 shares of the bank’s stock worth $30,000 after acquiring an additional 416 shares during the period. GAMMA Investing LLC lifted its holdings in shares of Prosperity Bancshares by 47.9% during the third quarter. GAMMA Investing LLC now owns 701 shares of the bank’s stock worth $51,000 after purchasing an additional 227 shares during the period. First Horizon Advisors Inc. boosted its position in Prosperity Bancshares by 190.0% in the third quarter. First Horizon Advisors Inc. now owns 815 shares of the bank’s stock valued at $59,000 after buying an additional 534 shares during the last quarter. Blue Trust Inc. increased its holdings in Prosperity Bancshares by 181.6% in the 3rd quarter. Blue Trust Inc. now owns 859 shares of the bank’s stock worth $62,000 after buying an additional 554 shares during the period. Finally, Sunbelt Securities Inc. lifted its stake in Prosperity Bancshares by 31.0% during the 3rd quarter. Sunbelt Securities Inc. now owns 981 shares of the bank’s stock valued at $71,000 after acquiring an additional 232 shares during the period. 80.69% of the stock is owned by hedge funds and other institutional investors.

Prosperity Bancshares Stock Performance

Prosperity Bancshares stock opened at $78.88 on Friday. The company’s fifty day moving average price is $79.29 and its 200 day moving average price is $73.92. The stock has a market capitalization of $7.51 billion, a P/E ratio of 16.75, a P/E/G ratio of 1.03 and a beta of 0.93. Prosperity Bancshares, Inc. has a 1 year low of $57.16 and a 1 year high of $86.75.

Prosperity Bancshares (NYSE:PB) last released its earnings results on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, topping analysts’ consensus estimates of $1.31 by $0.03. The business had revenue of $459.00 million during the quarter, compared to analysts’ expectations of $299.83 million. Prosperity Bancshares had a net margin of 25.39% and a return on equity of 6.46%. During the same quarter in the previous year, the company earned $1.20 earnings per share. Sell-side analysts predict that Prosperity Bancshares, Inc. will post 5.04 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on PB. StockNews.com lowered shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Wednesday, January 8th. DA Davidson lowered Prosperity Bancshares from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $80.00 to $78.00 in a research note on Tuesday, October 15th. Royal Bank of Canada restated a “sector perform” rating and issued a $77.00 target price on shares of Prosperity Bancshares in a research note on Thursday, October 24th. UBS Group reduced their price target on Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating for the company in a research report on Thursday, December 26th. Finally, Wedbush restated an “outperform” rating and issued a $90.00 price objective on shares of Prosperity Bancshares in a research report on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $81.38.

Insiders Place Their Bets

In related news, Director Ned S. Holmes sold 500 shares of the company’s stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $74.12, for a total transaction of $37,060.00. Following the completion of the sale, the director now owns 109,315 shares of the company’s stock, valued at approximately $8,102,427.80. This represents a 0.46 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman H E. Timanus, Jr. sold 4,000 shares of the stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $86.50, for a total transaction of $346,000.00. Following the completion of the sale, the chairman now owns 229,953 shares of the company’s stock, valued at approximately $19,890,934.50. The trade was a 1.71 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 14,100 shares of company stock worth $1,156,639. Corporate insiders own 4.28% of the company’s stock.

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.