Alliancebernstein L.P. Acquires 39,100 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

Alliancebernstein L.P. lifted its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 31.6% during the 4th quarter, Holdings Channel.com reports. The firm owned 162,706 shares of the bank’s stock after purchasing an additional 39,100 shares during the period. Alliancebernstein L.P.’s holdings in Prosperity Bancshares were worth $12,260,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in PB. Smartleaf Asset Management LLC grew its holdings in shares of Prosperity Bancshares by 487.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 376 shares of the bank’s stock worth $28,000 after purchasing an additional 312 shares during the last quarter. Jones Financial Companies Lllp grew its holdings in shares of Prosperity Bancshares by 368.5% during the fourth quarter. Jones Financial Companies Lllp now owns 520 shares of the bank’s stock worth $39,000 after purchasing an additional 409 shares during the last quarter. UMB Bank n.a. grew its holdings in shares of Prosperity Bancshares by 102.7% during the fourth 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 grew its holdings in shares of Prosperity Bancshares by 20.4% during the fourth quarter. GAMMA Investing LLC now owns 844 shares of the bank’s stock worth $64,000 after purchasing an additional 143 shares during the last quarter. Finally, Sunbelt Securities Inc. grew its holdings in shares of Prosperity Bancshares by 31.0% during the third quarter. Sunbelt Securities Inc. now owns 981 shares of the bank’s stock worth $71,000 after purchasing an additional 232 shares during the last quarter. Institutional investors own 80.69% of the company’s stock.

Insider Transactions at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 500 shares of the firm’s stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $79.01, for a total transaction of $39,505.00. Following the sale, the director now owns 108,315 shares of the company’s stock, valued at $8,557,968.15. This trade represents a 0.46 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders have sold a total of 5,000 shares of company stock valued at $376,885 over the last 90 days. 4.20% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research firms recently issued reports on PB. Raymond James raised their price target on Prosperity Bancshares from $82.00 to $87.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. Morgan Stanley decreased their price target on Prosperity Bancshares from $102.00 to $94.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Barclays decreased their price target on Prosperity Bancshares from $88.00 to $86.00 and set an “equal weight” rating on the stock in a report on Tuesday. Stephens raised their price target on Prosperity Bancshares from $93.00 to $94.00 and gave the company an “overweight” rating in a report on Thursday, January 30th. Finally, Bank of America upgraded Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $80.00 price target on the stock in a report on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $83.35.

Prosperity Bancshares Trading Up 5.5 %

NYSE:PB opened at $67.29 on Thursday. The firm has a market capitalization of $6.41 billion, a price-to-earnings ratio of 13.30, a PEG ratio of 0.94 and a beta of 0.82. The business’s 50-day moving average price is $73.33 and its two-hundred day moving average price is $75.72. Prosperity Bancshares, Inc. has a 1-year low of $57.16 and a 1-year high of $86.76.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, January 29th. The bank reported $1.37 EPS for the quarter, topping analysts’ consensus estimates of $1.33 by $0.04. Prosperity Bancshares had a return on equity of 6.64% and a net margin of 26.79%. Sell-side analysts predict that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th were given a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.45%. The ex-dividend date was Friday, March 14th. Prosperity Bancshares’s dividend payout ratio is currently 45.85%.

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.