Wedge Capital Management L L P NC reduced its position in shares of Prosperity Bancshares Inc. (NYSE:PB) by 20.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 525,755 shares of the company’s stock after selling 135,158 shares during the period. Wedge Capital Management L L P NC owned about 0.76% of Prosperity Bancshares worth $14,437,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. raised its position in Prosperity Bancshares by 23.6% in the first quarter. Goldman Sachs Group Inc. now owns 1,893,919 shares of the company’s stock valued at $87,859,000 after buying an additional 361,881 shares in the last quarter. Prudential Financial Inc. raised its position in Prosperity Bancshares by 90.5% in the first quarter. Prudential Financial Inc. now owns 397,676 shares of the company’s stock valued at $18,448,000 after buying an additional 188,890 shares in the last quarter. American Century Companies Inc. purchased a new position in Prosperity Bancshares during the second quarter valued at approximately $5,129,000. Foundry Partners LLC purchased a new position in Prosperity Bancshares during the second quarter valued at approximately $5,099,000. Finally, State Street Corp raised its position in Prosperity Bancshares by 2.3% in the first quarter. State Street Corp now owns 3,077,423 shares of the company’s stock valued at $142,763,000 after buying an additional 70,233 shares in the last quarter. Hedge funds and other institutional investors own 80.30% of the company’s stock.

Institutional Ownership by Quarter for Prosperity Bancshares (NYSE:PB)

Prosperity Bancshares Inc. (NYSE:PB) traded up 1.38% during mid-day trading on Friday, reaching $54.39. 189,824 shares of the company’s stock were exchanged. Prosperity Bancshares Inc. has a 52 week low of $33.57 and a 52 week high of $57.04. The stock has a 50-day moving average price of $54.45 and a 200-day moving average price of $51.77. The stock has a market cap of $3.78 billion, a P/E ratio of 13.70 and a beta of 1.29.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings data on Wednesday, July 27th. The company reported $0.98 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.99 by $0.01. Prosperity Bancshares had a net margin of 34.93% and a return on equity of 7.99%. During the same period in the prior year, the firm earned $1.03 EPS. On average, analysts forecast that Prosperity Bancshares Inc. will post $3.94 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Monday, October 3rd. Stockholders of record on Friday, September 16th were paid a $0.30 dividend. The ex-dividend date was Wednesday, September 14th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.21%. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 30.15%.

Several research firms have recently commented on PB. FBR & Co upgraded shares of Prosperity Bancshares from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $55.00 to $60.00 in a research report on Tuesday. Deutsche Bank AG increased their target price on shares of Prosperity Bancshares from $54.00 to $59.00 and gave the company a “hold” rating in a research report on Tuesday. Zacks Investment Research upgraded shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a research report on Thursday. SunTrust Banks Inc. initiated coverage on shares of Prosperity Bancshares in a research report on Thursday, October 6th. They issued a “neutral” rating for the company. Finally, Wedbush initiated coverage on shares of Prosperity Bancshares in a research report on Thursday, October 6th. They issued a “neutral” rating and a $54.00 target price for the company. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $52.08.

In other news, Director Perry Mueller, Jr. sold 13,536 shares of the firm’s stock in a transaction on Thursday, August 25th. The stock was sold at an average price of $54.00, for a total value of $730,944.00. Following the completion of the sale, the director now directly owns 6,723 shares in the company, valued at $363,042. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Robert H. Steelhammer sold 2,900 shares of the firm’s stock in a transaction on Monday, September 12th. The shares were sold at an average price of $54.00, for a total value of $156,600.00. Following the completion of the sale, the director now owns 160,800 shares of the company’s stock, valued at $8,683,200. The disclosure for this sale can be found here. 4.90% of the stock is owned by insiders.

About Prosperity Bancshares

Prosperity Bancshares, Inc is a financial holding company. The Company operates through its bank subsidiary, Prosperity Bank (the Bank). The Bank provides a range of financial products and services to small and medium-sized businesses and consumers. The Company’s additional products and services include trust services, brokerage, mortgage lending, credit card and independent sales organization (ISO) sponsorship operations.

5 Day Chart for NYSE:PB

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