Northwestern Mutual Investment Management Company LLC Has $614,000 Stake in Prosperity Bancshares, Inc. (NYSE:PB)

Northwestern Mutual Investment Management Company LLC cut its position in Prosperity Bancshares, Inc. (NYSE:PB – Get Rating) by 35.8% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,451 shares of the bank’s stock after selling 4,722 shares during the quarter. Northwestern Mutual Investment Management Company LLC’s holdings in Prosperity Bancshares were worth $614,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in PB. Quadrant Capital Group LLC increased its position in Prosperity Bancshares by 49.1% during the 3rd quarter. Quadrant Capital Group LLC now owns 437 shares of the bank’s stock worth $29,000 after purchasing an additional 144 shares in the last quarter. Zions Bancorporation N.A. acquired a new stake in shares of Prosperity Bancshares during the fourth quarter worth $30,000. Covestor Ltd grew its holdings in Prosperity Bancshares by 83.6% in the first quarter. Covestor Ltd now owns 692 shares of the bank’s stock worth $48,000 after purchasing an additional 315 shares during the period. Steward Partners Investment Advisory LLC grew its holdings in Prosperity Bancshares by 73.2% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 710 shares of the bank’s stock worth $52,000 after purchasing an additional 300 shares during the period. Finally, MADDEN SECURITIES Corp acquired a new stake in Prosperity Bancshares in the fourth quarter worth $74,000. 81.32% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Prosperity Bancshares

In other news, Director L. Jack Lord purchased 5,000 shares of the stock in a transaction that occurred on Monday, May 1st. The stock was bought at an average cost of $62.04 per share, for a total transaction of $310,200.00. Following the acquisition, the director now directly owns 33,125 shares of the company’s stock, valued at approximately $2,055,075. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 4.20% of the company’s stock.

Prosperity Bancshares Price Performance

Shares of Prosperity Bancshares stock opened at $59.39 on Tuesday. The firm has a market cap of $5.60 billion, a PE ratio of 10.29, a PEG ratio of 1.11 and a beta of 0.96. Prosperity Bancshares, Inc. has a 1 year low of $55.95 and a 1 year high of $78.76. The company has a 50 day simple moving average of $60.09 and a two-hundred day simple moving average of $66.88.

Prosperity Bancshares (NYSE:PB – Get Rating) last announced its quarterly earnings data on Wednesday, April 26th. The bank reported $1.37 earnings per share for the quarter, topping analysts’ consensus estimates of $1.33 by $0.04. The firm had revenue of $365.58 million during the quarter, compared to analyst estimates of $285.02 million. Prosperity Bancshares had a net margin of 39.87% and a return on equity of 7.93%. During the same period in the previous year, the business posted $1.33 EPS. As a group, research analysts anticipate that Prosperity Bancshares, Inc. will post 5.37 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 3rd. Stockholders of record on Thursday, June 15th will be issued a $0.55 dividend. The ex-dividend date of this dividend is Wednesday, June 14th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 3.70%. Prosperity Bancshares’s payout ratio is 38.13%.

Analysts Set New Price Targets

A number of research firms have weighed in on PB. DA Davidson raised shares of Prosperity Bancshares from a “neutral” rating to a “buy” rating and set a $79.00 price objective on the stock in a research note on Monday, March 13th. StockNews.com upgraded shares of Prosperity Bancshares to a “sell” rating in a research note on Tuesday, June 6th. Morgan Stanley downgraded shares of Prosperity Bancshares from an “equal weight” rating to an “underweight” rating and lifted their target price for the stock from $58.00 to $60.00 in a research note on Tuesday, May 16th. Wolfe Research upgraded shares of Prosperity Bancshares from an “underperform” rating to an “outperform” rating and set a $68.00 target price for the company in a research note on Wednesday, May 3rd. Finally, Raymond James reduced their price objective on shares of Prosperity Bancshares from $85.00 to $70.00 and set an “outperform” rating for the company in a research note on Thursday, April 6th. Two analysts have rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $73.73.

About Prosperity Bancshares

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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; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and purchase of equipment and machinery.

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