Russell Investments Group Ltd. Sells 75,186 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

Russell Investments Group Ltd. lowered its position in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 20.3% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 296,008 shares of the bank's stock after selling 75,186 shares during the quarter. Russell Investments Group Ltd. owned 0.31% of Prosperity Bancshares worth $22,304,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Envestnet Asset Management Inc. grew its position in Prosperity Bancshares by 16.0% during the fourth quarter. Envestnet Asset Management Inc. now owns 57,220 shares of the bank's stock valued at $4,312,000 after buying an additional 7,913 shares during the period. Wells Fargo & Company MN grew its position in shares of Prosperity Bancshares by 10.4% during the 4th quarter. Wells Fargo & Company MN now owns 150,935 shares of the bank's stock valued at $11,373,000 after acquiring an additional 14,279 shares during the period. Prudential PLC bought a new position in shares of Prosperity Bancshares during the 4th quarter valued at approximately $720,000. Uniting Wealth Partners LLC purchased a new stake in shares of Prosperity Bancshares during the 4th quarter worth approximately $257,000. Finally, ExodusPoint Capital Management LP lifted its stake in Prosperity Bancshares by 462.3% in the fourth quarter. ExodusPoint Capital Management LP now owns 169,778 shares of the bank's stock valued at $12,793,000 after purchasing an additional 139,585 shares during the last quarter. Hedge funds and other institutional investors own 80.69% of the company's stock.

Prosperity Bancshares Stock Up 0.2 %

Shares of NYSE PB traded up $0.11 during mid-day trading on Monday, reaching $64.94. 69,729 shares of the company were exchanged, compared to its average volume of 581,555. The stock has a market capitalization of $6.19 billion, a PE ratio of 12.83, a PEG ratio of 0.94 and a beta of 0.82. Prosperity Bancshares, Inc. has a 52 week low of $57.16 and a 52 week high of $86.75. The company's 50 day moving average price is $72.73 and its 200 day moving average price is $75.66.

Prosperity Bancshares (NYSE:PB - Get Free Report) last released its earnings results on Wednesday, January 29th. The bank reported $1.37 earnings per share 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%. On average, 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 announced a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Friday, March 14th were issued a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a dividend yield of 3.57%. The ex-dividend date of this dividend was Friday, March 14th. Prosperity Bancshares's dividend payout ratio is currently 45.85%.

Insider Buying and Selling

In other news, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction dated Wednesday, April 9th. The stock was sold at an average price of $63.62, for a total value of $31,810.00. Following the transaction, the director now owns 102,815 shares in the company, valued at approximately $6,541,090.30. The trade was a 0.48 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold a total of 5,500 shares of company stock worth $408,695 in the last 90 days. 4.20% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Stephens raised their target price on Prosperity Bancshares from $93.00 to $94.00 and gave the stock an "overweight" rating in a research report on Thursday, January 30th. Morgan Stanley lowered their price objective on Prosperity Bancshares from $102.00 to $94.00 and set an "overweight" rating on the stock in a research note on Thursday, March 13th. StockNews.com upgraded shares of Prosperity Bancshares from a "sell" rating to a "hold" rating in a research report on Thursday. UBS Group lowered their price target on shares of Prosperity Bancshares from $77.00 to $76.00 and set a "buy" rating on the stock in a research report on Thursday, December 26th. Finally, Raymond James raised their price objective on shares of Prosperity Bancshares from $82.00 to $87.00 and gave the stock an "outperform" rating in a report on Thursday, January 30th. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $83.35.

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.