Wellington Management Group LLP Cuts Stock Holdings in Prosperity Bancshares, Inc. (NYSE:PB)

Wellington Management Group LLP lowered its position in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 16.3% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,942,217 shares of the bank's stock after selling 379,149 shares during the quarter. Wellington Management Group LLP owned about 2.04% of Prosperity Bancshares worth $139,976,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Amica Mutual Insurance Co. raised its stake in Prosperity Bancshares by 41.9% in the second quarter. Amica Mutual Insurance Co. now owns 157,770 shares of the bank's stock valued at $9,646,000 after purchasing an additional 46,593 shares in the last quarter. Los Angeles Capital Management LLC acquired a new position in shares of Prosperity Bancshares in the 3rd quarter valued at approximately $4,804,000. Prospector Partners LLC lifted its holdings in shares of Prosperity Bancshares by 24.6% during the 3rd quarter. Prospector Partners LLC now owns 228,992 shares of the bank's stock worth $16,503,000 after acquiring an additional 45,177 shares during the period. Thrivent Financial for Lutherans boosted its position in shares of Prosperity Bancshares by 16.0% during the 2nd quarter. Thrivent Financial for Lutherans now owns 811,772 shares of the bank's stock worth $49,632,000 after acquiring an additional 112,101 shares in the last quarter. Finally, US Bancorp DE increased its stake in Prosperity Bancshares by 3.4% in the third quarter. US Bancorp DE now owns 4,720 shares of the bank's stock valued at $340,000 after acquiring an additional 153 shares during the last quarter. Institutional investors own 80.69% of the company's stock.

Prosperity Bancshares Stock Up 0.4 %

PB traded up $0.36 during midday trading on Tuesday, hitting $81.24. 405,306 shares of the company were exchanged, compared to its average volume of 563,792. The firm's 50 day moving average price is $77.28 and its 200-day moving average price is $70.61. Prosperity Bancshares, Inc. has a 1-year low of $57.16 and a 1-year high of $86.75. The firm has a market capitalization of $7.74 billion, a P/E ratio of 17.16, a P/E/G ratio of 1.22 and a beta of 0.92.

Prosperity Bancshares (NYSE:PB - Get Free Report) last posted its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, topping analysts' consensus estimates of $1.31 by $0.03. The company had revenue of $459.00 million for the quarter, compared to analyst estimates of $299.83 million. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%. During the same period in the previous year, the firm earned $1.20 earnings per share. On average, sell-side analysts predict that Prosperity Bancshares, Inc. will post 5.05 earnings per share for the current fiscal year.

Prosperity Bancshares Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be given a dividend of $0.58 per share. The ex-dividend date of this dividend is Friday, December 13th. This is a boost from Prosperity Bancshares's previous quarterly dividend of $0.56. This represents a $2.32 annualized dividend and a dividend yield of 2.86%. Prosperity Bancshares's dividend payout ratio is 49.26%.

Analysts Set New Price Targets

PB has been the topic of a number of research analyst reports. Royal Bank of Canada reaffirmed a "sector perform" rating and issued a $77.00 target price on shares of Prosperity Bancshares in a report on Thursday, October 24th. Barclays raised their price objective on Prosperity Bancshares from $76.00 to $84.00 and gave the company an "equal weight" rating in a research note on Thursday, December 5th. StockNews.com downgraded Prosperity Bancshares from a "hold" rating to a "sell" rating in a research note on Friday, November 29th. Hovde Group raised their price target on shares of Prosperity Bancshares from $80.50 to $82.50 and gave the company an "outperform" rating in a research note on Monday, August 26th. Finally, DA Davidson cut shares of Prosperity Bancshares from a "buy" rating to a "neutral" rating and lowered their price objective for the stock from $80.00 to $78.00 in a research report on Tuesday, October 15th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat.com, Prosperity Bancshares has a consensus rating of "Moderate Buy" and a consensus price target of $80.68.

Insider Buying and Selling

In related news, Director Leah Henderson sold 1,100 shares of the stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $83.24, for a total transaction of $91,564.00. Following the transaction, the director now directly owns 7,525 shares of the company's stock, valued at $626,381. This represents a 12.75 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $81.44, for a total transaction of $40,720.00. Following the completion of the sale, the director now directly owns 113,815 shares of the company's stock, valued at approximately $9,269,093.60. This trade represents a 0.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 7,100 shares of company stock valued at $604,114 over the last quarter. Insiders own 4.28% of the company's stock.

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.