Wellington Management Group LLP Sells 20,382 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

Wellington Management Group LLP reduced its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 1.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,921,835 shares of the bank's stock after selling 20,382 shares during the period. Wellington Management Group LLP owned about 2.02% of Prosperity Bancshares worth $144,810,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Blue Trust Inc. lifted its position in shares of Prosperity Bancshares by 14.9% during the 4th quarter. Blue Trust Inc. now owns 987 shares of the bank's stock valued at $71,000 after buying an additional 128 shares in the last quarter. CIBC Private Wealth Group LLC lifted its holdings in Prosperity Bancshares by 4.4% during the fourth quarter. CIBC Private Wealth Group LLC now owns 3,069 shares of the bank's stock valued at $229,000 after purchasing an additional 128 shares in the last quarter. GAMMA Investing LLC boosted its position in shares of Prosperity Bancshares by 20.4% in 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 period. M&T Bank Corp increased its stake in shares of Prosperity Bancshares by 0.3% in the third quarter. M&T Bank Corp now owns 45,392 shares of the bank's stock worth $3,272,000 after purchasing an additional 149 shares in the last quarter. Finally, Sanctuary Advisors LLC increased its stake in shares of Prosperity Bancshares by 3.8% in the fourth quarter. Sanctuary Advisors LLC now owns 5,359 shares of the bank's stock worth $430,000 after purchasing an additional 194 shares in the last quarter. 80.69% of the stock is currently owned by institutional investors.

Remove Ads

Insiders Place Their Bets

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the firm's stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $78.43, for a total value of $39,215.00. Following the completion of the sale, the director now owns 108,815 shares of the company's stock, valued at $8,534,360.45. This trade represents a 0.46 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold 5,500 shares of company stock valued at $413,945 over the last three months. 4.20% of the stock is owned by company insiders.

Prosperity Bancshares Price Performance

Shares of Prosperity Bancshares stock traded up $1.54 during trading hours on Tuesday, reaching $65.53. The company's stock had a trading volume of 85,610 shares, compared to its average volume of 568,158. Prosperity Bancshares, Inc. has a one year low of $57.16 and a one year high of $86.75. The firm has a 50 day moving average price of $74.49 and a 200-day moving average price of $75.97. The stock has a market cap of $6.24 billion, a P/E ratio of 12.95, a P/E/G ratio of 0.94 and a beta of 0.82.

Prosperity Bancshares (NYSE:PB - Get Free Report) last issued its quarterly earnings data on Wednesday, January 29th. The bank reported $1.37 earnings per share (EPS) for the quarter, beating 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%. As a group, sell-side analysts forecast that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Friday, March 14th were given a $0.58 dividend. The ex-dividend date was Friday, March 14th. This represents a $2.32 dividend on an annualized basis and a yield of 3.54%. Prosperity Bancshares's dividend payout ratio is presently 45.85%.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on PB. Raymond James upped their target price 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. Barclays upped their price objective on Prosperity Bancshares from $84.00 to $88.00 and gave the stock an "equal weight" rating in a research note on Friday, December 20th. UBS Group decreased their target price on Prosperity Bancshares from $77.00 to $76.00 and set a "buy" rating on the stock in a research note on Thursday, December 26th. Morgan Stanley dropped their price target on Prosperity Bancshares from $102.00 to $94.00 and set an "overweight" rating for the company in a research note on Thursday, March 13th. Finally, Bank of America upgraded shares of Prosperity Bancshares from an "underperform" rating to a "neutral" rating and set a $80.00 price objective on the stock in a research report on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, Prosperity Bancshares currently has a consensus rating of "Hold" and a consensus target price of $83.50.

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.