Russell Investments Group Ltd. Trims Stake in Prosperity Bancshares, Inc. $PB

Russell Investments Group Ltd. cut its stake in Prosperity Bancshares, Inc. (NYSE:PB) by 1.4% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 266,827 shares of the bank’s stock after selling 3,830 shares during the quarter. Russell Investments Group Ltd.’s holdings in Prosperity Bancshares were worth $18,742,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in PB. Steph & Co. purchased a new position in shares of Prosperity Bancshares during the 2nd quarter valued at approximately $38,000. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in Prosperity Bancshares during the first quarter worth $48,000. IFP Advisors Inc grew its position in Prosperity Bancshares by 1,251.4% during the second quarter. IFP Advisors Inc now owns 973 shares of the bank’s stock valued at $68,000 after buying an additional 901 shares during the period. Parallel Advisors LLC increased its holdings in Prosperity Bancshares by 16.8% in the second quarter. Parallel Advisors LLC now owns 978 shares of the bank’s stock valued at $69,000 after buying an additional 141 shares in the last quarter. Finally, Signaturefd LLC raised its position in shares of Prosperity Bancshares by 33.8% in the second quarter. Signaturefd LLC now owns 985 shares of the bank’s stock worth $69,000 after acquiring an additional 249 shares during the period. Institutional investors and hedge funds own 80.69% of the company’s stock.

Insider Activity at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 500 shares of the stock in a transaction dated Wednesday, November 19th. The shares were sold at an average price of $65.57, for a total value of $32,785.00. Following the completion of the sale, the director directly owned 88,415 shares in the company, valued at $5,797,371.55. This represents a 0.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders have sold 13,200 shares of company stock valued at $872,099 in the last ninety days. 4.20% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research firms have recently issued reports on PB. Barclays lowered their target price on shares of Prosperity Bancshares from $85.00 to $82.00 and set an “equal weight” rating on the stock in a research note on Tuesday, November 11th. Citigroup reaffirmed a “neutral” rating and issued a $68.00 price target (down previously from $78.00) on shares of Prosperity Bancshares in a report on Monday, September 15th. Piper Sandler dropped their price objective on Prosperity Bancshares from $84.00 to $77.00 and set an “overweight” rating on the stock in a report on Thursday, October 30th. TD Cowen boosted their price objective on Prosperity Bancshares from $79.00 to $83.00 and gave the company a “buy” rating in a research report on Friday, October 31st. Finally, Stephens upped their target price on Prosperity Bancshares from $77.00 to $81.00 and gave the stock an “overweight” rating in a research note on Thursday, October 30th. Ten research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat, Prosperity Bancshares has an average rating of “Moderate Buy” and an average target price of $80.21.

Prosperity Bancshares Price Performance

NYSE PB opened at $68.71 on Monday. The company has a market cap of $6.53 billion, a PE ratio of 12.25, a price-to-earnings-growth ratio of 0.97 and a beta of 0.75. The stock’s 50 day simple moving average is $65.74 and its 200-day simple moving average is $68.08. Prosperity Bancshares, Inc. has a 1-year low of $61.06 and a 1-year high of $84.77.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results on Wednesday, October 29th. The bank reported $1.45 EPS for the quarter, hitting the consensus estimate of $1.45. Prosperity Bancshares had a return on equity of 7.06% and a net margin of 30.28%.The firm had revenue of $314.67 million during the quarter, compared to analysts’ expectations of $317.94 million. During the same period in the previous year, the business earned $1.34 earnings per share. The firm’s revenue for the quarter was up 3.9% on a year-over-year basis. On average, equities research analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Stockholders of record on Monday, December 15th will be issued a dividend of $0.60 per share. The ex-dividend date of this dividend is Monday, December 15th. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.58. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.5%. Prosperity Bancshares’s payout ratio is currently 42.78%.

Prosperity Bancshares Company Profile

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.