Prosperity Bancshares, Inc. (NYSE:PB) Shares Sold by Russell Investments Group Ltd.

Russell Investments Group Ltd. decreased its position in Prosperity Bancshares, Inc. (NYSE:PB) by 20.3% during the 4th quarter, according to the company in its most recent disclosure 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 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Envestnet Asset Management Inc. grew its stake in shares of Prosperity Bancshares by 16.0% during the fourth quarter. Envestnet Asset Management Inc. now owns 57,220 shares of the bank’s stock worth $4,312,000 after purchasing an additional 7,913 shares in the last quarter. Wells Fargo & Company MN boosted 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 worth $11,373,000 after acquiring an additional 14,279 shares in the last quarter. Prudential PLC purchased a new position in shares of Prosperity Bancshares in the 4th quarter valued at about $720,000. Uniting Wealth Partners LLC acquired a new stake in shares of Prosperity Bancshares during the 4th quarter worth about $257,000. Finally, ExodusPoint Capital Management LP lifted its stake in Prosperity Bancshares by 462.3% during the fourth quarter. ExodusPoint Capital Management LP now owns 169,778 shares of the bank’s stock worth $12,793,000 after purchasing an additional 139,585 shares during the last quarter. Institutional investors and hedge funds own 80.69% of the company’s stock.

Prosperity Bancshares Stock Down 0.6 %

Shares of NYSE:PB opened at $63.61 on Wednesday. Prosperity Bancshares, Inc. has a 52 week low of $57.16 and a 52 week high of $86.76. The company has a 50-day moving average price of $73.85 and a 200 day moving average price of $75.82. The company has a market cap of $6.06 billion, a P/E ratio of 12.57, a PEG ratio of 0.94 and a beta of 0.82.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings results on Wednesday, January 29th. The bank reported $1.37 EPS for the quarter, beating the consensus estimate of $1.33 by $0.04. Prosperity Bancshares had a return on equity of 6.64% and a net margin of 26.79%. Analysts expect that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Prosperity Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th were paid a dividend of $0.58 per share. The ex-dividend date was Friday, March 14th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.65%. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 45.85%.

Analyst Ratings Changes

A number of analysts have weighed in on PB shares. Bank of America raised shares of Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $80.00 price objective on the stock in a report on Tuesday, January 7th. Barclays decreased their price objective on shares of Prosperity Bancshares from $88.00 to $86.00 and set an “equal weight” rating for the company in a research note on Tuesday. Morgan Stanley cut their target price on Prosperity Bancshares from $102.00 to $94.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. UBS Group reduced their target price on Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating for the company in a report on Thursday, December 26th. Finally, Stephens raised their price target on Prosperity Bancshares from $93.00 to $94.00 and gave the stock an “overweight” rating in a research note on Thursday, January 30th. 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’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $83.35.

Insider Activity

In related news, Director Ned S. Holmes sold 500 shares of the firm’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $78.43, for a total value of $39,215.00. Following the completion of the transaction, the director now directly owns 108,815 shares of the company’s stock, valued at $8,534,360.45. This trade represents a 0.46 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders sold 5,000 shares of company stock worth $376,885 in the last 90 days. 4.20% of the stock is currently owned by corporate insiders.

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.