Wellington Management Group LLP Lowers Position in Prosperity Bancshares, Inc. (NYSE:PB)

Wellington Management Group LLP trimmed its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 0.8% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,196,706 shares of the bank’s stock after selling 16,766 shares during the period. Wellington Management Group LLP’s holdings in Prosperity Bancshares were worth $148,783,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. UBS Group AG increased its stake in Prosperity Bancshares by 82.8% in the 3rd quarter. UBS Group AG now owns 84,997 shares of the bank’s stock worth $4,639,000 after acquiring an additional 38,506 shares during the last quarter. Rhumbline Advisers increased its position in Prosperity Bancshares by 1.1% in the third quarter. Rhumbline Advisers now owns 332,548 shares of the bank’s stock worth $18,150,000 after purchasing an additional 3,539 shares during the last quarter. Aigen Investment Management LP raised its stake in Prosperity Bancshares by 75.9% during the third quarter. Aigen Investment Management LP now owns 11,177 shares of the bank’s stock valued at $610,000 after purchasing an additional 4,824 shares in the last quarter. Hsbc Holdings PLC bought a new position in Prosperity Bancshares during the third quarter valued at $903,000. Finally, Stifel Financial Corp grew its stake in shares of Prosperity Bancshares by 1.4% in the 3rd quarter. Stifel Financial Corp now owns 83,649 shares of the bank’s stock worth $4,566,000 after buying an additional 1,146 shares in the last quarter. 80.69% of the stock is currently owned by institutional investors.

Prosperity Bancshares Price Performance

Shares of NYSE:PB opened at $58.79 on Thursday. The firm has a market capitalization of $5.64 billion, a PE ratio of 13.55, a price-to-earnings-growth ratio of 1.26 and a beta of 0.90. The business has a 50 day simple moving average of $61.61 and a two-hundred day simple moving average of $63.28. Prosperity Bancshares, Inc. has a 1 year low of $49.60 and a 1 year high of $68.88.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings data on Wednesday, April 24th. The bank reported $1.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.15 by $0.03. The company had revenue of $420.78 million during the quarter, compared to analysts’ expectations of $274.88 million. Prosperity Bancshares had a return on equity of 6.33% and a net margin of 24.50%. During the same quarter in the previous year, the business earned $1.37 EPS. Equities research analysts expect that Prosperity Bancshares, Inc. will post 5 EPS for the current fiscal year.

Prosperity Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be issued a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.81%. The ex-dividend date is Friday, June 14th. Prosperity Bancshares’s payout ratio is presently 51.61%.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Truist Financial restated a “buy” rating and set a $75.00 target price on shares of Prosperity Bancshares in a research report on Monday, April 1st. Royal Bank of Canada restated a “sector perform” rating and set a $70.00 price objective on shares of Prosperity Bancshares in a research report on Tuesday, April 9th. Finally, Barclays started coverage on Prosperity Bancshares in a research note on Friday, March 8th. They issued an “equal weight” rating and a $68.00 price objective for the company. One analyst has rated the stock with a sell rating, five have assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $68.86.

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.