Copeland Capital Management LLC Lowers Stock Holdings in Prosperity Bancshares, Inc. $PB

Key Points

• Copeland Capital Management LLC reduced its stake in Prosperity Bancshares by 10.3%, holding 410,235 shares valued at approximately $28.8 million after selling 47,144 shares in the second quarter.
• Multiple hedge funds, including Hudson Edge Investment Partners and Public Employees Retirement System of Ohio, increased their positions in Prosperity Bancshares, contributing to institutional ownership of 80.69%.
• Prosperity Bancshares announced a quarterly dividend of $0.58 per share, translating to an annual yield of 3.5%, with a payout ratio of 42.18%.

Copeland Capital Management LLC lessened its stake in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 10.3% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 410,235 shares of the bank's stock after selling 47,144 shares during the quarter. Copeland Capital Management LLC owned 0.43% of Prosperity Bancshares worth $28,815,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Hudson Edge Investment Partners Inc. boosted its stake in shares of Prosperity Bancshares by 5.7% in the 2nd quarter. Hudson Edge Investment Partners Inc. now owns 17,933 shares of the bank's stock valued at $1,260,000 after buying an additional 962 shares during the period. Signaturefd LLC boosted its stake in shares of Prosperity Bancshares by 33.8% in the 2nd quarter. Signaturefd LLC now owns 985 shares of the bank's stock valued at $69,000 after buying an additional 249 shares during the period. Steph & Co. purchased a new position in shares of Prosperity Bancshares in the 2nd quarter valued at about $38,000. Dakota Wealth Management boosted its stake in shares of Prosperity Bancshares by 9.4% in the 2nd quarter. Dakota Wealth Management now owns 4,318 shares of the bank's stock valued at $303,000 after buying an additional 370 shares during the period. Finally, Public Employees Retirement System of Ohio boosted its stake in shares of Prosperity Bancshares by 27.2% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 39,427 shares of the bank's stock valued at $2,769,000 after buying an additional 8,441 shares during the period. Hedge funds and other institutional investors own 80.69% of the company's stock.

Insider Buying and Selling

In other Prosperity Bancshares news, Director Ned S. Holmes sold 600 shares of Prosperity Bancshares stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $72.04, for a total transaction of $43,224.00. Following the transaction, the director owned 44,900 shares of the company's stock, valued at $3,234,596. The trade was a 1.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders sold a total of 15,400 shares of company stock worth $1,056,226 over the last quarter. Insiders own 4.20% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on PB. Piper Sandler decreased their price objective on Prosperity Bancshares from $86.00 to $84.00 and set an "overweight" rating for the company in a research note on Thursday, July 24th. TD Cowen began coverage on Prosperity Bancshares in a research note on Thursday, September 25th. They issued a "buy" rating and a $79.00 price objective for the company. Citigroup reiterated a "neutral" rating and issued a $68.00 price objective (down previously from $78.00) on shares of Prosperity Bancshares in a research note on Monday, September 15th. Cantor Fitzgerald assumed coverage on Prosperity Bancshares in a research note on Wednesday, September 10th. They set an "overweight" rating and a $78.00 target price for the company. Finally, Cowen assumed coverage on Prosperity Bancshares in a research note on Wednesday, September 24th. They set a "buy" rating for the company. Twelve analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, Prosperity Bancshares has an average rating of "Moderate Buy" and an average price target of $83.13.

Prosperity Bancshares Stock Down 2.2%

PB stock opened at $65.49 on Friday. The stock has a market cap of $6.22 billion, a price-to-earnings ratio of 11.91, a PEG ratio of 1.00 and a beta of 0.73. Prosperity Bancshares, Inc. has a fifty-two week low of $61.57 and a fifty-two week high of $86.75. The business has a 50 day moving average price of $67.19 and a 200 day moving average price of $68.89.

Prosperity Bancshares (NYSE:PB - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The bank reported $1.42 EPS for the quarter, topping the consensus estimate of $1.40 by $0.02. The company had revenue of $310.70 million for the quarter, compared to analyst estimates of $315.66 million. Prosperity Bancshares had a return on equity of 6.99% and a net margin of 29.37%.During the same quarter in the previous year, the company posted $1.22 earnings per share. As a group, sell-side analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Prosperity Bancshares Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th were given a dividend of $0.58 per share. The ex-dividend date of this dividend was Monday, September 15th. This represents a $2.32 annualized dividend and a yield of 3.5%. Prosperity Bancshares's payout ratio is 42.18%.

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.

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