Copeland Capital Management LLC Sells 7,479 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

Copeland Capital Management LLC decreased its position in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 1.6% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 457,379 shares of the bank's stock after selling 7,479 shares during the period. Copeland Capital Management LLC owned about 0.48% of Prosperity Bancshares worth $32,643,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Illinois Municipal Retirement Fund bought a new position in Prosperity Bancshares in the 1st quarter valued at $766,000. Wealthquest Corp acquired a new stake in shares of Prosperity Bancshares in the first quarter valued at $811,000. Lecap Asset Management Ltd. bought a new position in shares of Prosperity Bancshares in the first quarter valued at about $517,000. ORG Wealth Partners LLC bought a new position in shares of Prosperity Bancshares in the first quarter valued at about $389,000. Finally, State of Alaska Department of Revenue lifted its position in Prosperity Bancshares by 2.7% during the 1st quarter. State of Alaska Department of Revenue now owns 11,157 shares of the bank's stock worth $796,000 after buying an additional 295 shares in the last quarter. Institutional investors own 80.69% of the company's stock.

Analyst Upgrades and Downgrades

PB has been the topic of a number of recent research reports. Morgan Stanley decreased their price objective 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. Royal Bank Of Canada lowered their price objective on Prosperity Bancshares from $85.00 to $78.00 and set a "sector perform" rating for the company in a research report on Thursday, April 24th. Barclays reduced their target price on shares of Prosperity Bancshares from $88.00 to $86.00 and set an "equal weight" rating on the stock in a research note on Tuesday, April 8th. Keefe, Bruyette & Woods cut their price objective on shares of Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating on the stock in a report on Monday, May 5th. Finally, Jefferies Financial Group initiated coverage on shares of Prosperity Bancshares in a research note on Wednesday, May 21st. They issued a "buy" rating and a $85.00 price objective on the stock. Seven equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $83.80.

Prosperity Bancshares Trading Up 3.8%

Shares of PB stock traded up $2.68 during trading hours on Tuesday, hitting $72.92. 1,084,372 shares of the company were exchanged, compared to its average volume of 603,118. Prosperity Bancshares, Inc. has a 52 week low of $58.66 and a 52 week high of $86.76. The business has a 50 day moving average of $69.66 and a two-hundred day moving average of $72.48. The company has a market capitalization of $6.95 billion, a PE ratio of 13.89, a PEG ratio of 0.88 and a beta of 0.68.

Prosperity Bancshares (NYSE:PB - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The bank reported $1.37 earnings per share for the quarter, topping the consensus estimate of $1.35 by $0.02. Prosperity Bancshares had a return on equity of 6.81% and a net margin of 27.69%. The company had revenue of $306.68 million during the quarter, compared to analysts' expectations of $307.17 million. During the same period in the prior year, the firm earned $1.18 earnings per share. Prosperity Bancshares's revenue for the quarter was up 10.7% compared to the same quarter last year. On average, research analysts forecast that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Prosperity Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be given a dividend of $0.58 per share. The ex-dividend date is Friday, June 13th. This represents a $2.32 annualized dividend and a yield of 3.18%. Prosperity Bancshares's dividend payout ratio (DPR) is presently 44.19%.

Insider Activity

In other news, Director Ned S. Holmes sold 500 shares of the company's stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $69.09, for a total transaction of $34,545.00. Following the sale, the director owned 98,915 shares in the company, valued at $6,834,037.35. This represents a 0.50% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Insiders sold a total of 9,000 shares of company stock valued at $621,965 over the last 90 days. 4.20% of the stock is currently owned by insiders.

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.