Copeland Capital Management LLC Cuts Stock Holdings in Prosperity Bancshares, Inc. (NYSE:PB)

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

Several other institutional investors and hedge funds also recently made changes to their positions in PB. Norges Bank acquired a new stake in Prosperity Bancshares during the 4th quarter valued at approximately $68,986,000. North Reef Capital Management LP acquired a new stake in Prosperity Bancshares during the 4th quarter valued at approximately $29,211,000. Vaughan Nelson Investment Management L.P. increased its position in Prosperity Bancshares by 25.1% during the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 1,112,574 shares of the bank's stock valued at $79,404,000 after purchasing an additional 223,355 shares during the period. Northern Trust Corp increased its position in Prosperity Bancshares by 25.5% during the 4th quarter. Northern Trust Corp now owns 937,108 shares of the bank's stock valued at $70,611,000 after purchasing an additional 190,449 shares during the period. Finally, ExodusPoint Capital Management LP increased its position in Prosperity Bancshares by 462.3% during the 4th quarter. ExodusPoint Capital Management LP now owns 169,778 shares of the bank's stock valued at $12,793,000 after purchasing an additional 139,585 shares during the period. Institutional investors and hedge funds own 80.69% of the company's stock.

Prosperity Bancshares Stock Down 0.9%

NYSE:PB traded down $0.63 during trading hours on Friday, hitting $70.15. 1,203,196 shares of the company traded hands, compared to its average volume of 599,696. The firm's 50-day simple moving average is $69.56 and its 200-day simple moving average is $72.61. Prosperity Bancshares, Inc. has a one year low of $58.66 and a one year high of $86.76. The company has a market cap of $6.68 billion, a PE ratio of 13.36, a PEG ratio of 0.88 and a beta of 0.68.

Prosperity Bancshares (NYSE:PB - Get Free Report) last released its earnings results on Wednesday, April 23rd. The bank reported $1.37 EPS for the quarter, topping analysts' consensus estimates of $1.35 by $0.02. The company had revenue of $306.68 million for the quarter, compared to analysts' expectations of $307.17 million. Prosperity Bancshares had a return on equity of 6.81% and a net margin of 27.69%. The business's revenue for the quarter was up 10.7% compared to the same quarter last year. During the same period in the previous year, the business posted $1.18 EPS. As a group, equities research analysts expect that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Prosperity Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th will be paid a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.31%. The ex-dividend date of this dividend is Friday, June 13th. Prosperity Bancshares's payout ratio is 44.19%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on PB shares. Hovde Group decreased their target price on shares of Prosperity Bancshares from $90.00 to $80.00 and set an "outperform" rating for the company in a research report on Friday, April 25th. Jefferies Financial Group began coverage on shares of Prosperity Bancshares in a research report on Wednesday, May 21st. They set a "buy" rating and a $85.00 price objective for the company. Keefe, Bruyette & Woods reduced their price objective on shares of Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating for the company in a research report on Monday, May 5th. Wall Street Zen raised shares of Prosperity Bancshares from a "sell" rating to a "hold" rating in a research report on Tuesday, May 13th. Finally, Barclays reduced 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 report on Tuesday, April 8th. Seven analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, Prosperity Bancshares currently has an average rating of "Moderate Buy" and a consensus target price of $83.80.

Insider Activity at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 500 shares of the business's stock in a transaction dated Wednesday, April 9th. The stock was sold at an average price of $63.62, for a total value of $31,810.00. Following the sale, the director now directly owns 102,815 shares in the company, valued at approximately $6,541,090.30. The trade was a 0.48% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In the last three months, insiders have sold 9,000 shares of company stock worth $621,965. Company insiders own 4.20% of the company's stock.

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.