Legal & General Group Plc Sells 36,282 Shares of Prosperity Bancshares, Inc. $PB

Key Points

• Legal & General Group Plc cut its Prosperity Bancshares stake by 19.8% in the fourth quarter, selling 36,282 shares and ending with 146,998 shares valued at about $10.16 million.
• Prosperity Bancshares reported better-than-expected quarterly earnings of $1.50 per share on revenue of $367.62 million, with revenue up 19.9% year over year. Analysts now see a consensus rating of Hold and an average price target of $76.82.
• The bank also announced a quarterly dividend of $0.60 per share, payable July 1, which works out to an annualized yield of 3.5%.

Legal & General Group Plc trimmed its position in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 19.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 146,998 shares of the bank's stock after selling 36,282 shares during the period. Legal & General Group Plc owned approximately 0.15% of Prosperity Bancshares worth $10,159,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Community Bank N.A. bought a new position in Prosperity Bancshares during the third quarter valued at about $29,000. Danske Bank A S bought a new position in Prosperity Bancshares during the third quarter valued at about $40,000. Osaic Holdings Inc. increased its stake in Prosperity Bancshares by 34.9% during the second quarter. Osaic Holdings Inc. now owns 719 shares of the bank's stock valued at $51,000 after acquiring an additional 186 shares during the period. True Wealth Design LLC increased its stake in Prosperity Bancshares by 179.6% during the fourth quarter. True Wealth Design LLC now owns 945 shares of the bank's stock valued at $65,000 after acquiring an additional 607 shares during the period. Finally, Cornerstone Planning Group LLC increased its stake in Prosperity Bancshares by 18,633.3% during the third quarter. Cornerstone Planning Group LLC now owns 1,124 shares of the bank's stock valued at $75,000 after acquiring an additional 1,118 shares during the period. 80.69% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on PB shares. Morgan Stanley lowered their price objective on Prosperity Bancshares from $91.00 to $83.00 and set an "overweight" rating on the stock in a research note on Tuesday, March 31st. Cantor Fitzgerald upped their price objective on Prosperity Bancshares from $81.00 to $83.00 and gave the company an "overweight" rating in a research note on Tuesday, March 3rd. Piper Sandler upped their price objective on Prosperity Bancshares from $74.00 to $75.00 and gave the company a "neutral" rating in a research note on Thursday, April 30th. Citigroup upped their price objective on Prosperity Bancshares from $72.00 to $74.00 and gave the company a "neutral" rating in a research note on Monday, May 4th. Finally, Wall Street Zen upgraded Prosperity Bancshares from a "strong sell" rating to a "sell" rating in a research note on Saturday, May 16th. Five analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $76.82.

Insider Buying and Selling

In related news, Director Ned S. Holmes sold 500 shares of the stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $67.70, for a total transaction of $33,850.00. Following the sale, the director directly owned 76,115 shares in the company, valued at $5,152,985.50. This represents a 0.65% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In the last 90 days, insiders sold 14,300 shares of company stock worth $972,475. 3.96% of the stock is owned by corporate insiders.

Prosperity Bancshares Trading Up 2.0%

PB stock opened at $68.90 on Friday. Prosperity Bancshares, Inc. has a 1-year low of $61.06 and a 1-year high of $77.20. The firm has a market cap of $6.95 billion, a P/E ratio of 12.48, a P/E/G ratio of 1.03 and a beta of 0.64. The business's 50 day moving average is $68.43 and its 200-day moving average is $69.63. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.01.

Prosperity Bancshares (NYSE:PB - Get Free Report) last released its quarterly earnings results on Wednesday, April 29th. The bank reported $1.50 EPS for the quarter, topping analysts' consensus estimates of $1.41 by $0.09. The business had revenue of $367.62 million for the quarter, compared to analyst estimates of $358.60 million. Prosperity Bancshares had a return on equity of 7.20% and a net margin of 29.50%.Prosperity Bancshares's revenue for the quarter was up 19.9% on a year-over-year basis. During the same period in the prior year, the company earned $1.37 EPS. Equities analysts anticipate that Prosperity Bancshares, Inc. will post 6.27 earnings per share for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Monday, June 15th will be given a dividend of $0.60 per share. The ex-dividend date is Monday, June 15th. This represents a $2.40 dividend on an annualized basis and a yield of 3.5%. Prosperity Bancshares's dividend payout ratio is 43.48%.

Prosperity Bancshares Company Profile

Prosperity Bancshares, Inc is a holding company for Prosperity Bank, offering a broad range of commercial and consumer banking services across Texas, Oklahoma, Arkansas and Louisiana. Through its network of branches and digital platforms, the company provides deposit products, business and real estate lending, treasury management, mortgage origination and servicing, as well as wealth management and trust services.

Originally chartered in 1911 as First National Bank in McKinney, Texas, the organization rebranded to Prosperity Bank in 2009 following a series of strategic acquisitions aimed at deepening its regional presence.

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