Northwestern Mutual Wealth Management Co. Sells 4,587 Shares of Prosperity Bancshares, Inc. $PB

Key Points

• Northwestern Mutual Wealth Management Co. reduced its stake in Prosperity Bancshares by 34.6%, selling 4,587 shares and now holding 8,664 shares valued at approximately $618,000.
• The bank recently declared a quarterly dividend of $0.58, expected to yield 3.4% annually, with payments scheduled for October 1st.
• Prosperity Bancshares reported earnings of $1.42 EPS in the latest quarter, surpassing estimates, with analysts projecting an EPS of 5.83 for the current year.

Northwestern Mutual Wealth Management Co. reduced its position in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 34.6% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 8,664 shares of the bank's stock after selling 4,587 shares during the quarter. Northwestern Mutual Wealth Management Co.'s holdings in Prosperity Bancshares were worth $618,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in PB. BI Asset Management Fondsmaeglerselskab A S bought a new position in Prosperity Bancshares during the 1st quarter valued at $48,000. Fifth Third Bancorp boosted its stake in Prosperity Bancshares by 44.9% during the 1st quarter. Fifth Third Bancorp now owns 1,277 shares of the bank's stock valued at $91,000 after purchasing an additional 396 shares in the last quarter. Chilton Capital Management LLC bought a new position in Prosperity Bancshares during the 1st quarter valued at $105,000. Quantbot Technologies LP bought a new stake in shares of Prosperity Bancshares during the 1st quarter worth $197,000. Finally, New England Research & Management Inc. bought a new stake in shares of Prosperity Bancshares during the 1st quarter worth $212,000. 80.69% of the stock is owned by institutional investors.

Insider Activity

In related news, Director Ned S. Holmes sold 500 shares of the stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $68.74, for a total transaction of $34,370.00. Following the completion of the sale, the director directly owned 93,915 shares in the company, valued at approximately $6,455,717.10. This trade represents a 0.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold 15,400 shares of company stock worth $1,072,938 in the last ninety days. 4.20% of the stock is currently owned by company insiders.

Prosperity Bancshares Stock Up 0.1%

Shares of Prosperity Bancshares stock traded up $0.09 during midday trading on Thursday, hitting $68.88. The company's stock had a trading volume of 1,134,385 shares, compared to its average volume of 707,450. The firm has a market capitalization of $6.54 billion, a P/E ratio of 12.52, a PEG ratio of 1.04 and a beta of 0.74. The stock has a 50-day simple moving average of $69.74 and a 200-day simple moving average of $70.04. Prosperity Bancshares, Inc. has a 1-year low of $61.57 and a 1-year high of $86.75.

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

Prosperity Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be issued a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a dividend yield of 3.4%. The ex-dividend date is Monday, September 15th. Prosperity Bancshares's dividend payout ratio (DPR) is currently 42.18%.

Wall Street Analyst Weigh In

PB has been the subject of several research reports. Citigroup raised their price objective on Prosperity Bancshares from $76.00 to $78.00 and gave the stock a "buy" rating in a research note on Tuesday, August 26th. Piper Sandler reduced 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. Jefferies Financial Group initiated coverage on Prosperity Bancshares in a research note on Wednesday, May 21st. They set a "buy" rating and a $85.00 price objective for the company. Hovde Group reduced their price objective on Prosperity Bancshares from $85.00 to $83.00 and set an "outperform" rating for the company in a research note on Thursday, July 24th. Finally, Wall Street Zen raised Prosperity Bancshares from a "sell" rating to a "hold" rating in a research note on Tuesday, May 13th. Ten research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $84.13.

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.