Russell Investments Group Ltd. Sells 25,351 Shares of Prosperity Bancshares, Inc. $PB

Key Points

• Russell Investments Group Ltd. has reduced its stake in Prosperity Bancshares by 8.6% during the first quarter, now owning approximately 0.28% of the company worth $19.3 million.
• Several hedge funds have modified their holdings, with significant new positions taken by Quarry LP and Chilton Capital Management LLC, indicating growing institutional interest in the bank's stock.
• Prosperity Bancshares recently declared a quarterly dividend of $0.58 per share, yielding 3.5%, with a payout ratio of 42.18%.

Russell Investments Group Ltd. trimmed its position in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 8.6% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 270,657 shares of the bank's stock after selling 25,351 shares during the period. Russell Investments Group Ltd. owned 0.28% of Prosperity Bancshares worth $19,316,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. U.S. Capital Wealth Advisors LLC lifted its position in shares of Prosperity Bancshares by 4.9% in the first quarter. U.S. Capital Wealth Advisors LLC now owns 3,326 shares of the bank's stock worth $237,000 after purchasing an additional 156 shares in the last quarter. Tectonic Advisors LLC lifted its position in shares of Prosperity Bancshares by 2.0% in the first quarter. Tectonic Advisors LLC now owns 8,319 shares of the bank's stock worth $594,000 after purchasing an additional 165 shares in the last quarter. State of Michigan Retirement System lifted its position in shares of Prosperity Bancshares by 0.9% in the first quarter. State of Michigan Retirement System now owns 22,797 shares of the bank's stock worth $1,627,000 after purchasing an additional 200 shares in the last quarter. Forum Financial Management LP lifted its position in shares of Prosperity Bancshares by 6.2% in the first quarter. Forum Financial Management LP now owns 3,407 shares of the bank's stock worth $243,000 after purchasing an additional 200 shares in the last quarter. Finally, Xponance Inc. lifted its position in shares of Prosperity Bancshares by 1.9% in the first quarter. Xponance Inc. now owns 10,834 shares of the bank's stock worth $773,000 after purchasing an additional 205 shares in the last quarter. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have recently issued reports on PB. Piper Sandler reduced their price target on shares of Prosperity Bancshares from $86.00 to $84.00 and set an "overweight" rating for the company in a research report on Thursday, July 24th. Royal Bank Of Canada lowered their target price on Prosperity Bancshares from $85.00 to $78.00 and set a "sector perform" rating on the stock in a research note on Thursday, April 24th. Jefferies Financial Group started coverage on Prosperity Bancshares in a research note on Wednesday, May 21st. They issued a "buy" rating and a $85.00 target price on the stock. Hovde Group lowered their target price on Prosperity Bancshares from $85.00 to $83.00 and set an "outperform" rating on the stock 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 report on Tuesday, May 13th. Nine research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $84.57.

Prosperity Bancshares Stock Performance

Shares of Prosperity Bancshares stock traded up $2.1990 during trading on Friday, reaching $69.6490. The company's stock had a trading volume of 124,305 shares, compared to its average volume of 681,763. The business's fifty day moving average price is $69.53 and its 200-day moving average price is $70.66. The firm has a market cap of $6.62 billion, a price-to-earnings ratio of 12.66, a price-to-earnings-growth ratio of 1.02 and a beta of 0.71. Prosperity Bancshares, Inc. has a one year low of $61.57 and a one year high of $86.75.

Prosperity Bancshares (NYSE:PB - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The bank reported $1.42 EPS for the quarter, topping analysts' consensus estimates of $1.40 by $0.02. The business 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 period in the previous year, the company posted $1.22 earnings per share. Sell-side analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Prosperity Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be issued a $0.58 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $2.32 dividend on an annualized basis and a yield of 3.3%. Prosperity Bancshares's dividend payout ratio is 42.18%.

Insiders Place Their Bets

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $67.35, for a total value of $33,675.00. Following the completion of the sale, the director directly owned 94,915 shares of the company's stock, valued at $6,392,525.25. This represents a 0.52% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Over the last ninety days, insiders have sold 14,300 shares of company stock valued at $998,411. 4.20% of the stock is owned by corporate insiders.

Prosperity Bancshares Profile

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.