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. decreased its position in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 8.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 270,657 shares of the bank's stock after selling 25,351 shares during the quarter. 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 hedge funds have also recently bought and sold shares of the company. Quarry LP bought a new stake in shares of Prosperity Bancshares during the 4th quarter worth approximately $88,000. Fifth Third Bancorp lifted its stake in Prosperity Bancshares by 44.9% during the first quarter. Fifth Third Bancorp now owns 1,277 shares of the bank's stock worth $91,000 after purchasing an additional 396 shares during the last quarter. Chilton Capital Management LLC bought a new stake in Prosperity Bancshares during the first quarter worth $105,000. PNC Financial Services Group Inc. boosted its holdings in shares of Prosperity Bancshares by 9.2% in the 1st quarter. PNC Financial Services Group Inc. now owns 2,968 shares of the bank's stock valued at $212,000 after purchasing an additional 249 shares in the last quarter. Finally, New England Research & Management Inc. bought a new position in shares of Prosperity Bancshares in the 1st quarter valued at $212,000. 80.69% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on PB. Royal Bank Of Canada dropped 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. Hovde Group dropped their target price on shares of Prosperity Bancshares from $85.00 to $83.00 and set an "outperform" rating for the company in a report on Thursday, July 24th. Keefe, Bruyette & Woods decreased their price target 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. Jefferies Financial Group began coverage on shares of Prosperity Bancshares in a research report on Wednesday, May 21st. They issued a "buy" rating and a $85.00 target price on the stock. Finally, Wall Street Zen raised Prosperity Bancshares from a "sell" rating to a "hold" rating in a report on Tuesday, May 13th. Nine research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $84.57.

Prosperity Bancshares Stock Performance

Shares of PB stock traded up $0.3290 on Wednesday, hitting $67.7190. The company had a trading volume of 901,912 shares, compared to its average volume of 684,250. Prosperity Bancshares, Inc. has a twelve month low of $61.57 and a twelve month high of $86.75. The firm has a market cap of $6.43 billion, a P/E ratio of 12.31, a P/E/G ratio of 1.01 and a beta of 0.71. The stock's 50-day moving average is $69.62 and its two-hundred day moving average is $70.76.

Prosperity Bancshares (NYSE:PB - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The bank reported $1.42 EPS for the quarter, beating 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 for the quarter, compared to analysts' expectations of $315.66 million. During the same period in the prior year, the business posted $1.22 earnings per share. Equities research analysts predict that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Prosperity Bancshares Dividend Announcement

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

Insider Buying and Selling

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $67.88, for a total transaction of $33,940.00. Following the completion of the sale, the director directly owned 95,415 shares in the company, valued at approximately $6,476,770.20. This trade represents a 0.52% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders have sold a total of 13,200 shares of company stock worth $924,320 over the last quarter. Corporate insiders own 4.20% of the company's stock.

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.