Wellington Management Group LLP Has $133.40 Million Stake in Prosperity Bancshares, Inc. $PB

Key Points

• Wellington Management Group LLP reduced its stake in Prosperity Bancshares by 2.7%, now holding 1,869,195 shares valued at approximately $133.4 million.
• Several institutional investors, including Wealth Enhancement Advisory Services LLC and Teacher Retirement System of Texas, increased their positions in Prosperity Bancshares during the same quarter.
• The company announced a quarterly dividend of $0.58 per share, with a payout ratio of 42.18% and a dividend yield of 3.4%.

Wellington Management Group LLP lessened its holdings in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 2.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,869,195 shares of the bank's stock after selling 52,640 shares during the quarter. Wellington Management Group LLP owned 1.96% of Prosperity Bancshares worth $133,404,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in the business. Quarry LP purchased 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% in the 1st quarter. Fifth Third Bancorp now owns 1,277 shares of the bank's stock valued at $91,000 after buying an additional 396 shares in the last quarter. Chilton Capital Management LLC purchased a new stake in Prosperity Bancshares in the 1st quarter valued at approximately $105,000. New England Research & Management Inc. purchased a new stake in Prosperity Bancshares in the 1st quarter valued at approximately $212,000. Finally, PNC Financial Services Group Inc. raised its holdings in 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 acquiring an additional 249 shares during the last quarter. Hedge funds and other institutional investors own 80.69% of the company's stock.

Prosperity Bancshares Stock Up 0.9%

Prosperity Bancshares stock traded up $0.61 during mid-day trading on Wednesday, hitting $69.98. The company's stock had a trading volume of 279,519 shares, compared to its average volume of 690,207. The stock has a market capitalization of $6.65 billion, a P/E ratio of 12.74, a P/E/G ratio of 1.04 and a beta of 0.71. Prosperity Bancshares, Inc. has a twelve month low of $61.57 and a twelve month high of $86.75. The stock's fifty day moving average price is $69.65 and its two-hundred day moving average price is $70.37.

Prosperity Bancshares (NYSE:PB - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The bank reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.40 by $0.02. Prosperity Bancshares had a net margin of 29.37% and a return on equity of 6.99%. The firm had revenue of $310.70 million for the quarter, compared to analysts' expectations of $315.66 million. During the same period in the previous year, the company posted $1.22 EPS. Equities analysts expect that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

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

Wall Street Analyst Weigh In

PB has been the subject of a number of research analyst reports. Wall Street Zen upgraded Prosperity Bancshares from a "sell" rating to a "hold" rating in a report on Tuesday, May 13th. Citigroup raised their target price on Prosperity Bancshares from $76.00 to $78.00 and gave the company a "buy" rating in a research note on Tuesday. Jefferies Financial Group began coverage on Prosperity Bancshares in a research note on Wednesday, May 21st. They issued a "buy" rating and a $85.00 price target for the company. Piper Sandler cut their target price on shares of Prosperity Bancshares from $86.00 to $84.00 and set an "overweight" rating on the stock in a report on Thursday, July 24th. Finally, Hovde Group cut their target price on shares of Prosperity Bancshares from $85.00 to $83.00 and set an "outperform" rating on the stock in a report on Thursday, July 24th. Ten analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $84.13.

Insider Activity at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 600 shares of the company's stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $70.31, for a total value of $42,186.00. Following the sale, the director owned 45,400 shares of the company's stock, valued at $3,192,074. The trade was a 1.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders have sold a total of 13,200 shares of company stock worth $921,061 over the last three months. 4.20% of the stock is currently owned by corporate insiders.

Prosperity Bancshares Company 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.