Wellington Management Group LLP Lowers Position 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 shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 2.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,869,195 shares of the bank's stock after selling 52,640 shares during the quarter. Wellington Management Group LLP owned about 1.96% of Prosperity Bancshares worth $133,404,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the stock. Wealth Enhancement Advisory Services LLC lifted its position in Prosperity Bancshares by 8.2% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 7,362 shares of the bank's stock valued at $525,000 after purchasing an additional 561 shares during the last quarter. Principal Financial Group Inc. raised its position in shares of Prosperity Bancshares by 0.4% during the 1st quarter. Principal Financial Group Inc. now owns 219,056 shares of the bank's stock valued at $15,634,000 after buying an additional 855 shares in the last quarter. Envestnet Asset Management Inc. lifted its holdings in shares of Prosperity Bancshares by 1.8% during the 1st quarter. Envestnet Asset Management Inc. now owns 58,236 shares of the bank's stock worth $4,156,000 after acquiring an additional 1,016 shares during the last quarter. Teacher Retirement System of Texas lifted its holdings in shares of Prosperity Bancshares by 23.1% during the 1st quarter. Teacher Retirement System of Texas now owns 21,818 shares of the bank's stock worth $1,557,000 after acquiring an additional 4,098 shares during the last quarter. Finally, PNC Financial Services Group Inc. grew its position in Prosperity Bancshares by 9.2% in the first quarter. PNC Financial Services Group Inc. now owns 2,968 shares of the bank's stock worth $212,000 after acquiring an additional 249 shares in the last quarter. 80.69% of the stock is currently owned by institutional investors.

Insider Activity

In related news, Director Ned S. Holmes sold 600 shares of the stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $70.30, for a total value of $42,180.00. Following the completion of the transaction, the director directly owned 45,600 shares of the company's stock, valued at $3,205,680. This represents a 1.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 14,300 shares of company stock worth $998,411 in the last 90 days. 4.20% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

PB has been the topic of a number of research reports. Jefferies Financial Group initiated coverage on Prosperity Bancshares in a research report on Wednesday, May 21st. They set a "buy" rating and a $85.00 price target on the stock. Wall Street Zen upgraded Prosperity Bancshares from a "sell" rating to a "hold" rating in a research report on Tuesday, May 13th. 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. Royal Bank Of Canada decreased their target price on shares of 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. Finally, Keefe, Bruyette & Woods lowered their price target on shares of Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating for the company in a report on Monday, May 5th. Nine investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $84.57.

Prosperity Bancshares Stock Performance

PB opened at $67.4790 on Friday. The stock has a market capitalization of $6.41 billion, a PE ratio of 12.27, a price-to-earnings-growth ratio of 1.02 and a beta of 0.71. The stock's 50 day moving average price is $69.53 and its 200-day moving average price is $70.66. Prosperity Bancshares, Inc. has a 52-week low of $61.57 and a 52-week high of $86.75.

Prosperity Bancshares (NYSE:PB - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The bank reported $1.42 EPS for the quarter, topping analysts' consensus estimates of $1.40 by $0.02. The company had revenue of $310.70 million during 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 quarter last year, the firm posted $1.22 earnings per share. Research analysts forecast that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be paid 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 3.4%. Prosperity Bancshares's payout ratio is presently 42.18%.

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.

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