Wellington Management Group LLP Reduces Holdings in Prosperity Bancshares, Inc. (NYSE:PB)

Wellington Management Group LLP reduced its position in Prosperity Bancshares, Inc. (NYSE:PB) by 16.3% in the 3rd quarter, Holdings Channel reports. The firm owned 1,942,217 shares of the bank’s stock after selling 379,149 shares during the period. Wellington Management Group LLP’s holdings in Prosperity Bancshares were worth $139,976,000 as of its most recent filing with the SEC.

A number of other large investors have also recently made changes to their positions in the company. Stifel Financial Corp raised its position in Prosperity Bancshares by 4.3% during the 3rd quarter. Stifel Financial Corp now owns 113,293 shares of the bank’s stock worth $8,165,000 after buying an additional 4,677 shares during the last quarter. SageView Advisory Group LLC acquired a new position in shares of Prosperity Bancshares during the third quarter worth about $212,000. Quantinno Capital Management LP increased its stake in shares of Prosperity Bancshares by 68.5% during the third quarter. Quantinno Capital Management LP now owns 10,959 shares of the bank’s stock worth $790,000 after acquiring an additional 4,457 shares during the period. Readystate Asset Management LP raised its holdings in Prosperity Bancshares by 51.0% during the third quarter. Readystate Asset Management LP now owns 11,779 shares of the bank’s stock worth $849,000 after purchasing an additional 3,978 shares in the last quarter. Finally, Point72 DIFC Ltd acquired a new stake in Prosperity Bancshares in the third quarter valued at about $1,123,000. 80.69% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on PB. Barclays increased their target price on Prosperity Bancshares from $76.00 to $84.00 and gave the stock an “equal weight” rating in a research note on Thursday, December 5th. Raymond James lowered shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 target price on the stock. in a research report on Tuesday, September 17th. Wedbush reiterated an “outperform” rating and issued a $90.00 price target on shares of Prosperity Bancshares in a report on Thursday, October 24th. DA Davidson downgraded shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $80.00 to $78.00 in a report on Tuesday, October 15th. Finally, Wolfe Research reaffirmed a “peer perform” rating on shares of Prosperity Bancshares in a report on Thursday, December 5th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $80.68.

Insider Buying and Selling at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 500 shares of the stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $83.04, for a total transaction of $41,520.00. Following the transaction, the director now directly owns 112,815 shares in the company, valued at approximately $9,368,157.60. This represents a 0.44 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Chairman H E. Timanus, Jr. sold 4,000 shares of the firm’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $86.50, for a total value of $346,000.00. Following the completion of the sale, the chairman now directly owns 229,953 shares in the company, valued at approximately $19,890,934.50. The trade was a 1.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 7,100 shares of company stock worth $604,114. Corporate insiders own 4.28% of the company’s stock.

Prosperity Bancshares Price Performance

Shares of Prosperity Bancshares stock opened at $80.84 on Tuesday. Prosperity Bancshares, Inc. has a 1 year low of $57.16 and a 1 year high of $86.75. The business has a 50 day moving average price of $77.28 and a 200 day moving average price of $70.61. The company has a market capitalization of $7.70 billion, a P/E ratio of 17.16, a P/E/G ratio of 1.22 and a beta of 0.92.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share for the quarter, topping analysts’ consensus estimates of $1.31 by $0.03. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%. The company had revenue of $459.00 million during the quarter, compared to analysts’ expectations of $299.83 million. During the same period in the previous year, the firm posted $1.20 earnings per share. As a group, research analysts expect that Prosperity Bancshares, Inc. will post 5.05 EPS for the current fiscal year.

Prosperity Bancshares Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be paid a $0.58 dividend. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.56. The ex-dividend date is Friday, December 13th. This represents a $2.32 annualized dividend and a yield of 2.87%. Prosperity Bancshares’s payout ratio is presently 49.26%.

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.