Copeland Capital Management LLC Trims Stake in Prosperity Bancshares, Inc. (NYSE:PB)

Copeland Capital Management LLC lowered its holdings in Prosperity Bancshares, Inc. (NYSE:PB) by 1.6% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 457,379 shares of the bank’s stock after selling 7,479 shares during the quarter. Copeland Capital Management LLC’s holdings in Prosperity Bancshares were worth $32,643,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PB. Sanctuary Advisors LLC raised its position in Prosperity Bancshares by 3.8% in the fourth quarter. Sanctuary Advisors LLC now owns 5,359 shares of the bank’s stock valued at $430,000 after purchasing an additional 194 shares during the period. Ieq Capital LLC purchased a new stake in Prosperity Bancshares in the fourth quarter valued at $381,000. First Horizon Advisors Inc. raised its holdings in shares of Prosperity Bancshares by 23.9% in the 4th quarter. First Horizon Advisors Inc. now owns 1,010 shares of the bank’s stock valued at $76,000 after buying an additional 195 shares during the period. Y Intercept Hong Kong Ltd purchased a new stake in shares of Prosperity Bancshares in the 4th quarter valued at $995,000. Finally, Smartleaf Asset Management LLC raised its holdings in shares of Prosperity Bancshares by 487.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 376 shares of the bank’s stock valued at $28,000 after buying an additional 312 shares during the period. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on PB. Barclays cut their price objective on Prosperity Bancshares from $88.00 to $86.00 and set an “equal weight” rating on the stock in a report on Tuesday, April 8th. Morgan Stanley cut their price objective on Prosperity Bancshares from $102.00 to $94.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Royal Bank Of Canada cut their price objective on Prosperity Bancshares from $85.00 to $78.00 and set a “sector perform” rating on the stock in a report on Thursday, April 24th. Hovde Group cut their price objective on Prosperity Bancshares from $90.00 to $80.00 and set an “outperform” rating on the stock in a report on Friday, April 25th. Finally, Keefe, Bruyette & Woods cut their price objective on Prosperity Bancshares from $95.00 to $90.00 and set an “outperform” rating on the stock in a report on Monday, May 5th. Seven equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $83.80.

Prosperity Bancshares Stock Performance

NYSE:PB opened at $70.15 on Friday. The stock has a 50-day simple moving average of $69.56 and a 200-day simple moving average of $72.67. The stock has a market cap of $6.68 billion, a P/E ratio of 13.36, a P/E/G ratio of 0.88 and a beta of 0.68. Prosperity Bancshares, Inc. has a 1 year low of $58.66 and a 1 year high of $86.76.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings data on Wednesday, April 23rd. The bank reported $1.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.35 by $0.02. The business had revenue of $306.68 million during the quarter, compared to analysts’ expectations of $307.17 million. Prosperity Bancshares had a return on equity of 6.81% and a net margin of 27.69%. The business’s quarterly revenue was up 10.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.18 EPS. On average, equities research analysts predict that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Prosperity Bancshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th will be given a dividend of $0.58 per share. The ex-dividend date is Friday, June 13th. This represents a $2.32 annualized dividend and a dividend yield of 3.31%. Prosperity Bancshares’s dividend payout ratio is currently 44.19%.

Insider Transactions at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 500 shares of the company’s stock in a transaction dated Wednesday, April 9th. The stock was sold at an average price of $63.62, for a total value of $31,810.00. Following the completion of the sale, the director now directly owns 102,815 shares of the company’s stock, valued at $6,541,090.30. This represents a 0.48% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In the last ninety days, insiders sold 9,000 shares of company stock valued at $621,965. 4.20% of the stock is currently 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.