Copeland Capital Management LLC Sells 13,322 Shares of Prosperity Bancshares, Inc. $PB

Copeland Capital Management LLC cut its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 3.6% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 360,290 shares of the bank’s stock after selling 13,322 shares during the period. Copeland Capital Management LLC’s holdings in Prosperity Bancshares were worth $24,204,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the stock. Danske Bank A S purchased a new stake in Prosperity Bancshares in the third quarter worth about $40,000. SouthState Bank Corp purchased a new position in shares of Prosperity Bancshares during the 4th quarter valued at about $49,000. Osaic Holdings Inc. lifted its position in shares of Prosperity Bancshares by 34.9% during the 2nd quarter. Osaic Holdings Inc. now owns 719 shares of the bank’s stock valued at $51,000 after buying an additional 186 shares in the last quarter. Eurizon Capital SGR S.p.A. bought a new position in shares of Prosperity Bancshares during the 4th quarter valued at approximately $55,000. Finally, True Wealth Design LLC grew its stake in shares of Prosperity Bancshares by 179.6% during the 4th quarter. True Wealth Design LLC now owns 945 shares of the bank’s stock valued at $65,000 after acquiring an additional 607 shares during the period. Institutional investors own 80.69% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Citigroup increased their target price on shares of Prosperity Bancshares from $74.00 to $75.00 and gave the stock a “neutral” rating in a report on Thursday, June 25th. Weiss Ratings upgraded shares of Prosperity Bancshares from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, July 1st. Cantor Fitzgerald reiterated an “overweight” rating and issued a $80.00 price target on shares of Prosperity Bancshares in a research report on Tuesday, June 23rd. Benchmark started coverage on shares of Prosperity Bancshares in a research note on Wednesday, June 24th. They issued a “hold” rating for the company. Finally, Morgan Stanley restated an “equal weight” rating and set a $80.00 price objective (down from $85.00) on shares of Prosperity Bancshares in a research report on Monday, July 6th. Five equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $76.36.

Insider Activity at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 600 shares of the company’s stock in a transaction on Wednesday, April 22nd. The shares were sold at an average price of $69.85, for a total transaction of $41,910.00. Following the completion of the transaction, the director owned 40,900 shares in the company, valued at approximately $2,856,865. This represents a 1.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold a total of 13,200 shares of company stock valued at $926,152 over the last quarter. 3.96% of the stock is currently owned by insiders.

Prosperity Bancshares Stock Down 1.7%

Shares of PB opened at $73.48 on Friday. The business’s 50 day moving average is $70.53 and its 200 day moving average is $70.06. The company has a market capitalization of $7.41 billion, a PE ratio of 13.31, a price-to-earnings-growth ratio of 1.20 and a beta of 0.63. Prosperity Bancshares, Inc. has a 12-month low of $61.06 and a 12-month high of $77.20. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.01.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings results on Wednesday, April 29th. The bank reported $1.50 EPS for the quarter, topping analysts’ consensus estimates of $1.41 by $0.09. Prosperity Bancshares had a return on equity of 7.20% and a net margin of 29.50%.The company had revenue of $367.62 million for the quarter, compared to analysts’ expectations of $358.60 million. During the same period in the previous year, the firm earned $1.37 EPS. The firm’s revenue was up 19.9% compared to the same quarter last year. Research analysts expect that Prosperity Bancshares, Inc. will post 6.25 earnings per share for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Monday, June 15th were issued a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 3.3%. The ex-dividend date of this dividend was Monday, June 15th. Prosperity Bancshares’s payout ratio is 43.48%.

Prosperity Bancshares Company Profile

Prosperity Bancshares, Inc is a holding company for Prosperity Bank, offering a broad range of commercial and consumer banking services across Texas, Oklahoma, Arkansas and Louisiana. Through its network of branches and digital platforms, the company provides deposit products, business and real estate lending, treasury management, mortgage origination and servicing, as well as wealth management and trust services.

Originally chartered in 1911 as First National Bank in McKinney, Texas, the organization rebranded to Prosperity Bank in 2009 following a series of strategic acquisitions aimed at deepening its regional presence.