Copeland Capital Management LLC Sells 18,156 Shares of Prosperity Bancshares, Inc. $PB

Copeland Capital Management LLC reduced its position in Prosperity Bancshares, Inc. (NYSE:PB) by 4.4% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 392,079 shares of the bank’s stock after selling 18,156 shares during the period. Copeland Capital Management LLC’s holdings in Prosperity Bancshares were worth $26,014,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in PB. Amundi purchased a new stake in Prosperity Bancshares during the 1st quarter worth about $4,060,000. Boston Partners increased its position in shares of Prosperity Bancshares by 68.9% during the second quarter. Boston Partners now owns 554,502 shares of the bank’s stock valued at $38,945,000 after buying an additional 226,232 shares during the period. Sequoia Financial Advisors LLC purchased a new stake in shares of Prosperity Bancshares in the second quarter worth about $572,000. Praxis Investment Management Inc. bought a new position in shares of Prosperity Bancshares in the second quarter valued at approximately $298,000. Finally, Angel Oak Capital Advisors LLC boosted its position in shares of Prosperity Bancshares by 39.0% in the second quarter. Angel Oak Capital Advisors LLC now owns 13,900 shares of the bank’s stock valued at $976,000 after acquiring an additional 3,900 shares during the period. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Insiders Place Their Bets

In related news, Director Ned S. Holmes sold 600 shares of the stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $66.62, for a total transaction of $39,972.00. Following the transaction, the director owned 43,800 shares of the company’s stock, valued at approximately $2,917,956. This trade represents a 1.35% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Leah Henderson sold 1,050 shares of the business’s stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $73.00, for a total transaction of $76,650.00. Following the completion of the sale, the director directly owned 8,075 shares of the company’s stock, valued at $589,475. This represents a 11.51% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 16,150 shares of company stock valued at $1,100,960. 4.20% of the stock is currently owned by corporate insiders.

Prosperity Bancshares Stock Down 0.8%

PB opened at $69.77 on Tuesday. The business’s fifty day simple moving average is $68.22 and its 200 day simple moving average is $68.20. Prosperity Bancshares, Inc. has a 52 week low of $61.06 and a 52 week high of $82.75. The stock has a market cap of $6.63 billion, a PE ratio of 12.44, a P/E/G ratio of 1.04 and a beta of 0.70.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings data on Wednesday, October 29th. The bank reported $1.45 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.45. The firm had revenue of $314.67 million during the quarter, compared to analysts’ expectations of $317.94 million. Prosperity Bancshares had a return on equity of 7.06% and a net margin of 30.28%.The company’s revenue for the quarter was up 3.9% compared to the same quarter last year. During the same period in the prior year, the business earned $1.34 EPS. As a group, equities analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Monday, December 15th will be given a dividend of $0.60 per share. The ex-dividend date is Monday, December 15th. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.58. This represents a $2.40 dividend on an annualized basis and a yield of 3.4%. Prosperity Bancshares’s dividend payout ratio (DPR) is 42.78%.

Wall Street Analysts Forecast Growth

PB has been the topic of a number of analyst reports. Raymond James Financial reaffirmed an “outperform” rating and set a $77.00 target price (up previously from $75.00) on shares of Prosperity Bancshares in a report on Thursday, October 30th. Cowen reaffirmed a “buy” rating on shares of Prosperity Bancshares in a report on Friday, October 31st. Citigroup reissued a “neutral” rating and set a $68.00 price objective (down previously from $78.00) on shares of Prosperity Bancshares in a research note on Monday, September 15th. Piper Sandler reduced their target price on Prosperity Bancshares from $84.00 to $77.00 and set an “overweight” rating for the company in a research report on Thursday, October 30th. Finally, Cantor Fitzgerald began coverage on Prosperity Bancshares in a report on Wednesday, September 10th. They issued an “overweight” rating and a $78.00 price target on the stock. Nine investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $80.62.

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.