Russell Investments Group Ltd. Acquires 1,644 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

Russell Investments Group Ltd. grew its holdings in Prosperity Bancshares, Inc. (NYSE:PB – Get Rating) by 8.3% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 21,384 shares of the bank’s stock after acquiring an additional 1,644 shares during the quarter. Russell Investments Group Ltd.’s holdings in Prosperity Bancshares were worth $1,554,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of PB. Quadrant Capital Group LLC raised its stake in shares of Prosperity Bancshares by 49.1% in the third quarter. Quadrant Capital Group LLC now owns 437 shares of the bank’s stock valued at $29,000 after purchasing an additional 144 shares in the last quarter. Quantbot Technologies LP acquired a new position in shares of Prosperity Bancshares in the third quarter valued at $34,000. Covestor Ltd raised its stake in shares of Prosperity Bancshares by 83.6% in the first quarter. Covestor Ltd now owns 692 shares of the bank’s stock valued at $48,000 after purchasing an additional 315 shares in the last quarter. MADDEN SECURITIES Corp acquired a new position in shares of Prosperity Bancshares in the fourth quarter valued at $74,000. Finally, Belpointe Asset Management LLC acquired a new position in shares of Prosperity Bancshares in the third quarter valued at $101,000. 81.32% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, Chairman H E. Timanus, Jr. bought 1,000 shares of the firm’s stock in a transaction dated Monday, March 13th. The stock was bought at an average cost of $62.90 per share, for a total transaction of $62,900.00. Following the transaction, the chairman now owns 202,891 shares of the company’s stock, valued at $12,761,843.90. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, Chairman H E. Timanus, Jr. bought 1,000 shares of the firm’s stock in a transaction dated Monday, March 13th. The stock was bought at an average cost of $62.90 per share, for a total transaction of $62,900.00. Following the transaction, the chairman now owns 202,891 shares of the company’s stock, valued at $12,761,843.90. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director L. Jack Lord bought 5,000 shares of the firm’s stock in a transaction dated Monday, May 1st. The shares were bought at an average price of $62.04 per share, with a total value of $310,200.00. Following the completion of the transaction, the director now directly owns 33,125 shares in the company, valued at approximately $2,055,075. The disclosure for this purchase can be found here. Corporate insiders own 4.20% of the company’s stock.

Prosperity Bancshares Stock Performance

Shares of PB stock opened at $60.10 on Wednesday. The stock’s fifty day moving average is $61.00 and its 200-day moving average is $68.88. The stock has a market capitalization of $5.67 billion, a PE ratio of 10.42, a PEG ratio of 1.12 and a beta of 0.96. Prosperity Bancshares, Inc. has a 52 week low of $56.72 and a 52 week high of $78.76.

Prosperity Bancshares (NYSE:PB – Get Rating) last announced its earnings results on Wednesday, April 26th. The bank reported $1.37 EPS for the quarter, topping the consensus estimate of $1.33 by $0.04. The company had revenue of $365.58 million for the quarter, compared to analysts’ expectations of $285.02 million. Prosperity Bancshares had a return on equity of 7.93% and a net margin of 39.87%. During the same quarter in the prior year, the business earned $1.33 earnings per share. As a group, analysts forecast that Prosperity Bancshares, Inc. will post 5.37 earnings per share for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 3rd. Investors of record on Thursday, June 15th will be given a $0.55 dividend. The ex-dividend date is Wednesday, June 14th. This represents a $2.20 dividend on an annualized basis and a yield of 3.66%. Prosperity Bancshares’s payout ratio is 38.13%.

Wall Street Analyst Weigh In

A number of brokerages recently commented on PB. Janney Montgomery Scott upgraded Prosperity Bancshares from a “neutral” rating to a “buy” rating and set a $76.00 target price for the company in a research note on Monday, March 13th. StockNews.com assumed coverage on Prosperity Bancshares in a research note on Thursday, March 16th. They set a “sell” rating for the company. Raymond James dropped their price objective on Prosperity Bancshares from $85.00 to $70.00 and set an “outperform” rating for the company in a research note on Thursday, April 6th. DA Davidson upgraded Prosperity Bancshares from a “neutral” rating to a “buy” rating and set a $79.00 price objective for the company in a research note on Monday, March 13th. Finally, Wolfe Research upgraded Prosperity Bancshares from an “underperform” rating to an “outperform” rating and set a $68.00 price objective for the company in a research note on Wednesday, May 3rd. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $73.73.

Prosperity Bancshares Profile

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Prosperity Bancshares, Inc is a holding company, which engages in the provision of financial products and solutions. It offers retail and commercial banking services such as deposits, online Internet banking, loan, investments, trust, and credit card to small and medium-sized businesses and consumers.