Victory Capital Management Inc. Trims Holdings in Prosperity Bancshares, Inc. $PB

Victory Capital Management Inc. decreased its position in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 68.2% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 897,116 shares of the bank’s stock after selling 1,927,915 shares during the quarter. Victory Capital Management Inc. owned 0.94% of Prosperity Bancshares worth $59,524,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. AQR Capital Management LLC raised its position in Prosperity Bancshares by 175.1% during the 2nd quarter. AQR Capital Management LLC now owns 2,383,162 shares of the bank’s stock worth $167,393,000 after buying an additional 1,516,939 shares during the last quarter. American Century Companies Inc. boosted its holdings in shares of Prosperity Bancshares by 4,674.9% in the 2nd quarter. American Century Companies Inc. now owns 1,426,917 shares of the bank’s stock valued at $100,227,000 after acquiring an additional 1,397,033 shares during the last quarter. Norges Bank purchased a new stake in shares of Prosperity Bancshares in the 2nd quarter valued at $53,398,000. Vanguard Group Inc. increased its stake in shares of Prosperity Bancshares by 4.8% in the third quarter. Vanguard Group Inc. now owns 10,116,892 shares of the bank’s stock worth $671,256,000 after acquiring an additional 465,227 shares during the period. Finally, Algebris UK Ltd. increased its stake in shares of Prosperity Bancshares by 128.5% in the third quarter. Algebris UK Ltd. now owns 531,731 shares of the bank’s stock worth $35,253,000 after acquiring an additional 299,064 shares during the period. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Insider Activity

In related news, Director Ned S. Holmes sold 600 shares of the company’s stock in a transaction dated Wednesday, December 10th. The stock was sold at an average price of $71.53, for a total value of $42,918.00. Following the completion of the transaction, the director owned 42,800 shares of the company’s stock, valued at approximately $3,061,484. This represents a 1.38% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Leah Henderson sold 1,050 shares of the stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $73.00, for a total value of $76,650.00. Following the transaction, the director owned 8,075 shares in the company, valued at $589,475. This represents a 11.51% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 14,250 shares of company stock valued at $1,018,824. 4.20% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Hovde Group raised their target price on shares of Prosperity Bancshares from $75.00 to $77.00 and gave the stock an “outperform” rating in a report on Thursday, January 29th. Raymond James Financial downgraded Prosperity Bancshares from an “outperform” rating to a “market perform” rating in a research report on Wednesday, January 7th. Morgan Stanley lifted their price objective on Prosperity Bancshares from $80.00 to $91.00 and gave the company an “overweight” rating in a research note on Monday, March 2nd. Janney Montgomery Scott cut Prosperity Bancshares from a “buy” rating to a “neutral” rating in a report on Tuesday, February 3rd. Finally, Citigroup restated a “neutral” rating on shares of Prosperity Bancshares in a research note on Monday, February 2nd. Seven research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $78.92.

Prosperity Bancshares Price Performance

PB opened at $68.73 on Friday. The firm has a fifty day moving average price of $71.68 and a 200 day moving average price of $68.92. Prosperity Bancshares, Inc. has a 1 year low of $61.06 and a 1 year high of $77.20. The stock has a market cap of $6.98 billion, a P/E ratio of 11.99, a P/E/G ratio of 0.98 and a beta of 0.66.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, January 28th. The bank reported $1.46 EPS for the quarter, beating the consensus estimate of $1.45 by $0.01. Prosperity Bancshares had a net margin of 31.22% and a return on equity of 7.11%. The company had revenue of $317.73 million for the quarter, compared to analyst estimates of $319.30 million. During the same quarter last year, the business earned $1.37 earnings per share. The firm’s revenue was down 5.9% on a year-over-year basis. Equities analysts expect that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Prosperity Bancshares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th will be given a dividend of $0.60 per share. The ex-dividend date is Friday, March 13th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.5%. Prosperity Bancshares’s dividend payout ratio (DPR) is 41.88%.

About Prosperity Bancshares

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.