Prosperity Bancshares, Inc. (NYSE:PB) Shares Acquired by Victory Capital Management Inc.

Victory Capital Management Inc. raised its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB – Get Rating) by 6.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,696,916 shares of the bank’s stock after acquiring an additional 359,454 shares during the period. Prosperity Bancshares makes up 0.5% of Victory Capital Management Inc.’s holdings, making the stock its 28th biggest holding. Victory Capital Management Inc. owned approximately 6.24% of Prosperity Bancshares worth $414,052,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also made changes to their positions in the company. Quadrant Capital Group LLC grew its holdings 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 Prosperity Bancshares during the 3rd quarter worth $34,000. Covestor Ltd grew its stake in Prosperity Bancshares by 83.6% during the 1st quarter. Covestor Ltd now owns 692 shares of the bank’s stock worth $48,000 after purchasing an additional 315 shares in the last quarter. MADDEN SECURITIES Corp purchased a new stake in Prosperity Bancshares during the 4th quarter worth about $74,000. Finally, Belpointe Asset Management LLC raised its position in Prosperity Bancshares by 15.7% in the 4th quarter. Belpointe Asset Management LLC now owns 1,754 shares of the bank’s stock valued at $127,000 after purchasing an additional 238 shares in the last quarter. 81.32% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Prosperity Bancshares

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

Prosperity Bancshares Stock Down 1.3 %

NYSE:PB opened at $61.34 on Friday. The company has a market capitalization of $5.78 billion, a PE ratio of 10.63, a P/E/G ratio of 1.12 and a beta of 0.96. Prosperity Bancshares, Inc. has a 52-week low of $55.95 and a 52-week high of $78.76. The stock’s 50 day moving average price is $60.22 and its 200 day moving average price is $67.74.

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

Prosperity Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 3rd. Stockholders of record on Thursday, June 15th will be given a dividend of $0.55 per share. The ex-dividend date is Wednesday, June 14th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 3.59%. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 38.13%.

Wall Street Analyst Weigh In

PB has been the topic of a number of recent research reports. Janney Montgomery Scott upgraded shares of Prosperity Bancshares from a “neutral” rating to a “buy” rating and set a $76.00 target price on the stock in a research note on Monday, March 13th. DA Davidson raised shares of Prosperity Bancshares from a “neutral” rating to a “buy” rating and set a $79.00 price objective for the company in a research report on Monday, March 13th. Raymond James dropped their target price on Prosperity Bancshares from $85.00 to $70.00 and set an “outperform” rating on the stock in a report on Thursday, April 6th. Truist Financial decreased their price target on Prosperity Bancshares from $83.00 to $71.00 and set a “buy” rating for the company in a report on Thursday, March 23rd. Finally, Morgan Stanley downgraded Prosperity Bancshares from an “equal weight” rating to an “underweight” rating and increased their price objective for the company from $58.00 to $60.00 in a report on Tuesday, May 16th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, Prosperity Bancshares presently has an average rating of “Hold” and a consensus target price of $73.73.

Prosperity Bancshares Profile

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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; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and purchase of equipment and machinery.

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