Victory Capital Management Inc. Decreases Stock Holdings in Prosperity Bancshares, Inc. (NYSE:PB)

Victory Capital Management Inc. reduced its position in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 3.1% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,159,749 shares of the bank’s stock after selling 199,416 shares during the period. Victory Capital Management Inc. owned approximately 6.47% of Prosperity Bancshares worth $443,933,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Kingsview Wealth Management LLC acquired a new position in shares of Prosperity Bancshares in the 1st quarter valued at about $2,343,000. Amica Mutual Insurance Co. grew its stake in shares of Prosperity Bancshares by 41.9% in the second quarter. Amica Mutual Insurance Co. now owns 157,770 shares of the bank’s stock worth $9,646,000 after acquiring an additional 46,593 shares during the last quarter. Harbor Capital Advisors Inc. boosted its position in shares of Prosperity Bancshares by 394.8% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 11,465 shares of the bank’s stock valued at $701,000 after acquiring an additional 9,148 shares in the last quarter. Thrivent Financial for Lutherans grew its stake in shares of Prosperity Bancshares by 16.0% during the second quarter. Thrivent Financial for Lutherans now owns 811,772 shares of the bank’s stock valued at $49,632,000 after purchasing an additional 112,101 shares during the last quarter. Finally, Silver Lake Advisory LLC acquired a new stake in Prosperity Bancshares during the 2nd quarter worth $611,000. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have commented on PB shares. Royal Bank of Canada reiterated a “sector perform” rating and issued a $77.00 price objective on shares of Prosperity Bancshares in a report on Thursday, October 24th. Piper Sandler increased their price target on Prosperity Bancshares from $73.00 to $80.00 and gave the company an “overweight” rating in a research report on Thursday, July 25th. Morgan Stanley upgraded shares of Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $75.00 to $86.00 in a research report on Monday, August 5th. Wedbush reissued an “outperform” rating and set a $90.00 price objective on shares of Prosperity Bancshares in a report on Thursday, October 24th. Finally, Truist Financial lowered Prosperity Bancshares from a “buy” rating to a “hold” rating and cut their price objective for the stock from $81.00 to $79.00 in a research report on Friday, September 20th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, Prosperity Bancshares presently has an average rating of “Moderate Buy” and an average price target of $78.96.

Prosperity Bancshares Trading Up 0.7 %

PB traded up $0.60 on Tuesday, hitting $82.83. 109,963 shares of the stock traded hands, compared to its average volume of 570,481. The firm has a market capitalization of $7.89 billion, a PE ratio of 17.46, a P/E/G ratio of 1.19 and a beta of 0.89. Prosperity Bancshares, Inc. has a 52 week low of $54.53 and a 52 week high of $83.35. The business has a fifty day moving average price of $73.00 and a two-hundred day moving average price of $67.84.

Prosperity Bancshares (NYSE:PB) last posted its earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share for the quarter, topping the consensus estimate of $1.31 by $0.03. The company had revenue of $459.00 million for the quarter, compared to analyst estimates of $299.83 million. Prosperity Bancshares had a net margin of 25.39% and a return on equity of 6.46%. During the same period last year, the business posted $1.20 earnings per share. On average, equities research analysts forecast that Prosperity Bancshares, Inc. will post 5.05 EPS for the current fiscal year.

Prosperity Bancshares Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be given a dividend of $0.58 per share. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.56. This represents a $2.32 annualized dividend and a yield of 2.80%. The ex-dividend date is Friday, December 13th. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 47.56%.

About Prosperity Bancshares

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