Vaughan Nelson Investment Management L.P. Acquires 104,340 Shares of Prosperity Bancshares, Inc. $PB

Vaughan Nelson Investment Management L.P. grew its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 8.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,373,974 shares of the bank’s stock after buying an additional 104,340 shares during the quarter. Vaughan Nelson Investment Management L.P. owned 1.45% of Prosperity Bancshares worth $91,163,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PB. Parallel Advisors LLC raised its position in Prosperity Bancshares by 16.8% during the second quarter. Parallel Advisors LLC now owns 978 shares of the bank’s stock valued at $69,000 after purchasing an additional 141 shares during the period. AE Wealth Management LLC boosted its holdings in shares of Prosperity Bancshares by 3.8% in the 2nd quarter. AE Wealth Management LLC now owns 4,640 shares of the bank’s stock worth $326,000 after purchasing an additional 172 shares during the period. Osaic Holdings Inc. increased its position in shares of Prosperity Bancshares by 34.9% during the 2nd quarter. Osaic Holdings Inc. now owns 719 shares of the bank’s stock valued at $51,000 after purchasing an additional 186 shares during the last quarter. First Horizon Advisors Inc. raised its holdings in Prosperity Bancshares by 19.3% during the 2nd quarter. First Horizon Advisors Inc. now owns 1,191 shares of the bank’s stock valued at $84,000 after buying an additional 193 shares during the period. Finally, Signaturefd LLC raised its holdings in Prosperity Bancshares by 33.8% during the 2nd quarter. Signaturefd LLC now owns 985 shares of the bank’s stock valued at $69,000 after buying an additional 249 shares during the period. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Insider Buying and Selling

In related news, Director Leah Henderson sold 1,050 shares of the firm’s stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $73.00, for a total transaction of $76,650.00. Following the sale, the director owned 8,075 shares of the company’s stock, valued at $589,475. This trade represents a 11.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction dated Wednesday, December 31st. The shares were sold at an average price of $69.38, for a total value of $34,690.00. Following the completion of the transaction, the director owned 85,415 shares in the company, valued at $5,926,092.70. This trade represents a 0.58% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 15,050 shares of company stock worth $1,031,775 in the last three months. 4.20% of the stock is owned by insiders.

Prosperity Bancshares Price Performance

NYSE:PB opened at $71.00 on Wednesday. Prosperity Bancshares, Inc. has a 1-year low of $61.06 and a 1-year high of $82.75. The firm has a market cap of $6.74 billion, a PE ratio of 12.66, a price-to-earnings-growth ratio of 0.95 and a beta of 0.68. The company has a 50-day moving average of $69.01 and a 200 day moving average of $68.30.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings data on Wednesday, October 29th. The bank reported $1.45 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.45. The firm had revenue of $314.67 million for the quarter, compared to the consensus estimate of $317.94 million. Prosperity Bancshares had a net margin of 30.28% and a return on equity of 7.06%. The company’s quarterly revenue was up 3.9% on a year-over-year basis. During the same period last year, the firm earned $1.34 earnings per share. Sell-side analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, January 2nd. Stockholders of record on Monday, December 15th were given a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 3.4%. The ex-dividend date of this dividend was Monday, December 15th. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.58. Prosperity Bancshares’s dividend payout ratio is presently 42.78%.

Analyst Ratings Changes

Several research analysts have commented on PB shares. TD Cowen lifted their price objective on shares of Prosperity Bancshares from $79.00 to $83.00 and gave the stock a “buy” rating in a research note on Friday, October 31st. Cowen reaffirmed a “buy” rating on shares of Prosperity Bancshares in a research note on Friday, October 31st. Stephens upped their price target on shares of Prosperity Bancshares from $77.00 to $81.00 and gave the company an “overweight” rating in a report on Thursday, October 30th. Citigroup reaffirmed a “neutral” rating and set a $68.00 target price (down previously from $78.00) on shares of Prosperity Bancshares in a research note on Monday, September 15th. Finally, Royal Bank Of Canada reduced their target price on Prosperity Bancshares from $78.00 to $72.00 and set a “sector perform” rating on the stock in a research note on Friday, October 10th. Eight analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $80.67.

Prosperity Bancshares 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.