Victory Capital Management Inc. Cuts Stock Position in Prosperity Bancshares, Inc. $PB

Victory Capital Management Inc. trimmed its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 68.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 897,116 shares of the bank’s stock after selling 1,927,915 shares during the period. Victory Capital Management Inc.’s holdings in Prosperity Bancshares were worth $59,524,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of PB. Mather Group LLC. acquired a new position in shares of Prosperity Bancshares during the 3rd quarter worth about $26,000. Annis Gardner Whiting Capital Advisors LLC purchased a new position in Prosperity Bancshares in the 3rd quarter valued at about $42,000. Employees Retirement System of Texas acquired a new stake in Prosperity Bancshares in the 2nd quarter worth about $48,000. Osaic Holdings Inc. boosted its holdings in Prosperity Bancshares by 34.9% in the 2nd quarter. Osaic Holdings Inc. now owns 719 shares of the bank’s stock worth $51,000 after buying an additional 186 shares during the last quarter. Finally, Cornerstone Planning Group LLC increased its stake in Prosperity Bancshares by 18,633.3% during the 3rd quarter. Cornerstone Planning Group LLC now owns 1,124 shares of the bank’s stock worth $75,000 after buying an additional 1,118 shares in the last quarter. Institutional investors and hedge funds own 80.69% of the company’s stock.

Prosperity Bancshares Trading Down 1.1%

PB stock opened at $68.73 on Friday. The firm has a 50-day moving average of $71.68 and a two-hundred day moving average of $68.92. Prosperity Bancshares, Inc. has a 12 month low of $61.06 and a 12 month high of $77.20. The company has a market cap of $6.98 billion, a price-to-earnings ratio of 11.99, a PEG ratio of 0.98 and a beta of 0.66.

Prosperity Bancshares (NYSE:PB) last issued its earnings results on Wednesday, January 28th. The bank reported $1.46 earnings per share for the quarter, topping the consensus estimate of $1.45 by $0.01. Prosperity Bancshares had a return on equity of 7.11% and a net margin of 31.22%.The business had revenue of $317.73 million for the quarter, compared to analysts’ expectations of $319.30 million. During the same period in the previous year, the firm posted $1.37 EPS. The business’s revenue for the quarter was down 5.9% compared to the same quarter last year. As a group, equities analysts forecast that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

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

Insider Transactions at Prosperity Bancshares

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the firm’s stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $70.04, for a total value of $35,020.00. Following the completion of the sale, the director directly owned 80,915 shares of the company’s stock, valued at $5,667,286.60. This trade represents a 0.61% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last three months, insiders sold 14,250 shares of company stock valued at $1,018,824. 4.20% of the stock is owned by corporate insiders.

Analyst Ratings Changes

PB has been the subject of a number of research analyst reports. DA Davidson reissued a “neutral” rating and set a $76.00 target price on shares of Prosperity Bancshares in a report on Thursday, January 29th. Hovde Group boosted their price target on Prosperity Bancshares from $75.00 to $77.00 and gave the stock an “outperform” rating in a research report on Thursday, January 29th. Barclays downgraded Prosperity Bancshares from an “equal weight” rating to an “underweight” rating and reduced their price objective for the company from $75.00 to $68.00 in a research note on Monday, February 2nd. Raymond James Financial lowered Prosperity Bancshares from an “outperform” rating to a “market perform” rating in a report on Wednesday, January 7th. Finally, Cantor Fitzgerald lifted their target price on shares of Prosperity Bancshares from $81.00 to $83.00 and gave the stock an “overweight” rating in a research note on Tuesday. Seven equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Prosperity Bancshares currently has a consensus rating of “Hold” and a consensus target price of $78.92.

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.