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

Victory Capital Management Inc. decreased its position in Prosperity Bancshares, Inc. (NYSE:PB) by 3.1% during the third quarter, HoldingsChannel.com reports. The firm owned 6,159,749 shares of the bank’s stock after selling 199,416 shares during the quarter. Victory Capital Management Inc. owned approximately 0.06% of Prosperity Bancshares worth $443,933,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of PB. GAMMA Investing LLC boosted its position in Prosperity Bancshares by 59.6% in the 2nd quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock valued at $29,000 after buying an additional 177 shares during the period. Quarry LP raised its holdings in shares of Prosperity Bancshares by 533.3% in the 2nd quarter. Quarry LP now owns 494 shares of the bank’s stock valued at $30,000 after purchasing an additional 416 shares in the last quarter. Quest Partners LLC lifted its holdings in Prosperity Bancshares by 3,147.1% during the second quarter. Quest Partners LLC now owns 552 shares of the bank’s stock worth $34,000 after buying an additional 535 shares during the period. Strategic Financial Concepts LLC bought a new stake in Prosperity Bancshares during the 2nd quarter valued at $43,000. Finally, Headlands Technologies LLC purchased a new position in shares of Prosperity Bancshares in the 2nd quarter valued at $46,000. Institutional investors own 80.69% of the company’s stock.

Prosperity Bancshares Price Performance

Prosperity Bancshares stock traded up $0.60 during mid-day trading on Tuesday, hitting $82.83. 109,963 shares of the company were exchanged, compared to its average volume of 570,481. The company has a market capitalization of $7.89 billion, a P/E ratio of 17.46, a PEG ratio of 1.19 and a beta of 0.89. The business’s 50 day simple moving average is $73.00 and its two-hundred day simple moving average is $67.84. Prosperity Bancshares, Inc. has a 12-month low of $54.53 and a 12-month high of $83.35.

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

Prosperity Bancshares Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be given a $0.58 dividend. The ex-dividend date of this dividend is Friday, December 13th. 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%. Prosperity Bancshares’s dividend payout ratio (DPR) is 47.56%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on PB shares. Piper Sandler boosted their target price on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the company an “overweight” rating in a research note on Thursday, July 25th. Raymond James cut shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price objective for the company. in a research report on Tuesday, September 17th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $77.00 price target on shares of Prosperity Bancshares in a research note on Thursday, October 24th. StockNews.com cut Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Wednesday, August 28th. Finally, Hovde Group increased their price objective on Prosperity Bancshares from $80.50 to $82.50 and gave the company an “outperform” rating in a report on Monday, August 26th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $78.96.

Prosperity Bancshares Company Profile

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.