Victory Capital Management Inc. Reduces Stock Position in Prosperity Bancshares, Inc. (NYSE:PB)

Victory Capital Management Inc. decreased its holdings in Prosperity Bancshares, Inc. (NYSE:PB) by 2.7% during the fourth quarter, HoldingsChannel.com reports. The firm owned 5,994,551 shares of the bank’s stock after selling 165,198 shares during the quarter. Prosperity Bancshares makes up about 0.4% of Victory Capital Management Inc.’s holdings, making the stock its 29th biggest holding. Victory Capital Management Inc. owned about 0.06% of Prosperity Bancshares worth $451,689,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in PB. Smartleaf Asset Management LLC increased its stake in Prosperity Bancshares by 487.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 376 shares of the bank’s stock worth $28,000 after buying an additional 312 shares during the period. Jones Financial Companies Lllp boosted its position in Prosperity Bancshares by 368.5% in the 4th quarter. Jones Financial Companies Lllp now owns 520 shares of the bank’s stock valued at $39,000 after buying an additional 409 shares during the period. UMB Bank n.a. grew its stake in Prosperity Bancshares by 102.7% in the 4th quarter. UMB Bank n.a. now owns 592 shares of the bank’s stock worth $45,000 after acquiring an additional 300 shares in the last quarter. First Horizon Advisors Inc. increased its position in shares of Prosperity Bancshares by 190.0% during the third quarter. First Horizon Advisors Inc. now owns 815 shares of the bank’s stock worth $59,000 after acquiring an additional 534 shares during the period. Finally, GAMMA Investing LLC raised its stake in shares of Prosperity Bancshares by 20.4% during the fourth quarter. GAMMA Investing LLC now owns 844 shares of the bank’s stock valued at $64,000 after acquiring an additional 143 shares in the last quarter. 80.69% of the stock is currently owned by institutional investors.

Prosperity Bancshares Stock Down 3.1 %

NYSE PB opened at $73.81 on Wednesday. Prosperity Bancshares, Inc. has a 52 week low of $57.16 and a 52 week high of $86.76. The company has a 50 day moving average price of $77.46 and a 200 day moving average price of $76.30. The firm has a market cap of $7.03 billion, a PE ratio of 14.59, a price-to-earnings-growth ratio of 0.94 and a beta of 0.94.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results on Wednesday, January 29th. The bank reported $1.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.33 by $0.04. Prosperity Bancshares had a return on equity of 6.64% and a net margin of 26.79%. On average, equities research analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current fiscal year.

Prosperity Bancshares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be given a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a yield of 3.14%. The ex-dividend date is Friday, March 14th. Prosperity Bancshares’s dividend payout ratio is currently 45.85%.

Analyst Ratings Changes

Several research analysts recently issued reports on PB shares. Barclays increased their price objective on Prosperity Bancshares from $84.00 to $88.00 and gave the stock an “equal weight” rating in a research note on Friday, December 20th. Wolfe Research reissued a “peer perform” rating on shares of Prosperity Bancshares in a research report on Thursday, December 5th. StockNews.com lowered Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Monday. UBS Group lowered their price objective on shares of Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating for the company in a research note on Thursday, December 26th. Finally, Raymond James raised their target price on shares of Prosperity Bancshares from $82.00 to $87.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, Prosperity Bancshares currently has an average rating of “Hold” and a consensus target price of $82.88.

Insider Buying and Selling at Prosperity Bancshares

In other news, Director Harrison Stafford II sold 4,000 shares of the business’s stock in a transaction on Friday, December 13th. The shares were sold at an average price of $80.07, for a total transaction of $320,280.00. Following the sale, the director now directly owns 107,137 shares of the company’s stock, valued at $8,578,459.59. The trade was a 3.60 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ned S. Holmes sold 500 shares of the company’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $82.17, for a total value of $41,085.00. Following the completion of the transaction, the director now directly owns 111,315 shares in the company, valued at approximately $9,146,753.55. The trade was a 0.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 9,000 shares of company stock worth $711,145. 4.28% of the stock is owned by insiders.

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.