Prosperity Bancshares, Inc. $PB Position Lowered by Vaughan Nelson Investment Management L.P.

Vaughan Nelson Investment Management L.P. trimmed its position in Prosperity Bancshares, Inc. (NYSE:PB) by 3.1% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,331,989 shares of the bank’s stock after selling 41,985 shares during the period. Prosperity Bancshares accounts for about 0.9% of Vaughan Nelson Investment Management L.P.’s investment portfolio, making the stock its 29th biggest holding. Vaughan Nelson Investment Management L.P.’s holdings in Prosperity Bancshares were worth $92,054,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. AQR Capital Management LLC raised its stake in Prosperity Bancshares by 175.1% during the second quarter. AQR Capital Management LLC now owns 2,383,162 shares of the bank’s stock valued at $167,393,000 after buying an additional 1,516,939 shares in the last quarter. Norges Bank bought a new stake in shares of Prosperity Bancshares in the 2nd quarter valued at approximately $53,398,000. American Century Companies Inc. raised its position in shares of Prosperity Bancshares by 48.7% during the 3rd quarter. American Century Companies Inc. now owns 2,122,031 shares of the bank’s stock valued at $140,797,000 after acquiring an additional 695,114 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Prosperity Bancshares by 4.8% during the 3rd quarter. Vanguard Group Inc. now owns 10,116,892 shares of the bank’s stock valued at $671,256,000 after acquiring an additional 465,227 shares in the last quarter. Finally, State Street Corp lifted its stake in Prosperity Bancshares by 6.6% during the third quarter. State Street Corp now owns 5,580,039 shares of the bank’s stock worth $373,231,000 after purchasing an additional 343,062 shares during the last quarter. 80.69% of the stock is owned by institutional investors.

Prosperity Bancshares Stock Performance

Shares of PB stock opened at $65.68 on Tuesday. Prosperity Bancshares, Inc. has a 1 year low of $61.06 and a 1 year high of $77.20. The firm has a market capitalization of $6.67 billion, a PE ratio of 11.46, a price-to-earnings-growth ratio of 0.92 and a beta of 0.66. The stock has a fifty day moving average of $69.92 and a two-hundred day moving average of $68.60.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings data 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. The business had revenue of $317.73 million during the quarter, compared to the consensus estimate of $319.30 million. Prosperity Bancshares had a net margin of 31.22% and a return on equity of 7.11%. The company’s quarterly revenue was down 5.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.37 earnings per share. Equities research analysts predict that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Friday, March 13th will be paid a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date is Friday, March 13th. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 41.88%.

Wall Street Analysts Forecast Growth

PB has been the subject of several research reports. Barclays lowered shares of Prosperity Bancshares from an “equal weight” rating to an “underweight” rating and decreased their price target for the company from $75.00 to $68.00 in a report on Monday, February 2nd. DA Davidson reiterated a “neutral” rating and set a $76.00 price target on shares of Prosperity Bancshares in a research report on Thursday, January 29th. Cantor Fitzgerald boosted their price objective on Prosperity Bancshares from $81.00 to $83.00 and gave the company an “overweight” rating in a research report on Tuesday, March 3rd. Hovde Group increased their target price on Prosperity Bancshares from $75.00 to $77.00 and gave the stock an “outperform” rating in a research report on Thursday, January 29th. Finally, TD Cowen reissued a “buy” rating on shares of Prosperity Bancshares in a report on Wednesday, January 7th. Seven research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $78.92.

Insider Buying and Selling

In related news, Director Ned S. Holmes sold 500 shares of the business’s stock in a transaction that occurred on Wednesday, March 25th. The stock was sold at an average price of $66.25, for a total transaction of $33,125.00. Following the sale, the director owned 79,415 shares of the company’s stock, valued at $5,261,243.75. The trade was a 0.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold a total of 13,200 shares of company stock worth $922,415 over the last quarter. 3.96% of the stock is owned by insiders.

About Prosperity Bancshares

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.