Vaughan Nelson Investment Management L.P. Decreases Stake in Prosperity Bancshares, Inc. $PB

Vaughan Nelson Investment Management L.P. reduced its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 3.1% during the 4th quarter, according to its most recent 13F filing 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 makes up about 0.9% of Vaughan Nelson Investment Management L.P.’s holdings, making the stock its 29th largest position. Vaughan Nelson Investment Management L.P. owned about 1.40% of Prosperity Bancshares worth $92,054,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also modified their holdings of PB. Vanguard Group Inc. increased its stake 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 worth $671,256,000 after purchasing an additional 465,227 shares in the last quarter. State Street Corp grew its holdings in shares of 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 buying an additional 343,062 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Prosperity Bancshares by 0.6% in the third quarter. Dimensional Fund Advisors LP now owns 4,784,022 shares of the bank’s stock valued at $317,416,000 after buying an additional 28,994 shares during the last quarter. AQR Capital Management LLC lifted its stake in shares of Prosperity Bancshares by 43.6% during the third quarter. AQR Capital Management LLC now owns 3,421,408 shares of the bank’s stock valued at $226,531,000 after buying an additional 1,038,246 shares during the period. Finally, American Century Companies Inc. boosted its position in Prosperity Bancshares by 48.7% during the third quarter. American Century Companies Inc. now owns 2,122,031 shares of the bank’s stock worth $140,797,000 after acquiring an additional 695,114 shares during the last quarter. Institutional investors and hedge funds own 80.69% of the company’s stock.

Insider Buying and Selling

In other Prosperity Bancshares news, Director Ned S. Holmes sold 600 shares of Prosperity Bancshares stock in a transaction that occurred on Wednesday, December 31st. The stock was sold at an average price of $69.38, for a total transaction of $41,628.00. Following the sale, the director directly owned 42,500 shares in the company, valued at $2,948,650. The trade was a 1.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold a total of 13,200 shares of company stock valued at $922,415 over the last ninety days. Corporate insiders own 3.96% of the company’s stock.

Prosperity Bancshares Stock Performance

Prosperity Bancshares stock opened at $65.68 on Tuesday. 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. Prosperity Bancshares, Inc. has a one year low of $61.06 and a one year high of $77.20. The stock’s 50 day moving average price is $69.92 and its 200 day moving average price is $68.60.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings data on Wednesday, January 28th. The bank reported $1.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.45 by $0.01. The company had revenue of $317.73 million for the quarter, compared to analyst estimates of $319.30 million. Prosperity Bancshares had a net margin of 31.22% and a return on equity of 7.11%. The business’s quarterly revenue was down 5.9% on a year-over-year basis. During the same quarter last year, the firm posted $1.37 earnings per share. On average, analysts forecast that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current fiscal year.

Prosperity Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Friday, March 13th will be issued a $0.60 dividend. 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 3.7%. Prosperity Bancshares’s dividend payout ratio is currently 41.88%.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. TD Cowen reissued a “buy” rating on shares of Prosperity Bancshares in a research note on Wednesday, January 7th. Hovde Group lifted their price target on Prosperity Bancshares from $75.00 to $77.00 and gave the company an “outperform” rating in a report on Thursday, January 29th. Barclays cut shares of Prosperity Bancshares from an “equal weight” rating to an “underweight” rating and lowered their price objective for the company from $75.00 to $68.00 in a research note on Monday, February 2nd. Raymond James Financial cut Prosperity Bancshares from an “outperform” rating to a “market perform” rating in a report on Wednesday, January 7th. Finally, Janney Montgomery Scott downgraded Prosperity Bancshares from a “buy” rating to a “neutral” rating in a research report on Tuesday, February 3rd. Seven analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $78.92.

Prosperity Bancshares Company 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.