Snyder Capital Management L P Sells 19,053 Shares of Prosperity Bancshares, Inc. $PB

Snyder Capital Management L P reduced its stake in Prosperity Bancshares, Inc. (NYSE:PB) by 1.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,139,438 shares of the bank’s stock after selling 19,053 shares during the period. Prosperity Bancshares accounts for 1.4% of Snyder Capital Management L P’s holdings, making the stock its 25th biggest holding. Snyder Capital Management L P owned about 1.20% of Prosperity Bancshares worth $75,602,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in Prosperity Bancshares by 4.8% in the third 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 position in shares of Prosperity Bancshares by 3.2% during the 2nd quarter. State Street Corp now owns 5,236,977 shares of the bank’s stock worth $370,768,000 after buying an additional 160,740 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Prosperity Bancshares by 0.6% during the 3rd quarter. Dimensional Fund Advisors LP now owns 4,784,022 shares of the bank’s stock worth $317,416,000 after buying an additional 28,994 shares in the last quarter. AQR Capital Management LLC increased its stake in shares of 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 during the period. Finally, American Century Companies Inc. raised its holdings in shares of Prosperity Bancshares by 48.7% in the third 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. Institutional investors own 80.69% of the company’s stock.

Prosperity Bancshares Stock Down 0.4%

Shares of PB opened at $69.78 on Thursday. The company has a 50 day moving average of $71.75 and a two-hundred day moving average of $68.91. Prosperity Bancshares, Inc. has a twelve month low of $61.06 and a twelve month high of $77.20. The company has a market cap of $7.09 billion, a price-to-earnings ratio of 12.18, a price-to-earnings-growth ratio of 0.98 and a beta of 0.66.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings data on Wednesday, January 28th. The bank reported $1.46 EPS for the quarter, beating 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 firm had revenue of $317.73 million during the quarter, compared to analyst estimates of $319.30 million. During the same quarter in the prior year, the business posted $1.37 EPS. The business’s revenue for the quarter was down 5.9% compared to the same quarter last year. On average, sell-side analysts expect that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Prosperity Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Friday, March 13th will be issued a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend is Friday, March 13th. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 41.88%.

Insider Buying and Selling at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 500 shares of the company’s stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $70.04, for a total transaction of $35,020.00. Following the transaction, the director owned 80,915 shares in the company, valued at $5,667,286.60. This represents a 0.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders sold a total of 14,250 shares of company stock worth $1,018,824 in the last 90 days. 4.20% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. Cantor Fitzgerald increased their target price on shares of Prosperity Bancshares from $81.00 to $83.00 and gave the stock an “overweight” rating in a report on Tuesday. Raymond James Financial cut shares of Prosperity Bancshares from an “outperform” rating to a “market perform” rating in a research report on Wednesday, January 7th. TD Cowen reiterated a “buy” rating on shares of Prosperity Bancshares in a research note on Wednesday, January 7th. Hovde Group boosted their price objective on shares of Prosperity Bancshares from $75.00 to $77.00 and gave the stock an “outperform” rating in a research note on Thursday, January 29th. Finally, DA Davidson reaffirmed a “neutral” rating and set a $76.00 target price on shares of Prosperity Bancshares in a research report on Thursday, January 29th. Seven analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $78.92.

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.