Victory Capital Management Inc. Sells 199,416 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

Victory Capital Management Inc. decreased its stake in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 3.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,159,749 shares of the bank's stock after selling 199,416 shares during the period. Victory Capital Management Inc. owned approximately 6.47% of Prosperity Bancshares worth $443,933,000 as of its most recent SEC filing.

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

Analyst Ratings Changes

PB has been the topic of several research reports. Wedbush restated an "outperform" rating and set a $90.00 price objective on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Raymond James lowered Prosperity Bancshares from a "strong-buy" rating to an "outperform" rating and set a $80.00 target price for the company. in a report on Tuesday, September 17th. Piper Sandler upped their target price on Prosperity Bancshares from $73.00 to $80.00 and gave the company an "overweight" rating in a report on Thursday, July 25th. StockNews.com raised Prosperity Bancshares from a "sell" rating to a "hold" rating in a report on Tuesday. Finally, Truist Financial lowered Prosperity Bancshares from a "buy" rating to a "hold" rating and lowered their target price for the company from $81.00 to $79.00 in a report on Friday, September 20th. Five analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $78.96.

Prosperity Bancshares Trading Up 0.9 %

Prosperity Bancshares stock traded up $0.75 during mid-day trading on Tuesday, hitting $82.98. 700,979 shares of the company's stock were exchanged, compared to its average volume of 573,180. The stock has a market cap of $7.90 billion, a P/E ratio of 17.62, a P/E/G ratio of 1.19 and a beta of 0.89. The stock has a 50 day moving average of $73.20 and a two-hundred day moving average of $67.97. Prosperity Bancshares, Inc. has a 1-year low of $54.53 and a 1-year high of $83.50.

Prosperity Bancshares (NYSE:PB - Get Free Report) last released its earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share for the quarter, beating the consensus estimate of $1.31 by $0.03. Prosperity Bancshares had a net margin of 25.39% and a return on equity of 6.46%. The business had revenue of $459.00 million during the quarter, compared to analysts' expectations of $299.83 million. During the same quarter last year, the company earned $1.20 earnings per share. As a group, research analysts predict that Prosperity Bancshares, Inc. will post 5.05 EPS for the current fiscal year.

Prosperity Bancshares Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be paid a dividend of $0.58 per share. This is a boost from Prosperity Bancshares's previous quarterly dividend of $0.56. The ex-dividend date of this dividend is Friday, December 13th. This represents a $2.32 dividend on an annualized basis and a yield of 2.80%. Prosperity Bancshares's dividend payout ratio (DPR) is currently 47.56%.

About Prosperity Bancshares

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.