Vaughan Nelson Investment Management L.P. Has $41.73 Million Stake in Prosperity Bancshares, Inc. $PB

Vaughan Nelson Investment Management L.P. reduced its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 53.4% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 621,114 shares of the bank’s stock after selling 710,875 shares during the period. Vaughan Nelson Investment Management L.P. owned about 0.61% of Prosperity Bancshares worth $41,726,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently modified their holdings of PB. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Prosperity Bancshares by 21.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 30,198 shares of the bank’s stock valued at $2,155,000 after buying an additional 5,326 shares during the last quarter. NewEdge Advisors LLC grew its holdings in Prosperity Bancshares by 36.8% during the first quarter. NewEdge Advisors LLC now owns 7,295 shares of the bank’s stock worth $521,000 after buying an additional 1,962 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Prosperity Bancshares by 5.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 346,151 shares of the bank’s stock valued at $24,705,000 after buying an additional 17,345 shares during the last quarter. Jane Street Group LLC raised its position in Prosperity Bancshares by 182.8% in the 1st quarter. Jane Street Group LLC now owns 104,755 shares of the bank’s stock valued at $7,476,000 after buying an additional 67,712 shares during the last quarter. Finally, Sivia Capital Partners LLC bought a new position in Prosperity Bancshares during the 2nd quarter valued at $359,000. 80.69% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 600 shares of the firm’s stock in a transaction that occurred on Wednesday, March 25th. The shares were sold at an average price of $66.24, for a total transaction of $39,744.00. Following the completion of the sale, the director owned 41,300 shares in the company, valued at $2,735,712. This trade represents a 1.43% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Over the last ninety days, insiders have sold 14,300 shares of company stock worth $986,524. 3.96% of the stock is owned by corporate insiders.

Prosperity Bancshares Stock Down 0.1%

PB stock opened at $71.11 on Monday. The stock has a market cap of $7.17 billion, a P/E ratio of 12.88, a P/E/G ratio of 1.09 and a beta of 0.64. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.01. The stock’s fifty day simple moving average is $69.33 and its two-hundred day simple moving average is $69.89. Prosperity Bancshares, Inc. has a 1-year low of $61.06 and a 1-year high of $77.20.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings results on Wednesday, April 29th. The bank reported $1.50 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.09. Prosperity Bancshares had a net margin of 29.50% and a return on equity of 7.20%. The company had revenue of $367.62 million during the quarter, compared to analyst estimates of $358.60 million. During the same quarter in the prior year, the business earned $1.37 earnings per share. The firm’s revenue for the quarter was up 19.9% on a year-over-year basis. Analysts expect that Prosperity Bancshares, Inc. will post 6.27 EPS for the current year.

Prosperity Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Monday, June 15th will be paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date is Monday, June 15th. Prosperity Bancshares’s payout ratio is presently 43.48%.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Morgan Stanley reduced their target price on shares of Prosperity Bancshares from $91.00 to $83.00 and set an “overweight” rating for the company in a research note on Tuesday, March 31st. Weiss Ratings lowered shares of Prosperity Bancshares from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday, May 11th. Wall Street Zen upgraded shares of Prosperity Bancshares from a “strong sell” rating to a “sell” rating in a report on Saturday, May 16th. Piper Sandler upped their price objective on shares of Prosperity Bancshares from $74.00 to $75.00 and gave the stock a “neutral” rating in a research report on Thursday, April 30th. Finally, TD Cowen increased their price objective on shares of Prosperity Bancshares from $77.00 to $79.00 and gave the company a “buy” rating in a research note on Friday, May 1st. Five investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $76.82.

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.