Vaughan Nelson Investment Management L.P. Sells 710,875 Shares of Prosperity Bancshares, Inc. $PB

Vaughan Nelson Investment Management L.P. cut its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 53.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 621,114 shares of the bank’s stock after selling 710,875 shares during the quarter. Vaughan Nelson Investment Management L.P.’s holdings in Prosperity Bancshares were worth $41,726,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Community Bank N.A. bought a new position in Prosperity Bancshares in the 3rd quarter worth approximately $29,000. Danske Bank A S bought a new stake in Prosperity Bancshares during the 3rd quarter valued at $40,000. SouthState Bank Corp purchased a new stake in shares of Prosperity Bancshares during the fourth quarter worth $49,000. Osaic Holdings Inc. lifted its position in shares of Prosperity Bancshares by 34.9% during the second quarter. Osaic Holdings Inc. now owns 719 shares of the bank’s stock worth $51,000 after acquiring an additional 186 shares in the last quarter. Finally, Eurizon Capital SGR S.p.A. purchased a new stake in shares of Prosperity Bancshares during the fourth quarter worth $55,000. Institutional investors own 80.69% of the company’s stock.

Insider Activity

In related news, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $71.68, for a total transaction of $35,840.00. Following the completion of the sale, the director owned 75,115 shares of the company’s stock, valued at approximately $5,384,243.20. This trade represents a 0.66% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold a total of 14,300 shares of company stock valued at $986,524 in the last quarter. Company insiders own 3.96% of the company’s stock.

Analyst Upgrades and Downgrades

PB has been the subject of several recent research reports. Cantor Fitzgerald lifted their price target on Prosperity Bancshares from $81.00 to $83.00 and gave the company an “overweight” rating in a research report on Tuesday, March 3rd. Citigroup increased their price objective on Prosperity Bancshares from $72.00 to $74.00 and gave the stock a “neutral” rating in a report on Monday, May 4th. Piper Sandler increased their price objective on Prosperity Bancshares from $74.00 to $75.00 and gave the stock a “neutral” rating in a report on Thursday, April 30th. Weiss Ratings downgraded Prosperity Bancshares from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, May 11th. Finally, TD Cowen lifted their target price on Prosperity Bancshares from $77.00 to $79.00 and gave the company a “buy” rating in a report on Friday, May 1st. Five analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $76.82.

Prosperity Bancshares Stock Performance

NYSE PB opened at $71.11 on Monday. Prosperity Bancshares, Inc. has a 1 year low of $61.06 and a 1 year high of $77.20. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.76 and a quick ratio of 0.76. The stock has a market capitalization of $7.17 billion, a PE ratio of 12.88, a P/E/G ratio of 1.09 and a beta of 0.64. The company’s 50 day simple moving average is $69.33 and its two-hundred day simple moving average is $69.89.

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

Prosperity Bancshares Announces Dividend

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

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.