Victory Capital Management Inc. Buys 184,453 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

Victory Capital Management Inc. lifted its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 3.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,359,165 shares of the bank’s stock after acquiring an additional 184,453 shares during the period. Victory Capital Management Inc. owned approximately 6.63% of Prosperity Bancshares worth $388,799,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in PB. GAMMA Investing LLC boosted its holdings in Prosperity Bancshares by 59.6% during the second quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock worth $29,000 after purchasing an additional 177 shares during the last quarter. Parallel Advisors LLC grew its holdings in shares of Prosperity Bancshares by 835.9% in the 4th quarter. Parallel Advisors LLC now owns 730 shares of the bank’s stock valued at $49,000 after acquiring an additional 652 shares in the last quarter. Abich Financial Wealth Management LLC increased its position in shares of Prosperity Bancshares by 12,433.3% in the first quarter. Abich Financial Wealth Management LLC now owns 752 shares of the bank’s stock valued at $49,000 after acquiring an additional 746 shares during the last quarter. Mather Group LLC. bought a new stake in Prosperity Bancshares during the first quarter worth about $50,000. Finally, Fifth Third Bancorp boosted its position in Prosperity Bancshares by 47.6% during the second quarter. Fifth Third Bancorp now owns 1,030 shares of the bank’s stock valued at $63,000 after purchasing an additional 332 shares during the last quarter. Institutional investors own 80.69% of the company’s stock.

Prosperity Bancshares Trading Up 0.8 %

NYSE:PB opened at $73.27 on Friday. The stock’s 50-day moving average is $68.80 and its 200-day moving average is $64.36. The stock has a market cap of $7.03 billion, a P/E ratio of 16.88, a price-to-earnings-growth ratio of 1.51 and a beta of 0.90. Prosperity Bancshares, Inc. has a 1-year low of $49.60 and a 1-year high of $74.67.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, July 24th. The bank reported $1.22 EPS for the quarter, topping the consensus estimate of $1.20 by $0.02. Prosperity Bancshares had a net margin of 25.10% and a return on equity of 6.32%. The business had revenue of $458.95 million for the quarter, compared to analyst estimates of $290.06 million. During the same quarter in the previous year, the firm posted $1.21 earnings per share. As a group, equities analysts forecast that Prosperity Bancshares, Inc. will post 5.07 EPS for the current year.

Prosperity Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be issued a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a yield of 3.06%. The ex-dividend date of this dividend is Friday, September 13th. Prosperity Bancshares’s dividend payout ratio (DPR) is 51.61%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Wedbush lifted their price target on Prosperity Bancshares from $63.00 to $75.00 and gave the stock a “neutral” rating in a report on Thursday, July 25th. Compass Point boosted their target price on Prosperity Bancshares from $73.00 to $80.00 and gave the stock a “buy” rating in a report on Friday, July 26th. Hovde Group increased their price target on shares of Prosperity Bancshares from $80.50 to $82.50 and gave the company an “outperform” rating in a report on Monday, August 26th. Piper Sandler upped their target price on Prosperity Bancshares from $73.00 to $80.00 and gave the company an “overweight” rating in a research report on Thursday, July 25th. Finally, Stephens raised Prosperity Bancshares from an “equal weight” rating to an “overweight” rating in a report on Wednesday, June 26th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $76.04.

Prosperity Bancshares Profile

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.