Victory Capital Management Inc. Acquires 136,764 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

Victory Capital Management Inc. lifted its position in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 2.4% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 5,928,697 shares of the bank's stock after purchasing an additional 136,764 shares during the quarter. Victory Capital Management Inc. owned about 6.33% of Prosperity Bancshares worth $401,551,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the business. Spire Wealth Management grew its stake in shares of Prosperity Bancshares by 17.7% in the third quarter. Spire Wealth Management now owns 1,290 shares of the bank's stock valued at $70,000 after buying an additional 194 shares in the last quarter. Treasurer of the State of North Carolina grew its position in Prosperity Bancshares by 0.5% in the third quarter. Treasurer of the State of North Carolina now owns 38,250 shares of the bank's stock valued at $2,088,000 after acquiring an additional 200 shares in the last quarter. Covestor Ltd raised its stake in shares of Prosperity Bancshares by 12.3% during the third quarter. Covestor Ltd now owns 2,231 shares of the bank's stock valued at $122,000 after purchasing an additional 244 shares during the period. CFO4Life Group LLC lifted its position in shares of Prosperity Bancshares by 0.9% during the third quarter. CFO4Life Group LLC now owns 30,095 shares of the bank's stock worth $1,643,000 after purchasing an additional 280 shares in the last quarter. Finally, Retirement Systems of Alabama boosted its stake in shares of Prosperity Bancshares by 0.3% in the fourth quarter. Retirement Systems of Alabama now owns 117,373 shares of the bank's stock valued at $7,950,000 after purchasing an additional 351 shares during the period. Hedge funds and other institutional investors own 80.69% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Raymond James boosted their price objective on shares of Prosperity Bancshares from $65.00 to $80.00 and gave the stock a "strong-buy" rating in a report on Friday, January 5th. Truist Financial restated a "buy" rating and set a $75.00 price objective on shares of Prosperity Bancshares in a report on Monday, April 1st. Royal Bank of Canada reiterated a "sector perform" rating and set a $70.00 target price on shares of Prosperity Bancshares in a research note on Tuesday, April 9th. Morgan Stanley raised shares of Prosperity Bancshares from an "underweight" rating to an "equal weight" rating and set a $69.00 price target on the stock in a report on Wednesday, February 7th. Finally, Barclays initiated coverage on shares of Prosperity Bancshares in a report on Friday, March 8th. They set an "equal weight" rating and a $68.00 price objective for the company. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, Prosperity Bancshares currently has a consensus rating of "Moderate Buy" and a consensus price target of $68.79.

Prosperity Bancshares Stock Performance

Shares of Prosperity Bancshares stock traded up $0.65 during trading on Wednesday, hitting $62.62. 453,849 shares of the stock were exchanged, compared to its average volume of 570,115. The stock has a market cap of $5.86 billion, a PE ratio of 14.51, a P/E/G ratio of 1.25 and a beta of 0.93. The stock's fifty day moving average is $62.55 and its 200 day moving average is $61.97. Prosperity Bancshares, Inc. has a 12 month low of $49.60 and a 12 month high of $68.88.

Prosperity Bancshares (NYSE:PB - Get Free Report) last announced its quarterly earnings results on Wednesday, April 24th. The bank reported $1.18 EPS for the quarter, beating the consensus estimate of $1.15 by $0.03. The company had revenue of $420.78 million for the quarter, compared to analyst estimates of $274.88 million. Prosperity Bancshares had a net margin of 24.50% and a return on equity of 6.33%. During the same quarter last year, the business earned $1.37 earnings per share. Sell-side analysts anticipate that Prosperity Bancshares, Inc. will post 4.99 EPS for the current fiscal year.

Prosperity Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be given a dividend of $0.56 per share. The ex-dividend date is Friday, June 14th. This represents a $2.24 dividend on an annualized basis and a yield of 3.58%. Prosperity Bancshares's dividend payout ratio (DPR) is presently 51.61%.

Prosperity Bancshares Company 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.