Vaughan Nelson Investment Management L.P. Buys 36,480 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

Vaughan Nelson Investment Management L.P. lifted its position in Prosperity Bancshares, Inc. (NYSE:PB) by 4.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 835,565 shares of the bank’s stock after acquiring an additional 36,480 shares during the quarter. Vaughan Nelson Investment Management L.P. owned approximately 0.88% of Prosperity Bancshares worth $60,219,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Victory Capital Management Inc. grew its position in Prosperity Bancshares by 3.0% in the 2nd quarter. Victory Capital Management Inc. now owns 6,359,165 shares of the bank’s stock worth $388,799,000 after purchasing an additional 184,453 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Prosperity Bancshares by 14.2% during the second quarter. Dimensional Fund Advisors LP now owns 4,287,615 shares of the bank’s stock valued at $262,141,000 after acquiring an additional 532,241 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in Prosperity Bancshares by 2.1% during the second quarter. Bank of New York Mellon Corp now owns 935,420 shares of the bank’s stock worth $57,192,000 after acquiring an additional 19,224 shares during the period. Thrivent Financial for Lutherans boosted its position in Prosperity Bancshares by 16.0% in the second quarter. Thrivent Financial for Lutherans now owns 811,772 shares of the bank’s stock worth $49,632,000 after purchasing an additional 112,101 shares during the last quarter. Finally, Deprince Race & Zollo Inc. grew its stake in Prosperity Bancshares by 2.5% in the 2nd quarter. Deprince Race & Zollo Inc. now owns 706,174 shares of the bank’s stock valued at $43,175,000 after purchasing an additional 16,973 shares during the period. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Insider Activity

In other news, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $83.96, for a total transaction of $41,980.00. Following the completion of the sale, the director now owns 114,315 shares in the company, valued at approximately $9,597,887.40. This trade represents a 0.44 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 4.28% of the company’s stock.

Analyst Ratings Changes

PB has been the topic of a number of recent analyst reports. StockNews.com upgraded Prosperity Bancshares from a “sell” rating to a “hold” rating in a research note on Tuesday, November 12th. Wedbush reaffirmed an “outperform” rating and issued a $90.00 price objective on shares of Prosperity Bancshares in a research report on Thursday, October 24th. Morgan Stanley raised shares of Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $75.00 to $86.00 in a research report on Monday, August 5th. Raymond James cut shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price target on the stock. in a report on Tuesday, September 17th. Finally, Hovde Group upped their price objective on Prosperity Bancshares from $80.50 to $82.50 and gave the company an “outperform” rating in a research note on Monday, August 26th. Five equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $78.96.

Prosperity Bancshares Stock Performance

Shares of NYSE PB opened at $82.50 on Friday. The stock has a fifty day moving average of $73.79 and a 200-day moving average of $68.36. The stock has a market cap of $7.86 billion, a PE ratio of 17.52, a price-to-earnings-growth ratio of 1.23 and a beta of 0.89. Prosperity Bancshares, Inc. has a fifty-two week low of $57.16 and a fifty-two week high of $85.13.

Prosperity Bancshares (NYSE:PB) last announced its quarterly 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 return on equity of 6.46% and a net margin of 25.39%. The firm had revenue of $459.00 million for the quarter, compared to analysts’ expectations of $299.83 million. During the same period in the prior year, the business posted $1.20 earnings per share. On average, sell-side analysts predict that Prosperity Bancshares, Inc. will post 5.05 EPS for the current year.

Prosperity Bancshares Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be issued a $0.58 dividend. This represents a $2.32 annualized dividend and a yield of 2.81%. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.56. The ex-dividend date is Friday, December 13th. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 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.