Ceredex Value Advisors LLC Reduces Position in Prosperity Bancshares, Inc. (NYSE:PB)

Ceredex Value Advisors LLC decreased its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 0.3% in the 3rd quarter, Holdings Channel.com reports. The firm owned 217,746 shares of the bank’s stock after selling 700 shares during the quarter. Ceredex Value Advisors LLC’s holdings in Prosperity Bancshares were worth $15,813,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the stock. Dimensional Fund Advisors LP raised its stake 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 worth $262,141,000 after purchasing an additional 532,241 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in shares of Prosperity Bancshares by 3.0% in the second quarter. Victory Capital Management Inc. now owns 6,359,165 shares of the bank’s stock valued at $388,799,000 after acquiring an additional 184,453 shares in the last quarter. Amarillo National Bank acquired a new position in shares of Prosperity Bancshares during the second quarter worth about $8,520,000. Thrivent Financial for Lutherans raised its holdings in Prosperity Bancshares by 16.0% during 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 in the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its position in Prosperity Bancshares by 52.6% in the second quarter. Allspring Global Investments Holdings LLC now owns 223,612 shares of the bank’s stock valued at $13,672,000 after purchasing an additional 77,039 shares during the period. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Prosperity Bancshares Stock Performance

Shares of NYSE PB opened at $73.07 on Friday. The firm has a market cap of $6.96 billion, a price-to-earnings ratio of 15.51, a PEG ratio of 1.11 and a beta of 0.89. Prosperity Bancshares, Inc. has a 1 year low of $54.38 and a 1 year high of $75.51. The stock’s 50-day simple moving average is $72.39 and its 200-day simple moving average is $67.06.

Prosperity Bancshares (NYSE:PB) last released its earnings results on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, beating the consensus estimate of $1.31 by $0.03. The company had revenue of $459.00 million during the quarter, compared to analysts’ expectations of $299.83 million. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%. During the same period in the prior year, the business posted $1.20 EPS. As a group, research analysts predict that Prosperity Bancshares, Inc. will post 5.05 EPS for the current year.

Prosperity Bancshares Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be given a $0.58 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $2.32 annualized dividend and a dividend yield of 3.18%. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.56. Prosperity Bancshares’s payout ratio is presently 47.56%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on PB. Truist Financial downgraded Prosperity Bancshares from a “buy” rating to a “hold” rating and cut their target price for the stock from $81.00 to $79.00 in a research note on Friday, September 20th. Piper Sandler raised their price objective on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the stock an “overweight” rating in a research note on Thursday, July 25th. Barclays upped their target price on shares of Prosperity Bancshares from $75.00 to $76.00 and gave the company an “equal weight” rating in a report on Thursday, October 24th. Morgan Stanley raised shares of Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $75.00 to $86.00 in a research note on Monday, August 5th. Finally, DA Davidson cut shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $80.00 to $78.00 in a research note on Tuesday, October 15th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, Prosperity Bancshares presently has an average rating of “Moderate Buy” and an average price target of $78.96.

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.