American Century Companies Inc. Has $140.80 Million Holdings in Prosperity Bancshares, Inc. $PB

American Century Companies Inc. increased its holdings in Prosperity Bancshares, Inc. (NYSE:PB) by 48.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,122,031 shares of the bank’s stock after buying an additional 695,114 shares during the period. American Century Companies Inc.’s holdings in Prosperity Bancshares were worth $140,797,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in PB. Mather Group LLC. acquired a new stake in Prosperity Bancshares in the third quarter valued at about $26,000. Annis Gardner Whiting Capital Advisors LLC bought a new position in Prosperity Bancshares during the 3rd quarter worth approximately $42,000. Employees Retirement System of Texas acquired a new stake in Prosperity Bancshares during the 2nd quarter worth about $48,000. Osaic Holdings Inc. boosted its holdings in shares of Prosperity Bancshares by 34.9% during the 2nd quarter. Osaic Holdings Inc. now owns 719 shares of the bank’s stock worth $51,000 after buying an additional 186 shares in the last quarter. Finally, Cornerstone Planning Group LLC grew its stake in shares of Prosperity Bancshares by 18,633.3% in the 3rd quarter. Cornerstone Planning Group LLC now owns 1,124 shares of the bank’s stock valued at $75,000 after buying an additional 1,118 shares during the period. 80.69% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have recently issued reports on PB. Janney Montgomery Scott cut shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating in a report on Tuesday, February 3rd. Barclays downgraded shares of Prosperity Bancshares from an “equal weight” rating to an “underweight” rating and cut their price target for the stock from $75.00 to $68.00 in a report on Monday, February 2nd. TD Cowen reiterated a “buy” rating on shares of Prosperity Bancshares in a research note on Wednesday, January 7th. Piper Sandler lowered Prosperity Bancshares from an “overweight” rating to a “neutral” rating and cut their price target for the stock from $77.00 to $74.00 in a report on Thursday, January 29th. Finally, DA Davidson reissued a “neutral” rating and issued a $76.00 price target on shares of Prosperity Bancshares in a report on Thursday, January 29th. Seven investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Prosperity Bancshares currently has an average rating of “Hold” and a consensus target price of $78.77.

Insider Activity at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 600 shares of the firm’s stock in a transaction that occurred on Wednesday, December 3rd. The stock was sold at an average price of $70.08, for a total value of $42,048.00. Following the completion of the transaction, the director owned 42,900 shares in the company, valued at $3,006,432. This trade represents a 1.38% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Harrison Stafford II sold 800 shares of the company’s stock in a transaction dated Thursday, December 4th. The stock was sold at an average price of $70.76, for a total transaction of $56,608.00. Following the completion of the sale, the director owned 107,937 shares in the company, valued at approximately $7,637,622.12. This trade represents a 0.74% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 15,050 shares of company stock worth $1,075,486 over the last quarter. 4.20% of the stock is owned by corporate insiders.

Prosperity Bancshares Stock Down 3.0%

Shares of NYSE:PB opened at $70.33 on Monday. The stock has a market cap of $6.68 billion, a PE ratio of 12.27, a PEG ratio of 0.99 and a beta of 0.66. The company’s fifty day moving average is $71.80 and its 200 day moving average is $68.86. Prosperity Bancshares, Inc. has a 52 week low of $61.06 and a 52 week high of $77.92.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings results on Wednesday, January 28th. The bank reported $1.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.45 by $0.01. Prosperity Bancshares had a net margin of 31.22% and a return on equity of 7.11%. The business had revenue of $317.73 million during the quarter, compared to analyst estimates of $319.30 million. During the same period in the prior year, the business posted $1.37 earnings per share. The company’s revenue was down 5.9% on a year-over-year basis. Sell-side analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Prosperity Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th will be issued a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date is Friday, March 13th. Prosperity Bancshares’s dividend payout ratio is currently 41.88%.

Prosperity Bancshares Company Profile

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.