Prosperity Bancshares, Inc. (NYSE:PB) Shares Bought by New York State Common Retirement Fund

New York State Common Retirement Fund grew its position in shares of Prosperity Bancshares, Inc. (NYSE:PBGet Rating) by 0.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 266,477 shares of the bank’s stock after acquiring an additional 1,884 shares during the quarter. New York State Common Retirement Fund owned about 0.29% of Prosperity Bancshares worth $18,488,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PB. American Century Companies Inc. grew its stake in shares of Prosperity Bancshares by 48.5% in the fourth quarter. American Century Companies Inc. now owns 2,166,549 shares of the bank’s stock valued at $156,641,000 after buying an additional 708,008 shares in the last quarter. Millennium Management LLC boosted its holdings in Prosperity Bancshares by 1,261.7% in the fourth quarter. Millennium Management LLC now owns 575,661 shares of the bank’s stock valued at $41,620,000 after purchasing an additional 533,386 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in Prosperity Bancshares by 5.1% in the first quarter. Victory Capital Management Inc. now owns 3,870,967 shares of the bank’s stock valued at $268,482,000 after purchasing an additional 189,581 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Prosperity Bancshares by 6.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,848,170 shares of the bank’s stock valued at $133,622,000 after purchasing an additional 118,165 shares during the last quarter. Finally, Qube Research & Technologies Ltd bought a new position in Prosperity Bancshares during the 4th quarter worth approximately $8,365,000. 80.30% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have commented on PB shares. Piper Sandler reduced their target price on Prosperity Bancshares to $78.00 in a report on Monday, July 4th. Wolfe Research lowered their target price on Prosperity Bancshares from $69.00 to $63.00 and set an “underperform” rating on the stock in a research report on Thursday, May 26th. StockNews.com upgraded Prosperity Bancshares from a “sell” rating to a “hold” rating in a research report on Wednesday. Finally, Truist Financial lowered their target price on Prosperity Bancshares from $78.00 to $77.00 and set a “buy” rating on the stock in a research report on Wednesday, June 15th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $77.25.

Insider Transactions at Prosperity Bancshares

In related news, Chairman H E. Timanus, Jr. acquired 2,000 shares of Prosperity Bancshares stock in a transaction dated Thursday, May 12th. The stock was acquired at an average cost of $67.00 per share, with a total value of $134,000.00. Following the purchase, the chairman now directly owns 2,000 shares in the company, valued at approximately $134,000. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, Director George A. Fisk sold 1,200 shares of the firm’s stock in a transaction on Monday, June 27th. The stock was sold at an average price of $69.50, for a total value of $83,400.00. Following the completion of the sale, the director now owns 93,611 shares of the company’s stock, valued at $6,505,964.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Chairman H E. Timanus, Jr. acquired 2,000 shares of Prosperity Bancshares stock in a transaction that occurred on Thursday, May 12th. The shares were purchased at an average cost of $67.00 per share, with a total value of $134,000.00. Following the transaction, the chairman now owns 2,000 shares of the company’s stock, valued at approximately $134,000. The disclosure for this purchase can be found here. Corporate insiders own 4.22% of the company’s stock.

Prosperity Bancshares Stock Performance

Shares of PB stock opened at $72.51 on Friday. The stock has a market cap of $6.68 billion, a PE ratio of 13.18, a price-to-earnings-growth ratio of 1.27 and a beta of 1.05. The business’s fifty day moving average is $70.09 and its 200-day moving average is $70.66. Prosperity Bancshares, Inc. has a 1 year low of $64.40 and a 1 year high of $80.46.

Prosperity Bancshares (NYSE:PBGet Rating) last released its quarterly earnings data on Wednesday, July 27th. The bank reported $1.40 earnings per share for the quarter, topping the consensus estimate of $1.38 by $0.02. The business had revenue of $286.10 million during the quarter, compared to analyst estimates of $285.39 million. Prosperity Bancshares had a return on equity of 7.85% and a net margin of 43.50%. The company’s revenue was up 1.8% compared to the same quarter last year. During the same period last year, the company posted $1.41 EPS. Equities research analysts predict that Prosperity Bancshares, Inc. will post 5.75 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 3rd. Stockholders of record on Thursday, September 15th will be paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 2.87%. The ex-dividend date of this dividend is Wednesday, September 14th. Prosperity Bancshares’s dividend payout ratio is presently 37.82%.

Prosperity Bancshares Profile

(Get Rating)

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; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and purchase of equipment and machinery.

Further Reading

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Institutional Ownership by Quarter for Prosperity Bancshares (NYSE:PB)

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