Teachers Retirement System of The State of Kentucky lowered its position in Prosperity Bancshares, Inc. (NYSE:PB – Get Rating) by 1.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 72,694 shares of the bank’s stock after selling 900 shares during the period. Teachers Retirement System of The State of Kentucky owned about 0.08% of Prosperity Bancshares worth $5,043,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds have also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. increased its stake in shares of Prosperity Bancshares by 0.3% during the 4th quarter. JPMorgan Chase & Co. now owns 225,739 shares of the bank’s stock worth $16,321,000 after purchasing an additional 693 shares in the last quarter. ProShare Advisors LLC grew its stake in Prosperity Bancshares by 6.3% in the 1st quarter. ProShare Advisors LLC now owns 309,044 shares of the bank’s stock worth $21,443,000 after acquiring an additional 18,322 shares during the period. Hallmark Capital Management Inc. grew its stake in Prosperity Bancshares by 1.5% in the 1st quarter. Hallmark Capital Management Inc. now owns 235,572 shares of the bank’s stock worth $16,344,000 after acquiring an additional 3,458 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Prosperity Bancshares by 7.1% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,465 shares of the bank’s stock worth $865,000 after acquiring an additional 823 shares during the period. Finally, Gotham Asset Management LLC grew its stake in Prosperity Bancshares by 85.6% in the 4th quarter. Gotham Asset Management LLC now owns 7,508 shares of the bank’s stock worth $543,000 after acquiring an additional 3,462 shares during the period. Institutional investors and hedge funds own 81.50% of the company’s stock.
Wall Street Analysts Forecast Growth
Several analysts have commented on the stock. StockNews.com raised shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a research note on Wednesday, August 3rd. Truist Financial lowered their price objective on shares of Prosperity Bancshares from $78.00 to $77.00 and set a “buy” rating for the company in a research note on Wednesday, June 15th. Piper Sandler lowered their price objective on shares of Prosperity Bancshares to $78.00 in a research note on Monday, July 4th. Finally, Wolfe Research lowered their price objective on shares of Prosperity Bancshares from $69.00 to $63.00 and set an “underperform” rating for the company in a research note on Thursday, May 26th. One analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $77.25.
Insider Activity at Prosperity Bancshares
Prosperity Bancshares Trading Down 1.5 %
NYSE:PB opened at $70.66 on Monday. The firm has a market capitalization of $6.51 billion, a price-to-earnings ratio of 12.85, a PEG ratio of 1.23 and a beta of 1.04. The firm’s fifty day simple moving average is $72.14 and its 200 day simple moving average is $70.27. Prosperity Bancshares, Inc. has a twelve month low of $64.40 and a twelve month high of $80.46.
Prosperity Bancshares (NYSE:PB – Get Rating) last posted its earnings results on Wednesday, July 27th. The bank reported $1.40 earnings per share for the quarter, beating the consensus estimate of $1.38 by $0.02. The business had revenue of $286.10 million for the quarter, compared to analyst estimates of $285.39 million. Prosperity Bancshares had a net margin of 43.50% and a return on equity of 7.85%. The business’s quarterly revenue was up 1.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.41 EPS. On average, analysts predict that Prosperity Bancshares, Inc. will post 5.77 earnings per share for the current year.
Prosperity Bancshares Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 3rd. Investors of record on Thursday, September 15th will be issued a dividend of $0.52 per share. The ex-dividend date of this dividend is Wednesday, September 14th. This represents a $2.08 annualized dividend and a dividend yield of 2.94%. Prosperity Bancshares’s payout ratio is 37.82%.
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; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and purchase of equipment and machinery.
- Get a free copy of the StockNews.com research report on Prosperity Bancshares (PB)
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