Teachers Retirement System of The State of Kentucky Buys Shares of 74,418 Prosperity Bancshares, Inc. (NYSE:PB)

Teachers Retirement System of The State of Kentucky bought a new stake in shares of Prosperity Bancshares, Inc. (NYSE:PB – Get Rating) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 74,418 shares of the bank’s stock, valued at approximately $4,962,000. Teachers Retirement System of The State of Kentucky owned about 0.08% of Prosperity Bancshares at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in PB. Quadrant Capital Group LLC increased its holdings in Prosperity Bancshares by 49.1% during the third quarter. Quadrant Capital Group LLC now owns 437 shares of the bank’s stock valued at $29,000 after buying an additional 144 shares during the last quarter. Quantbot Technologies LP purchased a new stake in Prosperity Bancshares during the third quarter valued at approximately $34,000. Exchange Traded Concepts LLC purchased a new stake in Prosperity Bancshares during the third quarter valued at approximately $46,000. Covestor Ltd increased its holdings in Prosperity Bancshares by 83.6% during the first quarter. Covestor Ltd now owns 692 shares of the bank’s stock valued at $48,000 after buying an additional 315 shares during the last quarter. Finally, Belpointe Asset Management LLC purchased a new stake in Prosperity Bancshares during the third quarter valued at approximately $101,000. 81.32% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Prosperity Bancshares

In other Prosperity Bancshares news, Chairman H E. Timanus, Jr. purchased 1,000 shares of the firm’s stock in a transaction that occurred on Monday, March 13th. The shares were bought at an average price of $62.90 per share, with a total value of $62,900.00. Following the completion of the purchase, the chairman now directly owns 202,891 shares in the company, valued at $12,761,843.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 4.22% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages have commented on PB. Morgan Stanley assumed coverage on shares of Prosperity Bancshares in a report on Monday, December 5th. They set an “equal weight” rating and a $69.00 target price for the company. Janney Montgomery Scott upgraded shares of Prosperity Bancshares from a “neutral” rating to a “buy” rating and set a $76.00 price target for the company in a research report on Monday, March 13th. StockNews.com assumed coverage on shares of Prosperity Bancshares in a research report on Thursday. They issued a “sell” rating for the company. DA Davidson upgraded shares of Prosperity Bancshares from a “neutral” rating to a “buy” rating and set a $79.00 price target for the company in a research report on Monday, March 13th. Finally, Raymond James upgraded shares of Prosperity Bancshares from a “market perform” rating to an “outperform” rating and set a $85.00 price target for the company in a research report on Tuesday, February 21st. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $76.00.

Prosperity Bancshares Stock Performance

Shares of NYSE:PB opened at $61.90 on Friday. The firm has a market cap of $5.65 billion, a price-to-earnings ratio of 10.80, a P/E/G ratio of 1.10 and a beta of 0.99. The firm has a fifty day moving average price of $73.06 and a 200 day moving average price of $72.16. Prosperity Bancshares, Inc. has a fifty-two week low of $58.25 and a fifty-two week high of $78.76.

Prosperity Bancshares (NYSE:PB – Get Rating) last released its quarterly earnings results on Wednesday, January 25th. The bank reported $1.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.50 by $0.01. The company had revenue of $346.32 million for the quarter, compared to the consensus estimate of $296.52 million. Prosperity Bancshares had a net margin of 42.30% and a return on equity of 7.97%. During the same quarter in the prior year, the firm earned $1.38 earnings per share. As a group, research analysts predict that Prosperity Bancshares, Inc. will post 5.86 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 3rd. Investors of record on Wednesday, March 15th will be paid a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a yield of 3.55%. The ex-dividend date of this dividend is Tuesday, March 14th. Prosperity Bancshares’s payout ratio is 38.39%.

Prosperity Bancshares Profile

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Prosperity Bancshares, Inc is a holding company, which engages in the provision of financial products and solutions. It offers retail and commercial banking services such as deposits, online Internet banking, loan, investments, trust, and credit card to small and medium-sized businesses and consumers.