Arizona State Retirement System Has $1.87 Million Stock Position in Prosperity Bancshares, Inc. (NYSE:PB)

Arizona State Retirement System raised its position in Prosperity Bancshares, Inc. (NYSE:PB – Get Rating) by 2.7% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 25,738 shares of the bank’s stock after acquiring an additional 688 shares during the period. Arizona State Retirement System’s holdings in Prosperity Bancshares were worth $1,871,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently modified their holdings of PB. ExodusPoint Capital Management LP bought a new position in Prosperity Bancshares in the 3rd quarter valued at about $883,000. Parallel Advisors LLC boosted its position in shares of Prosperity Bancshares by 18.6% during the fourth quarter. Parallel Advisors LLC now owns 2,629 shares of the bank’s stock valued at $191,000 after buying an additional 412 shares during the last quarter. Maryland State Retirement & Pension System purchased a new position in shares of Prosperity Bancshares during the fourth quarter valued at approximately $521,000. Benjamin F. Edwards & Company Inc. grew its holdings in Prosperity Bancshares by 1.5% during the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 20,070 shares of the bank’s stock worth $1,459,000 after buying an additional 287 shares in the last quarter. Finally, Boothbay Fund Management LLC raised its position in Prosperity Bancshares by 14.4% in the 3rd quarter. Boothbay Fund Management LLC now owns 54,214 shares of the bank’s stock valued at $3,615,000 after buying an additional 6,809 shares during the last quarter. Institutional investors own 81.32% of the company’s stock.

Prosperity Bancshares Trading Up 0.0 %

Prosperity Bancshares stock opened at $60.21 on Thursday. The business’s 50 day simple moving average is $62.40 and its 200 day simple moving average is $69.63. Prosperity Bancshares, Inc. has a 12 month low of $56.72 and a 12 month high of $78.76. The company has a market cap of $5.68 billion, a price-to-earnings ratio of 10.44, a PEG ratio of 1.09 and a beta of 0.96.

Prosperity Bancshares (NYSE:PB – Get Rating) last issued its quarterly earnings results on Wednesday, April 26th. The bank reported $1.37 EPS for the quarter, beating analysts’ consensus estimates of $1.33 by $0.04. The firm had revenue of $365.58 million for the quarter, compared to analysts’ expectations of $285.02 million. Prosperity Bancshares had a return on equity of 7.93% and a net margin of 39.87%. During the same quarter in the prior year, the firm earned $1.33 EPS. As a group, equities research analysts forecast that Prosperity Bancshares, Inc. will post 5.46 earnings per share for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 3rd. Shareholders of record on Thursday, June 15th will be issued a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a yield of 3.65%. The ex-dividend date is Wednesday, June 14th. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 38.13%.

Wall Street Analysts Forecast Growth

PB has been the topic of a number of analyst reports. Morgan Stanley cut their price objective on shares of Prosperity Bancshares from $69.00 to $58.00 in a report on Wednesday, April 5th. StockNews.com started coverage on shares of Prosperity Bancshares in a research note on Thursday, March 16th. They issued a “sell” rating for the company. Truist Financial cut their target price on Prosperity Bancshares from $83.00 to $71.00 and set a “buy” rating on the stock in a research note on Thursday, March 23rd. Janney Montgomery Scott raised Prosperity Bancshares from a “neutral” rating to a “buy” rating and set a $76.00 target price for the company in a report on Monday, March 13th. Finally, Raymond James dropped their price target on Prosperity Bancshares from $85.00 to $70.00 and set an “outperform” rating on the stock in a report on Thursday, April 6th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $73.55.

Insiders Place Their Bets

In other Prosperity Bancshares news, Director L. Jack Lord purchased 5,000 shares of the stock in a transaction dated Monday, May 1st. The shares were bought at an average price of $62.04 per share, with a total value of $310,200.00. Following the completion of the transaction, the director now directly owns 33,125 shares in the company, valued at approximately $2,055,075. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, Director L. Jack Lord purchased 5,000 shares of Prosperity Bancshares stock in a transaction dated Monday, May 1st. The stock was bought at an average cost of $62.04 per share, for a total transaction of $310,200.00. Following the completion of the transaction, the director now owns 33,125 shares in the company, valued at $2,055,075. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman H E. Timanus, Jr. bought 1,000 shares of the business’s stock in a transaction on Monday, March 13th. The stock was bought at an average price of $62.90 per share, with a total value of $62,900.00. Following the purchase, the chairman now owns 202,891 shares in the company, valued at $12,761,843.90. The disclosure for this purchase can be found here. Company insiders own 4.20% of the company’s stock.

Prosperity Bancshares Company 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.