Louisiana State Employees Retirement System Acquires Shares of 26,300 Prosperity Bancshares, Inc. (NYSE:PB)

Louisiana State Employees Retirement System acquired a new stake in Prosperity Bancshares, Inc. (NYSE:PB) during the 4th quarter, Holdings Channel reports. The institutional investor acquired 26,300 shares of the bank’s stock, valued at approximately $1,781,000.

Several other hedge funds also recently added to or reduced their stakes in PB. Planned Solutions Inc. purchased a new position in Prosperity Bancshares in the fourth quarter valued at about $37,000. Covestor Ltd raised its position in Prosperity Bancshares by 83.6% in the first quarter. Covestor Ltd now owns 692 shares of the bank’s stock valued at $48,000 after purchasing an additional 315 shares during the period. State of Wyoming raised its position in Prosperity Bancshares by 25.1% in the second quarter. State of Wyoming now owns 891 shares of the bank’s stock valued at $50,000 after purchasing an additional 179 shares during the period. Steward Partners Investment Advisory LLC raised its position in Prosperity Bancshares by 73.2% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 710 shares of the bank’s stock valued at $52,000 after purchasing an additional 300 shares during the period. Finally, Sunbelt Securities Inc. purchased a new stake in shares of Prosperity Bancshares during the first quarter worth about $56,000. 80.69% of the stock is owned by hedge funds and other institutional investors.

Prosperity Bancshares Stock Performance

NYSE:PB opened at $59.69 on Friday. The company has a market capitalization of $5.58 billion, a price-to-earnings ratio of 13.18, a price-to-earnings-growth ratio of 1.20 and a beta of 0.93. Prosperity Bancshares, Inc. has a one year low of $49.60 and a one year high of $68.88. The stock has a 50-day simple moving average of $62.63 and a 200 day simple moving average of $61.29.

Prosperity Bancshares (NYSE:PB) last issued its earnings results on Wednesday, January 24th. The bank reported $1.19 EPS for the quarter, beating analysts’ consensus estimates of $1.15 by $0.04. Prosperity Bancshares had a return on equity of 6.62% and a net margin of 26.24%. The company had revenue of $413.00 million during the quarter, compared to the consensus estimate of $279.34 million. During the same period in the previous year, the firm posted $1.51 earnings per share. On average, equities research analysts forecast that Prosperity Bancshares, Inc. will post 4.96 EPS for the current fiscal year.

Analyst Ratings Changes

PB has been the topic of a number of analyst reports. Barclays initiated coverage on Prosperity Bancshares in a research report on Friday, March 8th. They set an “equal weight” rating and a $68.00 target price on the stock. Morgan Stanley raised Prosperity Bancshares from an “underweight” rating to an “equal weight” rating and set a $69.00 target price on the stock in a research report on Wednesday, February 7th. Raymond James lifted their target price on Prosperity Bancshares from $65.00 to $80.00 and gave the stock a “strong-buy” rating in a research report on Friday, January 5th. Truist Financial reaffirmed a “buy” rating and set a $75.00 target price on shares of Prosperity Bancshares in a research report on Monday, April 1st. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $70.00 target price on shares of Prosperity Bancshares in a research report on Tuesday, April 9th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $68.79.

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