New York State Common Retirement Fund Increases Stock Position in Prosperity Bancshares, Inc. (NYSE:PB)

New York State Common Retirement Fund lifted its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 0.1% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 265,375 shares of the bank’s stock after acquiring an additional 211 shares during the quarter. New York State Common Retirement Fund’s holdings in Prosperity Bancshares were worth $17,974,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Wellington Management Group LLP increased its holdings in Prosperity Bancshares by 11.5% during the 3rd quarter. Wellington Management Group LLP now owns 2,213,472 shares of the bank’s stock worth $120,811,000 after acquiring an additional 227,725 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in Prosperity Bancshares by 3.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,050,650 shares of the bank’s stock worth $57,344,000 after acquiring an additional 39,741 shares during the period. Vaughan Nelson Investment Management L.P. bought a new stake in Prosperity Bancshares during the 4th quarter worth approximately $46,306,000. Private Management Group Inc. increased its holdings in Prosperity Bancshares by 14.8% during the 3rd quarter. Private Management Group Inc. now owns 541,207 shares of the bank’s stock worth $29,539,000 after acquiring an additional 69,970 shares during the period. Finally, Schonfeld Strategic Advisors LLC increased its holdings in Prosperity Bancshares by 55.1% during the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 406,233 shares of the bank’s stock worth $22,172,000 after acquiring an additional 144,236 shares during the period. Institutional investors own 80.69% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on PB. Royal Bank of Canada reissued a “sector perform” rating and issued a $70.00 price target on shares of Prosperity Bancshares in a report on Tuesday, April 9th. Morgan Stanley raised shares of Prosperity Bancshares from an “underweight” rating to an “equal weight” rating and set a $69.00 price target on the stock in a report on Wednesday, February 7th. Truist Financial reissued a “buy” rating and issued a $75.00 price target on shares of Prosperity Bancshares in a report on Monday, April 1st. Barclays began coverage on shares of Prosperity Bancshares in a report on Friday, March 8th. They issued an “equal weight” rating and a $68.00 price target on the stock. Finally, Raymond James increased their target price on shares of Prosperity Bancshares from $65.00 to $80.00 and gave the company a “strong-buy” rating in a report on Friday, January 5th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $68.79.

Prosperity Bancshares Price Performance

Shares of NYSE:PB opened at $63.55 on Monday. Prosperity Bancshares, Inc. has a 1-year low of $49.60 and a 1-year high of $68.88. The company has a market capitalization of $5.94 billion, a P/E ratio of 14.64, a P/E/G ratio of 1.27 and a beta of 0.93. The firm’s 50 day simple moving average is $62.58 and its two-hundred day simple moving average is $61.83.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results on Wednesday, April 24th. The bank reported $1.18 earnings per share for the quarter, beating the consensus estimate of $1.15 by $0.03. Prosperity Bancshares had a net margin of 24.50% and a return on equity of 6.33%. The business had revenue of $420.78 million for the quarter, compared to the consensus estimate of $274.88 million. During the same quarter in the previous year, the firm earned $1.37 earnings per share. On average, sell-side analysts anticipate that Prosperity Bancshares, Inc. will post 4.99 earnings per share for the current fiscal year.

Prosperity Bancshares Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be given a dividend of $0.56 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.52%. Prosperity Bancshares’s dividend payout ratio is 51.61%.

Prosperity Bancshares Profile

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.