California Public Employees Retirement System Sells 12,098 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

California Public Employees Retirement System cut its holdings in Prosperity Bancshares, Inc. (NYSE:PB) by 7.3% during the fourth quarter, HoldingsChannel reports. The firm owned 152,646 shares of the bank’s stock after selling 12,098 shares during the period. California Public Employees Retirement System’s holdings in Prosperity Bancshares were worth $10,339,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in PB. Planned Solutions Inc. acquired a new stake in Prosperity Bancshares in the 4th quarter worth $37,000. Signaturefd LLC increased its stake in Prosperity Bancshares by 171.5% during the fourth quarter. Signaturefd LLC now owns 744 shares of the bank’s stock valued at $50,000 after acquiring an additional 470 shares during the period. Spire Wealth Management raised its holdings in Prosperity Bancshares by 17.7% in the 3rd quarter. Spire Wealth Management now owns 1,290 shares of the bank’s stock valued at $70,000 after acquiring an additional 194 shares in the last quarter. Covestor Ltd lifted its position in shares of Prosperity Bancshares by 12.3% in the 3rd quarter. Covestor Ltd now owns 2,231 shares of the bank’s stock worth $122,000 after acquiring an additional 244 shares during the period. Finally, Oak Thistle LLC acquired a new stake in shares of Prosperity Bancshares during the 4th quarter worth approximately $205,000. Institutional investors and hedge funds own 80.69% of the company’s stock.

Prosperity Bancshares Price Performance

PB stock opened at $62.62 on Thursday. The business has a fifty day moving average price of $62.54 and a 200 day moving average price of $61.98. Prosperity Bancshares, Inc. has a fifty-two week low of $49.60 and a fifty-two week high of $68.88. The stock has a market capitalization of $5.86 billion, a price-to-earnings ratio of 14.43, a P/E/G ratio of 1.25 and a beta of 0.93.

Prosperity Bancshares (NYSE:PB) last announced its earnings results on Wednesday, April 24th. The bank reported $1.18 earnings per share for the quarter, beating analysts’ consensus estimates of $1.15 by $0.03. The company had revenue of $420.78 million during the quarter, compared to analyst estimates of $274.88 million. Prosperity Bancshares had a return on equity of 6.33% and a net margin of 24.50%. During the same period last year, the company posted $1.37 earnings per share. On average, equities analysts expect that Prosperity Bancshares, Inc. will post 4.99 earnings per share for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be paid a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.58%. The ex-dividend date of this dividend is Friday, June 14th. Prosperity Bancshares’s dividend payout ratio is presently 51.61%.

Analyst Ratings Changes

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

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.