Public Employees Retirement System of Ohio Raises Position in Prosperity Bancshares, Inc. $PB

Public Employees Retirement System of Ohio raised its stake in Prosperity Bancshares, Inc. (NYSE:PB) by 27.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 39,427 shares of the bank’s stock after purchasing an additional 8,441 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in Prosperity Bancshares were worth $2,769,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of PB. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of Prosperity Bancshares during the first quarter valued at approximately $48,000. Parallel Advisors LLC increased its position in shares of Prosperity Bancshares by 16.8% during the second quarter. Parallel Advisors LLC now owns 978 shares of the bank’s stock valued at $69,000 after acquiring an additional 141 shares during the last quarter. UMB Bank n.a. increased its position in shares of Prosperity Bancshares by 38.6% during the second quarter. UMB Bank n.a. now owns 1,024 shares of the bank’s stock valued at $72,000 after acquiring an additional 285 shares during the last quarter. Fifth Third Bancorp increased its position in shares of Prosperity Bancshares by 44.9% during the first quarter. Fifth Third Bancorp now owns 1,277 shares of the bank’s stock valued at $91,000 after acquiring an additional 396 shares during the last quarter. Finally, Quarry LP increased its position in shares of Prosperity Bancshares by 16.7% during the first quarter. Quarry LP now owns 1,366 shares of the bank’s stock valued at $97,000 after acquiring an additional 195 shares during the last quarter. 80.69% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages recently commented on PB. Citigroup reaffirmed a “neutral” rating and set a $68.00 price target (down from $78.00) on shares of Prosperity Bancshares in a research report on Monday, September 15th. Cantor Fitzgerald began coverage on Prosperity Bancshares in a research report on Wednesday, September 10th. They set an “overweight” rating and a $78.00 price target for the company. Piper Sandler decreased their price target on Prosperity Bancshares from $86.00 to $84.00 and set an “overweight” rating for the company in a research report on Thursday, July 24th. TD Cowen began coverage on Prosperity Bancshares in a report on Thursday, September 25th. They set a “buy” rating and a $79.00 price objective for the company. Finally, Cowen began coverage on Prosperity Bancshares in a report on Wednesday, September 24th. They set a “buy” rating for the company. Twelve research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Prosperity Bancshares has an average rating of “Moderate Buy” and an average price target of $83.13.

Insider Activity at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 600 shares of Prosperity Bancshares stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $72.04, for a total transaction of $43,224.00. Following the completion of the sale, the director owned 44,900 shares of the company’s stock, valued at approximately $3,234,596. This trade represents a 1.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold 14,300 shares of company stock valued at $982,934 over the last three months. 4.20% of the stock is owned by company insiders.

Prosperity Bancshares Price Performance

Prosperity Bancshares stock opened at $66.89 on Thursday. Prosperity Bancshares, Inc. has a one year low of $61.57 and a one year high of $86.75. The business has a fifty day moving average price of $67.23 and a 200-day moving average price of $68.93. The firm has a market capitalization of $6.35 billion, a P/E ratio of 12.16, a PEG ratio of 0.99 and a beta of 0.73.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings results on Wednesday, July 23rd. The bank reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.40 by $0.02. Prosperity Bancshares had a return on equity of 6.99% and a net margin of 29.37%.The firm had revenue of $310.70 million during the quarter, compared to analyst estimates of $315.66 million. During the same period last year, the company earned $1.22 earnings per share. Sell-side analysts expect that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th were issued a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date of this dividend was Monday, September 15th. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 42.18%.

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.