Prosperity Bancshares, Inc. (NYSE:PB) Shares Sold by California Public Employees Retirement System

California Public Employees Retirement System decreased its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 7.3% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 152,646 shares of the bank’s stock after selling 12,098 shares during the quarter. California Public Employees Retirement System owned approximately 0.16% of Prosperity Bancshares worth $10,339,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in PB. Raymond James & Associates lifted its holdings in shares of Prosperity Bancshares by 10.7% in the 3rd quarter. Raymond James & Associates now owns 16,927 shares of the bank’s stock valued at $924,000 after buying an additional 1,642 shares during the period. Raymond James Financial Services Advisors Inc. lifted its holdings in shares of Prosperity Bancshares by 2.1% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 53,842 shares of the bank’s stock valued at $2,939,000 after acquiring an additional 1,121 shares in the last quarter. Ceredex Value Advisors LLC acquired a new stake in shares of Prosperity Bancshares in the third quarter valued at about $9,579,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Prosperity Bancshares by 25.9% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,655 shares of the bank’s stock valued at $800,000 after purchasing an additional 3,013 shares during the period. Finally, North Star Asset Management Inc. boosted its position in Prosperity Bancshares by 3.0% in the 3rd quarter. North Star Asset Management Inc. now owns 210,280 shares of the bank’s stock valued at $11,477,000 after buying an additional 6,130 shares during the last quarter. 80.69% of the stock is owned by institutional investors and hedge funds.

Prosperity Bancshares Trading Up 1.0 %

NYSE PB opened at $62.62 on Thursday. The firm’s 50 day simple moving average is $62.54 and its 200 day simple moving average is $61.98. The firm 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, Inc. has a 1 year low of $49.60 and a 1 year high of $68.88.

Prosperity Bancshares (NYSE:PB) last issued 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 firm had revenue of $420.78 million for the quarter, compared to the consensus estimate of $274.88 million. Prosperity Bancshares had a return on equity of 6.33% and a net margin of 24.50%. During the same quarter last year, the business posted $1.37 EPS. On average, equities research analysts forecast that Prosperity Bancshares, Inc. will post 4.99 earnings per share for the current 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 issued a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a yield of 3.58%. The ex-dividend date of this dividend is Friday, June 14th. Prosperity Bancshares’s payout ratio is presently 51.61%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on PB shares. Barclays initiated coverage on Prosperity Bancshares in a research report on Friday, March 8th. They issued an “equal weight” rating and a $68.00 target price on the stock. Raymond James boosted their price target 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. Royal Bank of Canada reissued a “sector perform” rating and set a $70.00 price objective on shares of Prosperity Bancshares in a report on Tuesday, April 9th. Truist Financial reiterated a “buy” rating and issued a $75.00 target price on shares of Prosperity Bancshares in a research note on Monday, April 1st. Finally, Morgan Stanley raised shares of Prosperity Bancshares from an “underweight” rating to an “equal weight” rating and set a $69.00 price objective on the stock in a research note on Wednesday, February 7th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus 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.