Prosperity Bancshares, Inc. $PB Shares Sold by New York State Common Retirement Fund

New York State Common Retirement Fund reduced its position in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 19.6% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 202,866 shares of the bank’s stock after selling 49,430 shares during the period. New York State Common Retirement Fund’s holdings in Prosperity Bancshares were worth $13,460,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in PB. Mather Group LLC. acquired a new stake in shares of Prosperity Bancshares during the third quarter worth $26,000. Employees Retirement System of Texas acquired a new stake in shares of Prosperity Bancshares during the 2nd quarter worth approximately $48,000. Osaic Holdings Inc. lifted its holdings in shares of Prosperity Bancshares by 34.9% in the 2nd quarter. Osaic Holdings Inc. now owns 719 shares of the bank’s stock worth $51,000 after purchasing an additional 186 shares during the last quarter. IFP Advisors Inc grew its stake in Prosperity Bancshares by 1,251.4% during the 2nd quarter. IFP Advisors Inc now owns 973 shares of the bank’s stock worth $68,000 after buying an additional 901 shares during the last quarter. Finally, Signaturefd LLC lifted its stake in Prosperity Bancshares by 33.8% in the second quarter. Signaturefd LLC now owns 985 shares of the bank’s stock valued at $69,000 after buying an additional 249 shares during the last quarter. Institutional investors and hedge funds own 80.69% of the company’s stock.

Prosperity Bancshares Price Performance

PB opened at $69.72 on Tuesday. The business has a 50 day moving average price of $70.96 and a two-hundred day moving average price of $68.18. The company has a market capitalization of $6.62 billion, a price-to-earnings ratio of 12.17, a price-to-earnings-growth ratio of 0.89 and a beta of 0.68. Prosperity Bancshares, Inc. has a 1-year low of $61.06 and a 1-year high of $81.53.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings data on Wednesday, January 28th. The bank reported $1.46 EPS for the quarter, topping analysts’ consensus estimates of $1.45 by $0.01. The company had revenue of $317.73 million for the quarter, compared to the consensus estimate of $319.30 million. Prosperity Bancshares had a return on equity of 7.11% and a net margin of 31.22%.The company’s quarterly revenue was down 5.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.37 EPS. Equities analysts expect that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Friday, March 13th will be issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date of this dividend is Friday, March 13th. Prosperity Bancshares’s dividend payout ratio is presently 41.88%.

Insider Activity

In other Prosperity Bancshares news, Director Harrison Stafford II sold 800 shares of Prosperity Bancshares stock in a transaction that occurred on Thursday, December 4th. The shares were sold at an average price of $70.76, for a total value of $56,608.00. Following the transaction, the director owned 107,937 shares in the company, valued at approximately $7,637,622.12. The trade was a 0.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Leah Henderson sold 1,050 shares of the stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $73.00, for a total value of $76,650.00. Following the sale, the director owned 8,075 shares of the company’s stock, valued at $589,475. This trade represents a 11.51% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 16,150 shares of company stock worth $1,129,356. Corporate insiders own 4.20% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently commented on PB. Royal Bank Of Canada lowered their price target on shares of Prosperity Bancshares from $78.00 to $72.00 and set a “sector perform” rating for the company in a research report on Friday, October 10th. Barclays lowered shares of Prosperity Bancshares from an “equal weight” rating to an “underweight” rating and reduced their target price for the company from $75.00 to $68.00 in a research note on Monday. TD Cowen restated a “buy” rating on shares of Prosperity Bancshares in a research report on Wednesday, January 7th. Hovde Group lifted their price target on Prosperity Bancshares from $75.00 to $77.00 and gave the company an “outperform” rating in a report on Thursday, January 29th. Finally, Piper Sandler downgraded Prosperity Bancshares from an “overweight” rating to a “neutral” rating and reduced their price objective for the stock from $77.00 to $74.00 in a research report on Thursday. Seven investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $78.77.

About Prosperity Bancshares

Prosperity Bancshares, Inc is a holding company for Prosperity Bank, offering a broad range of commercial and consumer banking services across Texas, Oklahoma, Arkansas and Louisiana. Through its network of branches and digital platforms, the company provides deposit products, business and real estate lending, treasury management, mortgage origination and servicing, as well as wealth management and trust services.

Originally chartered in 1911 as First National Bank in McKinney, Texas, the organization rebranded to Prosperity Bank in 2009 following a series of strategic acquisitions aimed at deepening its regional presence.