Louisiana State Employees Retirement System Makes New Investment in Prosperity Bancshares, Inc. $PB

Louisiana State Employees Retirement System purchased a new position in shares of Prosperity Bancshares, Inc. (NYSE:PB) in the first quarter, Holdings Channel.com reports. The firm purchased 29,300 shares of the bank’s stock, valued at approximately $1,968,000.

Several other institutional investors have also made changes to their positions in the company. Gator Capital Management LLC acquired a new stake in Prosperity Bancshares in the fourth quarter valued at approximately $2,051,000. First National Bank of Omaha bought a new stake in Prosperity Bancshares in the fourth quarter worth approximately $6,390,000. Wealth Enhancement Advisory Services LLC increased its stake in shares of Prosperity Bancshares by 81.2% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 59,752 shares of the bank’s stock worth $4,246,000 after purchasing an additional 26,774 shares during the last quarter. Stieven Capital Advisors L.P. acquired a new position in shares of Prosperity Bancshares during the 3rd quarter worth $7,893,000. Finally, Entropy Technologies LP bought a new position in shares of Prosperity Bancshares during the 3rd quarter valued at $4,535,000. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Prosperity Bancshares Price Performance

NYSE:PB opened at $73.18 on Wednesday. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.76 and a quick ratio of 0.76. Prosperity Bancshares, Inc. has a one year low of $61.06 and a one year high of $77.20. The company has a fifty day moving average price of $69.86 and a 200 day moving average price of $70.01. The stock has a market cap of $7.38 billion, a P/E ratio of 13.26, a PEG ratio of 1.13 and a beta of 0.64.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings results on Wednesday, April 29th. The bank reported $1.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.41 by $0.09. Prosperity Bancshares had a net margin of 29.50% and a return on equity of 7.20%. The company had revenue of $367.62 million for the quarter, compared to analyst estimates of $358.60 million. During the same period last year, the business posted $1.37 EPS. The business’s quarterly revenue was up 19.9% on a year-over-year basis. Analysts anticipate that Prosperity Bancshares, Inc. will post 6.27 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Monday, June 15th will be paid a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 3.3%. The ex-dividend date is Monday, June 15th. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 43.48%.

Insider Buying and Selling at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $72.73, for a total transaction of $36,365.00. Following the sale, the director directly owned 74,615 shares of the company’s stock, valued at $5,426,748.95. This trade represents a 0.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold a total of 13,200 shares of company stock valued at $919,078 in the last three months. 3.96% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research firms recently issued reports on PB. Morgan Stanley lifted their price objective on shares of Prosperity Bancshares from $83.00 to $85.00 and gave the company an “overweight” rating in a research note on Monday. Citigroup increased their target price on shares of Prosperity Bancshares from $74.00 to $75.00 and gave the stock a “neutral” rating in a research report on Thursday, June 25th. TD Cowen boosted their price target on Prosperity Bancshares from $77.00 to $79.00 and gave the stock a “buy” rating in a research report on Friday, May 1st. Benchmark began coverage on Prosperity Bancshares in a research report on Wednesday, June 24th. They issued a “hold” rating for the company. Finally, Piper Sandler upped their price target on Prosperity Bancshares from $74.00 to $75.00 and gave the stock a “neutral” rating in a research note on Thursday, April 30th. Five analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $76.82.

Prosperity Bancshares Profile

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.