Prosperity Bancshares, Inc. $PB Shares Purchased by Police & Firemen s Retirement System of New Jersey

Police & Firemen s Retirement System of New Jersey lifted its holdings in Prosperity Bancshares, Inc. (NYSE:PB) by 10.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 35,808 shares of the bank’s stock after purchasing an additional 3,292 shares during the period. Police & Firemen s Retirement System of New Jersey’s holdings in Prosperity Bancshares were worth $2,515,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently bought and sold shares of the company. Geode Capital Management LLC grew its holdings in Prosperity Bancshares by 0.7% in the second quarter. Geode Capital Management LLC now owns 1,788,114 shares of the bank’s stock valued at $125,615,000 after purchasing an additional 11,606 shares during the period. Boston Partners lifted its position in shares of Prosperity Bancshares by 10.0% during the 2nd quarter. Boston Partners now owns 361,075 shares of the bank’s stock valued at $25,359,000 after buying an additional 32,805 shares in the last quarter. Hodges Capital Management Inc. grew its stake in Prosperity Bancshares by 2.6% in the 2nd quarter. Hodges Capital Management Inc. now owns 81,975 shares of the bank’s stock valued at $5,758,000 after acquiring an additional 2,112 shares during the period. Allworth Financial LP increased its holdings in Prosperity Bancshares by 920.6% in the 2nd quarter. Allworth Financial LP now owns 1,337 shares of the bank’s stock worth $94,000 after acquiring an additional 1,206 shares in the last quarter. Finally, ProShare Advisors LLC raised its position in Prosperity Bancshares by 26.7% during the second quarter. ProShare Advisors LLC now owns 490,340 shares of the bank’s stock worth $34,441,000 after acquiring an additional 103,304 shares during the period. Institutional investors and hedge funds own 80.69% of the company’s stock.

Insider Activity

In related news, Director Ned S. Holmes sold 500 shares of the firm’s stock in a transaction dated Wednesday, November 12th. The shares were sold at an average price of $67.28, for a total transaction of $33,640.00. Following the completion of the sale, the director directly owned 88,915 shares in the company, valued at approximately $5,982,201.20. This trade represents a 0.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold a total of 13,200 shares of company stock valued at $876,277 over the last ninety days. Corporate insiders own 4.20% of the company’s stock.

Prosperity Bancshares Price Performance

PB stock opened at $65.51 on Wednesday. Prosperity Bancshares, Inc. has a 1 year low of $61.06 and a 1 year high of $86.75. The firm has a market capitalization of $6.22 billion, a PE ratio of 11.68, a price-to-earnings-growth ratio of 0.97 and a beta of 0.75. The business has a 50 day simple moving average of $65.51 and a 200-day simple moving average of $68.27.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, October 29th. The bank reported $1.45 EPS for the quarter, hitting analysts’ consensus estimates of $1.45. The firm had revenue of $314.67 million for the quarter, compared to the consensus estimate of $317.94 million. Prosperity Bancshares had a return on equity of 7.06% and a net margin of 30.28%.The firm’s revenue was up 3.9% compared to the same quarter last year. During the same quarter last year, the business posted $1.34 earnings per share. On average, equities research analysts expect that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Prosperity Bancshares Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 2nd. Stockholders of record on Monday, December 15th will be given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 3.7%. The ex-dividend date of this dividend is Monday, December 15th. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.58. Prosperity Bancshares’s dividend payout ratio is presently 42.78%.

Analyst Ratings Changes

PB has been the subject of a number of research reports. Stephens boosted their target price on shares of Prosperity Bancshares from $77.00 to $81.00 and gave the stock an “overweight” rating in a research note on Thursday, October 30th. TD Cowen boosted their price objective on Prosperity Bancshares from $79.00 to $83.00 and gave the stock a “buy” rating in a research note on Friday, October 31st. Hovde Group reduced their target price on Prosperity Bancshares from $83.00 to $80.00 and set an “outperform” rating for the company in a report on Thursday, October 30th. Royal Bank Of Canada lowered their price target on Prosperity Bancshares from $78.00 to $72.00 and set a “sector perform” rating on the stock in a research note on Friday, October 10th. Finally, Cowen reissued a “buy” rating on shares of Prosperity Bancshares in a research note on Friday, October 31st. Eleven investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $80.21.

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.