Prosperity Bancshares, Inc. $PB Stock Acquired by Retirement Systems of Alabama

Retirement Systems of Alabama boosted its position in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 18.8% in the third quarter, Holdings Channel.com reports. The firm owned 123,955 shares of the bank’s stock after acquiring an additional 19,643 shares during the period. Retirement Systems of Alabama’s holdings in Prosperity Bancshares were worth $8,207,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PB. Provenance Wealth Advisors LLC acquired a new position in Prosperity Bancshares in the 3rd quarter worth $25,000. Parkside Financial Bank & Trust boosted its position in Prosperity Bancshares by 52.0% in the 2nd quarter. Parkside Financial Bank & Trust now owns 576 shares of the bank’s stock valued at $42,000 after buying an additional 197 shares during the last quarter. Global Retirement Partners LLC acquired a new stake in shares of Prosperity Bancshares during the second quarter valued at about $54,000. MADDEN SECURITIES Corp acquired a new stake in shares of Prosperity Bancshares during the third quarter valued at about $67,000. Finally, Root Financial Partners LLC purchased a new stake in shares of Prosperity Bancshares during the third quarter worth about $82,000. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Prosperity Bancshares Stock Up 0.7%

Shares of Prosperity Bancshares stock traded up $0.49 during trading on Friday, reaching $73.11. The company had a trading volume of 635,074 shares, compared to its average volume of 907,851. The company has a market cap of $8.75 billion, a price-to-earnings ratio of 13.29, a price-to-earnings-growth ratio of 0.84 and a beta of 0.64. The firm’s fifty day moving average is $69.65 and its 200-day moving average is $70.36. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.77 and a current ratio of 0.77. Prosperity Bancshares, Inc. has a fifty-two week low of $63.20 and a fifty-two week high of $77.20.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results on Wednesday, October 28th. The bank reported $1.67 EPS for the quarter, topping the consensus estimate of $1.35 by $0.32. The business had revenue of $495.70 million for the quarter, compared to analysts’ expectations of $491.49 million. Prosperity Bancshares had a net margin of 26.99% and a return on equity of 7.68%. The company’s quarterly revenue was up 56.0% compared to the same quarter last year. During the same quarter last year, the company posted $1.45 earnings per share. On average, analysts anticipate that Prosperity Bancshares, Inc. will post 6.47 EPS for the current year.

Prosperity Bancshares Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, January 4th. Shareholders of record on Tuesday, December 15th will be paid a dividend of $0.64 per share. The ex-dividend date is Tuesday, December 15th. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.60. This represents a $2.56 annualized dividend and a yield of 3.5%. Prosperity Bancshares’s payout ratio is currently 43.64%.

Insider Buying and Selling

In other news, Director Ned Holmes sold 600 shares of Prosperity Bancshares stock in a transaction that occurred on Wednesday, August 26th. The stock was sold at an average price of $73.18, for a total value of $43,908.00. Following the completion of the transaction, the director owned 39,100 shares in the company, valued at approximately $2,861,338. This trade represents a 1.51% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last 90 days, insiders sold 12,245 shares of company stock worth $857,390. Company insiders own 3.96% of the company’s stock.

Wall Street Analyst Weigh In

PB has been the topic of a number of analyst reports. Piper Sandler cut their price target on Prosperity Bancshares from $80.00 to $78.00 and set a “neutral” rating on the stock in a research note on Thursday, October 29th. Weiss Ratings upgraded Prosperity Bancshares from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, November 4th. Stonex Financial upgraded Prosperity Bancshares from a “hold” rating to a “strong-buy” rating in a report on Thursday, October 29th. Cantor Fitzgerald cut their target price on Prosperity Bancshares from $85.00 to $78.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 14th. Finally, Stephens increased their target price on Prosperity Bancshares from $85.00 to $87.00 and gave the company an “overweight” rating in a research note on Thursday, October 29th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Prosperity Bancshares presently has an average rating of “Hold” and an average price target of $78.36.

Prosperity Bancshares Company Profile

Prosperity Bancshares, Inc. is a bank holding company whose principal subsidiary is Prosperity Bank. The company provides commercial and consumer banking services, including deposit accounts, business and personal loans, mortgage lending, and cash management services. Founded in 1983 as a community bank in Edna, Texas, Prosperity has expanded through organic growth and acquisitions. It serves customers across Texas and Oklahoma, with a presence in communities including Houston, Dallas–Fort Worth, Austin, San Antonio, and Tulsa.