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

Posted by Defense World Staff on May 14th, 2023

California Public Employees Retirement System boosted its position in shares of Prosperity Bancshares, Inc. (NYSE:PB – Get Rating) by 5.4% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 217,294 shares of the bank’s stock after buying an additional 11,113 shares during the quarter. California Public Employees Retirement System owned approximately 0.24% of Prosperity Bancshares worth $15,793,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. State Street Corp lifted its holdings in Prosperity Bancshares by 13.0% during the first quarter. State Street Corp now owns 7,714,622 shares of the bank’s stock valued at $539,069,000 after purchasing an additional 890,236 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in Prosperity Bancshares by 9.9% during the third quarter. Victory Capital Management Inc. now owns 5,337,462 shares of the bank’s stock valued at $355,903,000 after purchasing an additional 480,756 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in Prosperity Bancshares by 79.6% during the first quarter. Goldman Sachs Group Inc. now owns 707,657 shares of the bank’s stock valued at $49,097,000 after purchasing an additional 313,667 shares in the last quarter. BlackRock Inc. lifted its holdings in Prosperity Bancshares by 3.1% during the first quarter. BlackRock Inc. now owns 8,212,796 shares of the bank’s stock valued at $569,805,000 after purchasing an additional 244,440 shares in the last quarter. Finally, Scout Investments Inc. lifted its holdings in Prosperity Bancshares by 24.6% during the fourth quarter. Scout Investments Inc. now owns 1,007,506 shares of the bank’s stock valued at $73,226,000 after purchasing an additional 198,971 shares in the last quarter. Institutional investors and hedge funds own 81.32% of the company’s stock.

Prosperity Bancshares Price Performance

Shares of PB stock opened at $58.81 on Friday. Prosperity Bancshares, Inc. has a 12 month low of $56.72 and a 12 month high of $78.76. The company has a market capitalization of $5.54 billion, a PE ratio of 10.19, a price-to-earnings-growth ratio of 1.09 and a beta of 0.96. The firm’s 50-day moving average is $61.88 and its two-hundred day moving average is $69.42.

Prosperity Bancshares (NYSE:PB – Get Rating) last announced its quarterly earnings results on Wednesday, April 26th. The bank reported $1.37 earnings per share for the quarter, beating analysts’ consensus estimates of $1.33 by $0.04. Prosperity Bancshares had a net margin of 39.87% and a return on equity of 7.93%. The business had revenue of $365.58 million during the quarter, compared to analysts’ expectations of $285.02 million. During the same period last year, the business earned $1.33 earnings per share. Sell-side analysts forecast that Prosperity Bancshares, Inc. will post 5.46 EPS for the current year.

Prosperity Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, July 3rd. Shareholders of record on Thursday, June 15th will be given a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a dividend yield of 3.74%. The ex-dividend date is Wednesday, June 14th. Prosperity Bancshares’s dividend payout ratio is presently 38.13%.

Wall Street Analyst Weigh In

PB has been the topic of several recent analyst reports. Raymond James decreased their price objective on shares of Prosperity Bancshares from $85.00 to $70.00 and set an “outperform” rating on the stock in a report on Thursday, April 6th. StockNews.com initiated coverage on shares of Prosperity Bancshares in a research note on Thursday, March 16th. They issued a “sell” rating on the stock. Wolfe Research raised shares of Prosperity Bancshares from an “underperform” rating to an “outperform” rating and set a $68.00 price target on the stock in a research note on Wednesday, May 3rd. Janney Montgomery Scott raised shares of Prosperity Bancshares from a “neutral” rating to a “buy” rating and set a $76.00 price target on the stock in a research note on Monday, March 13th. Finally, DA Davidson raised shares of Prosperity Bancshares from a “neutral” rating to a “buy” rating and set a $79.00 price target on the stock in a research note on Monday, March 13th. One analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $73.55.

Insider Buying and Selling at Prosperity Bancshares

In related news, Chairman H E. Timanus, Jr. purchased 1,000 shares of the company’s stock in a transaction on Monday, March 13th. The stock was acquired at an average cost of $62.90 per share, for a total transaction of $62,900.00. Following the completion of the transaction, the chairman now directly owns 202,891 shares in the company, valued at $12,761,843.90. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Prosperity Bancshares news, Chairman H E. Timanus, Jr. acquired 1,000 shares of the company’s stock in a transaction that occurred on Monday, March 13th. The stock was purchased at an average price of $62.90 per share, for a total transaction of $62,900.00. Following the completion of the acquisition, the chairman now owns 202,891 shares of the company’s stock, valued at approximately $12,761,843.90. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director L. Jack Lord acquired 5,000 shares of the company’s stock in a transaction that occurred on Monday, May 1st. The stock was acquired at an average price of $62.04 per share, with a total value of $310,200.00. Following the acquisition, the director now directly owns 33,125 shares of the company’s stock, valued at approximately $2,055,075. The disclosure for this purchase can be found here. Company insiders own 4.20% of the company’s stock.

About Prosperity Bancshares

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Prosperity Bancshares, Inc is a holding company, which engages in the provision of financial products and solutions. It offers retail and commercial banking services such as deposits, online Internet banking, loan, investments, trust, and credit card to small and medium-sized businesses and consumers.