Retirement Systems of Alabama lessened its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB – Free Report) by 0.9% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 119,313 shares of the bank’s stock after selling 1,035 shares during the quarter. Retirement Systems of Alabama owned 0.13% of Prosperity Bancshares worth $7,340,000 at the end of the most recent quarter.
A number of other hedge funds have also recently bought and sold shares of PB. Principal Financial Group Inc. lifted its holdings in Prosperity Bancshares by 0.7% during the 4th quarter. Principal Financial Group Inc. now owns 357,739 shares of the bank’s stock worth $26,000,000 after buying an additional 2,421 shares during the last quarter. Parallel Advisors LLC lifted its holdings in Prosperity Bancshares by 18.6% during the 4th quarter. Parallel Advisors LLC now owns 2,629 shares of the bank’s stock worth $191,000 after buying an additional 412 shares during the last quarter. Maryland State Retirement & Pension System bought a new position in Prosperity Bancshares during the 4th quarter worth approximately $521,000. Benjamin F. Edwards & Company Inc. lifted its holdings in Prosperity Bancshares by 1.5% during the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 20,070 shares of the bank’s stock worth $1,459,000 after buying an additional 287 shares during the last quarter. Finally, Machina Capital S.A.S. bought a new position in Prosperity Bancshares during the 1st quarter worth approximately $86,000. Institutional investors and hedge funds own 77.68% of the company’s stock.
Prosperity Bancshares Price Performance
PB opened at $62.20 on Tuesday. Prosperity Bancshares, Inc. has a 12 month low of $54.45 and a 12 month high of $78.76. The stock has a market cap of $5.86 billion, a P/E ratio of 10.78, a P/E/G ratio of 1.19 and a beta of 0.94. The stock’s 50 day moving average price is $58.83 and its 200 day moving average price is $64.53.
Prosperity Bancshares Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 15th will be given a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a dividend yield of 3.54%. The ex-dividend date is Thursday, September 14th. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 38.13%.
Analysts Set New Price Targets
Several brokerages recently issued reports on PB. Raymond James cut their price target on Prosperity Bancshares from $70.00 to $65.00 in a report on Thursday, July 6th. Truist Financial cut their price target on Prosperity Bancshares from $71.00 to $64.00 in a report on Thursday, June 29th. Morgan Stanley downgraded Prosperity Bancshares from an “equal weight” rating to an “underweight” rating and raised their price target for the stock from $58.00 to $60.00 in a report on Tuesday, May 16th. Wolfe Research raised Prosperity Bancshares from an “underperform” rating to an “outperform” rating and set a $68.00 price target on the stock in a report on Wednesday, May 3rd. Finally, StockNews.com raised Prosperity Bancshares to a “sell” rating in a report on Tuesday, June 6th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $72.10.
Insider Activity
In other news, Director L. Jack Lord purchased 5,000 shares of the stock in a transaction dated Monday, May 1st. The shares were bought at an average cost of $62.04 per share, for a total transaction of $310,200.00. Following the transaction, the director now owns 33,125 shares in the company, valued at $2,055,075. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 4.20% of the stock is owned by insiders.
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; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and purchase of equipment and machinery.
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