California Public Employees Retirement System Raises Holdings in Prosperity Bancshares, Inc. $PB

California Public Employees Retirement System lifted its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 13.8% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 190,140 shares of the bank’s stock after buying an additional 23,036 shares during the quarter. California Public Employees Retirement System’s holdings in Prosperity Bancshares were worth $12,774,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in PB. Danske Bank A S purchased a new stake in shares of Prosperity Bancshares in the 3rd quarter valued at approximately $40,000. SouthState Bank Corp purchased a new stake in shares of Prosperity Bancshares during the 4th quarter worth approximately $49,000. Osaic Holdings Inc. raised its stake in Prosperity Bancshares by 34.9% during the 2nd quarter. Osaic Holdings Inc. now owns 719 shares of the bank’s stock worth $51,000 after acquiring an additional 186 shares in the last quarter. Eurizon Capital SGR S.p.A. purchased a new stake in Prosperity Bancshares in the fourth quarter valued at $55,000. Finally, Group One Trading LLC purchased a new position in shares of Prosperity Bancshares during the fourth quarter worth about $66,000. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 600 shares of the firm’s stock in a transaction on Wednesday, April 29th. The stock was sold at an average price of $69.62, for a total value of $41,772.00. Following the completion of the sale, the director owned 40,800 shares of the company’s stock, valued at $2,840,496. This trade represents a 1.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. In the last three months, insiders sold 12,100 shares of company stock valued at $849,312. Company insiders own 3.96% of the company’s stock.

Wall Street Analysts Forecast Growth

PB has been the subject of several research reports. Piper Sandler upped their price target on shares of Prosperity Bancshares from $74.00 to $75.00 and gave the company a “neutral” rating in a research report on Thursday, April 30th. TD Cowen lifted their target price on shares of Prosperity Bancshares from $77.00 to $79.00 and gave the company a “buy” rating in a report on Friday, May 1st. Morgan Stanley reiterated an “equal weight” rating and set a $80.00 price target (down from $85.00) on shares of Prosperity Bancshares in a research note on Monday, July 6th. Wall Street Zen raised Prosperity Bancshares from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 16th. Finally, Benchmark began coverage on shares of Prosperity Bancshares in a research note on Wednesday, June 24th. They set a “hold” rating on the stock. Five research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $76.36.

Prosperity Bancshares Trading Up 0.6%

Shares of PB opened at $73.11 on Friday. The stock has a fifty day moving average of $71.11 and a two-hundred day moving average of $70.18. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.76 and a current ratio of 0.76. The company has a market capitalization of $7.37 billion, a PE ratio of 13.24, a price-to-earnings-growth ratio of 1.16 and a beta of 0.63. Prosperity Bancshares, Inc. has a fifty-two week low of $61.06 and a fifty-two week high of $77.20.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $358.60 million. During the same period in the previous year, the firm earned $1.37 earnings per share. Prosperity Bancshares’s revenue for the quarter was up 19.9% on a year-over-year basis. As a group, analysts forecast that Prosperity Bancshares, Inc. will post 6.25 EPS for the current year.

Prosperity Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be given a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date is Tuesday, September 15th. Prosperity Bancshares’s dividend payout ratio is 43.48%.

Prosperity Bancshares Company 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.