Prosperity Bancshares, Inc. $PB Shares Acquired by California State Teachers Retirement System

California State Teachers Retirement System lifted its stake in Prosperity Bancshares, Inc. (NYSE:PB) by 34.9% in the 1st quarter, Holdings Channel.com reports. The firm owned 120,082 shares of the bank’s stock after purchasing an additional 31,088 shares during the period. California State Teachers Retirement System’s holdings in Prosperity Bancshares were worth $8,067,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PB. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Prosperity Bancshares by 21.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 30,198 shares of the bank’s stock worth $2,155,000 after acquiring an additional 5,326 shares during the period. NewEdge Advisors LLC raised its stake in Prosperity Bancshares by 36.8% during the first quarter. NewEdge Advisors LLC now owns 7,295 shares of the bank’s stock worth $521,000 after purchasing an additional 1,962 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Prosperity Bancshares by 5.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 346,151 shares of the bank’s stock worth $24,705,000 after purchasing an additional 17,345 shares during the period. Jane Street Group LLC boosted its holdings in Prosperity Bancshares by 182.8% in the 1st quarter. Jane Street Group LLC now owns 104,755 shares of the bank’s stock valued at $7,476,000 after purchasing an additional 67,712 shares during the last quarter. Finally, Sivia Capital Partners LLC purchased a new stake in shares of Prosperity Bancshares in the 2nd quarter valued at approximately $359,000. Institutional investors and hedge funds own 80.69% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on PB shares. TD Cowen lifted their price target on shares of Prosperity Bancshares from $82.00 to $84.00 and gave the company a “buy” rating in a research report on Friday. Benchmark assumed coverage on Prosperity Bancshares in a report on Wednesday, June 24th. They set a “hold” rating for the company. Morgan Stanley reissued an “equal weight” rating and set a $80.00 price objective (down from $85.00) on shares of Prosperity Bancshares in a research report on Monday, July 6th. Citigroup boosted their price objective on shares of Prosperity Bancshares from $75.00 to $79.00 and gave the company a “neutral” rating in a report on Friday. Finally, Royal Bank Of Canada upped their target price on shares of Prosperity Bancshares from $78.00 to $80.00 and gave the company a “sector perform” rating in a research report on Thursday, July 30th. Five equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Prosperity Bancshares presently has a consensus rating of “Hold” and an average target price of $78.36.

Prosperity Bancshares Trading Down 0.5%

Shares of NYSE PB opened at $74.86 on Wednesday. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $7.55 billion, a PE ratio of 12.97, a PEG ratio of 0.82 and a beta of 0.64. Prosperity Bancshares, Inc. has a twelve month low of $61.06 and a twelve month high of $77.20. The stock has a fifty day simple moving average of $71.87 and a 200-day simple moving average of $70.32.

Prosperity Bancshares (NYSE:PB) last announced its earnings results on Wednesday, July 29th. The bank reported $1.62 EPS for the quarter, beating analysts’ consensus estimates of $1.50 by $0.12. The company had revenue of $391.25 million during the quarter, compared to analysts’ expectations of $380.73 million. Prosperity Bancshares had a return on equity of 7.39% and a net margin of 29.95%.Prosperity Bancshares’s revenue for the quarter was up 25.9% on a year-over-year basis. During the same period last year, the business posted $1.42 EPS. On average, equities analysts forecast that Prosperity Bancshares, Inc. will post 6.43 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be issued a $0.60 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.2%. Prosperity Bancshares’s payout ratio is 41.59%.

Insider Buying and Selling at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 600 shares of the company’s stock in a transaction that occurred on Wednesday, May 13th. The shares were sold at an average price of $66.58, for a total transaction of $39,948.00. Following the sale, the director directly owned 40,600 shares of the company’s stock, valued at $2,703,148. This represents a 1.46% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold a total of 11,000 shares of company stock valued at $777,177 in the last ninety days. Insiders own 3.96% of the company’s stock.

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.