Public Employees Retirement System of Ohio Purchases New Position in Prosperity Bancshares, Inc. $PB

Public Employees Retirement System of Ohio acquired a new stake in Prosperity Bancshares, Inc. (NYSE:PB) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 44,397 shares of the bank’s stock, valued at approximately $3,242,000.

Several other hedge funds also recently made changes to their positions in the company. Sepio Capital LP lifted its holdings in shares of Prosperity Bancshares by 2.4% in the 4th quarter. Sepio Capital LP now owns 5,701 shares of the bank’s stock valued at $394,000 after purchasing an additional 133 shares during the last quarter. Commonwealth Equity Services LLC grew its stake in Prosperity Bancshares by 1.0% during the 4th quarter. Commonwealth Equity Services LLC now owns 14,324 shares of the bank’s stock worth $990,000 after buying an additional 145 shares during the last quarter. Osaic Holdings Inc. increased its position in Prosperity Bancshares by 34.9% during the second quarter. Osaic Holdings Inc. now owns 719 shares of the bank’s stock worth $51,000 after buying an additional 186 shares during the period. Earned Wealth Advisors LLC increased its position in Prosperity Bancshares by 6.2% during the first quarter. Earned Wealth Advisors LLC now owns 3,639 shares of the bank’s stock worth $244,000 after buying an additional 213 shares during the period. Finally, &PARTNERS lifted its stake in Prosperity Bancshares by 7.9% in the fourth quarter. &PARTNERS now owns 3,895 shares of the bank’s stock valued at $269,000 after buying an additional 285 shares during the last quarter. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Insider Buying and Selling at Prosperity Bancshares

In other news, Director Ned Holmes sold 600 shares of the stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $71.39, for a total value of $42,834.00. Following the completion of the transaction, the director owned 40,200 shares in the company, valued at $2,869,878. This trade represents a 1.47% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last 90 days, insiders have sold 12,100 shares of company stock worth $881,656. Corporate insiders own 3.96% of the company’s stock.

Prosperity Bancshares Price Performance

Shares of NYSE:PB opened at $72.85 on Friday. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.01. The company has a market cap of $7.35 billion, a P/E ratio of 12.63, a PEG ratio of 0.79 and a beta of 0.63. Prosperity Bancshares, Inc. has a 52 week low of $61.06 and a 52 week high of $77.20. The company has a 50-day moving average price of $73.08 and a 200 day moving average price of $70.45.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, July 29th. The bank reported $1.62 earnings per share for the quarter, beating analysts’ consensus estimates of $1.50 by $0.12. The company had revenue of $391.25 million for the quarter, compared to analyst estimates of $380.73 million. Prosperity Bancshares had a return on equity of 7.39% and a net margin of 29.95%.The firm’s revenue for the quarter was up 25.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.42 EPS. Research analysts predict that Prosperity Bancshares, Inc. will post 6.47 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be paid a dividend of $0.60 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.3%. Prosperity Bancshares’s dividend payout ratio is 41.59%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on PB shares. TD Cowen increased their price objective on Prosperity Bancshares from $82.00 to $84.00 and gave the company a “buy” rating in a report on Friday, July 31st. Royal Bank Of Canada upped their price target 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. Wall Street Zen upgraded shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a research note on Saturday, August 1st. Citigroup raised their price objective on shares of Prosperity Bancshares from $75.00 to $79.00 and gave the stock a “neutral” rating in a research report on Friday, July 31st. Finally, Morgan Stanley restated an “equal weight” rating and issued a $80.00 price objective (down from $85.00) on shares of Prosperity Bancshares in a research note on Monday, July 6th. Five analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $78.36.

Prosperity Bancshares 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.