Strs Ohio Sells 32,800 Shares of Prosperity Bancshares, Inc. $PB

Strs Ohio lessened its holdings in Prosperity Bancshares, Inc. (NYSE:PB) by 93.7% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,187 shares of the bank’s stock after selling 32,800 shares during the quarter. Strs Ohio’s holdings in Prosperity Bancshares were worth $145,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the business. Mather Group LLC. purchased a new position in shares of Prosperity Bancshares in the third quarter worth about $26,000. Employees Retirement System of Texas bought a new position in Prosperity Bancshares during the 2nd quarter worth approximately $48,000. Osaic Holdings Inc. increased its stake in Prosperity Bancshares by 34.9% in the 2nd quarter. Osaic Holdings Inc. now owns 719 shares of the bank’s stock worth $51,000 after purchasing an additional 186 shares during the period. IFP Advisors Inc lifted its position in Prosperity Bancshares by 1,251.4% in the second quarter. IFP Advisors Inc now owns 973 shares of the bank’s stock valued at $68,000 after purchasing an additional 901 shares during the last quarter. Finally, First Horizon Advisors Inc. boosted its stake in shares of Prosperity Bancshares by 19.3% during the second quarter. First Horizon Advisors Inc. now owns 1,191 shares of the bank’s stock valued at $84,000 after purchasing an additional 193 shares during the period. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PB has been the topic of several analyst reports. Hovde Group lifted their target price on shares of Prosperity Bancshares from $75.00 to $77.00 and gave the stock an “outperform” rating in a research note on Thursday, January 29th. Raymond James Financial lowered shares of Prosperity Bancshares from an “outperform” rating to a “market perform” rating in a report on Wednesday, January 7th. Janney Montgomery Scott downgraded shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating in a research note on Tuesday. Stephens increased their target price on shares of Prosperity Bancshares from $77.00 to $81.00 and gave the stock an “overweight” rating in a report on Thursday, October 30th. Finally, Barclays cut Prosperity Bancshares from an “equal weight” rating to an “underweight” rating and cut their target price for the stock from $75.00 to $68.00 in a research note on Monday. Seven investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Prosperity Bancshares presently has a consensus rating of “Hold” and a consensus price target of $78.77.

Prosperity Bancshares Stock Performance

Prosperity Bancshares stock opened at $70.80 on Wednesday. Prosperity Bancshares, Inc. has a fifty-two week low of $61.06 and a fifty-two week high of $81.53. The stock’s 50 day simple moving average is $70.99 and its two-hundred day simple moving average is $68.16. The stock has a market cap of $6.72 billion, a price-to-earnings ratio of 12.36, a PEG ratio of 0.90 and a beta of 0.67.

Prosperity Bancshares (NYSE:PB) last released its earnings results on Wednesday, January 28th. The bank reported $1.46 EPS for the quarter, beating analysts’ consensus estimates of $1.45 by $0.01. Prosperity Bancshares had a return on equity of 7.11% and a net margin of 31.22%.The company had revenue of $317.73 million during the quarter, compared to analysts’ expectations of $319.30 million. During the same quarter last year, the business posted $1.37 EPS. The firm’s revenue for the quarter was down 5.9% compared to the same quarter last year. On average, analysts predict that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Friday, March 13th will be given a dividend of $0.60 per share. The ex-dividend date of this dividend is Friday, March 13th. This represents a $2.40 annualized dividend and a yield of 3.4%. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 41.88%.

Insider Activity at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 500 shares of the company’s stock in a transaction dated Wednesday, January 28th. The shares were sold at an average price of $66.69, for a total value of $33,345.00. Following the sale, the director directly owned 83,415 shares of the company’s stock, valued at $5,562,946.35. This represents a 0.60% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In the last quarter, insiders have sold 15,050 shares of company stock worth $1,055,837. Insiders own 4.20% 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.