Prosperity Bancshares, Inc. $PB Stock Acquired by Retirement Systems of Alabama

Retirement Systems of Alabama increased its stake in Prosperity Bancshares, Inc. (NYSE:PB) by 18.8% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 123,955 shares of the bank’s stock after purchasing an additional 19,643 shares during the quarter. Retirement Systems of Alabama owned 0.12% of Prosperity Bancshares worth $8,207,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Soltis Investment Advisors LLC boosted its holdings in Prosperity Bancshares by 4.4% during the third quarter. Soltis Investment Advisors LLC now owns 3,617 shares of the bank’s stock worth $239,000 after buying an additional 151 shares in the last quarter. Parallel Advisors LLC increased its holdings in Prosperity Bancshares by 6.9% in the third quarter. Parallel Advisors LLC now owns 2,347 shares of the bank’s stock valued at $155,000 after buying an additional 151 shares in the last quarter. Parkside Financial Bank & Trust lifted its position in shares of Prosperity Bancshares by 52.0% during the 2nd quarter. Parkside Financial Bank & Trust now owns 576 shares of the bank’s stock valued at $42,000 after acquiring an additional 197 shares during the period. Earned Wealth Advisors LLC lifted its position in shares of Prosperity Bancshares by 6.2% during the 1st quarter. Earned Wealth Advisors LLC now owns 3,639 shares of the bank’s stock valued at $244,000 after acquiring an additional 213 shares during the period. Finally, Profund Advisors LLC lifted its position in shares of Prosperity Bancshares by 6.7% during the 3rd quarter. Profund Advisors LLC now owns 3,514 shares of the bank’s stock valued at $233,000 after acquiring an additional 221 shares during the period. Institutional investors and hedge funds own 80.69% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. Stephens upped their price target on Prosperity Bancshares from $85.00 to $87.00 and gave the stock an “overweight” rating in a report on Thursday, October 29th. Raymond James Financial raised Prosperity Bancshares from a “market perform” rating to an “outperform” rating and set a $78.00 price objective for the company in a report on Tuesday, October 6th. Barclays boosted their target price on Prosperity Bancshares from $68.00 to $70.00 and gave the stock an “underweight” rating in a research report on Monday, October 5th. TD Cowen upped their target price on Prosperity Bancshares from $78.00 to $80.00 and gave the company a “buy” rating in a report on Thursday, October 29th. Finally, Weiss Ratings raised shares of Prosperity Bancshares from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, November 4th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $78.36.

Prosperity Bancshares Price Performance

NYSE:PB traded up $0.49 during trading hours on Friday, reaching $73.11. 635,074 shares of the company traded hands, compared to its average volume of 907,851. The firm’s 50-day moving average is $69.65 and its 200-day moving average is $70.36. The stock has a market cap of $8.75 billion, a P/E ratio of 13.29, a P/E/G ratio of 0.84 and a beta of 0.64. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.77 and a quick ratio of 0.77. Prosperity Bancshares, Inc. has a 1-year low of $63.20 and a 1-year high of $77.20.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings data on Wednesday, October 28th. The bank reported $1.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.35 by $0.32. The business had revenue of $495.70 million for the quarter, compared to the consensus estimate of $491.49 million. Prosperity Bancshares had a return on equity of 7.68% and a net margin of 26.99%. The business’s revenue was up 56.0% on a year-over-year basis. During the same period in the prior year, the business earned $1.45 earnings per share. Equities research analysts expect that Prosperity Bancshares, Inc. will post 6.47 earnings per share for the current fiscal year.

Prosperity Bancshares Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, January 4th. Investors of record on Tuesday, December 15th will be paid a $0.64 dividend. This represents a $2.56 annualized dividend and a yield of 3.5%. The ex-dividend date of this dividend is Tuesday, December 15th. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.60. Prosperity Bancshares’s dividend payout ratio is presently 43.64%.

Insiders Place Their Bets

In other Prosperity Bancshares news, Director Ned Holmes sold 600 shares of the company’s stock in a transaction dated Wednesday, August 26th. The shares were sold at an average price of $73.18, for a total value of $43,908.00. Following the transaction, the director directly owned 39,100 shares in the company, valued at approximately $2,861,338. This represents a 1.51% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Over the last three months, insiders have sold 12,245 shares of company stock valued at $857,390. Insiders own 3.96% of the company’s stock.

Prosperity Bancshares Profile

Prosperity Bancshares, Inc. is a bank holding company whose principal subsidiary is Prosperity Bank. The company provides commercial and consumer banking services, including deposit accounts, business and personal loans, mortgage lending, and cash management services. Founded in 1983 as a community bank in Edna, Texas, Prosperity has expanded through organic growth and acquisitions. It serves customers across Texas and Oklahoma, with a presence in communities including Houston, Dallas–Fort Worth, Austin, San Antonio, and Tulsa.