New York State Common Retirement Fund Trims Position in Prosperity Bancshares, Inc. $PB

New York State Common Retirement Fund cut its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 19.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 202,866 shares of the bank’s stock after selling 49,430 shares during the quarter. New York State Common Retirement Fund owned about 0.21% of Prosperity Bancshares worth $13,460,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently modified their holdings of the company. Bfsg LLC increased its position in Prosperity Bancshares by 5.1% during the third quarter. Bfsg LLC now owns 3,363 shares of the bank’s stock worth $223,000 after purchasing an additional 164 shares during the last quarter. AE Wealth Management LLC increased its holdings in shares of Prosperity Bancshares by 3.8% during the 2nd quarter. AE Wealth Management LLC now owns 4,640 shares of the bank’s stock worth $326,000 after buying an additional 172 shares during the last quarter. Belpointe Asset Management LLC raised its position in shares of Prosperity Bancshares by 5.1% in the 3rd quarter. Belpointe Asset Management LLC now owns 3,621 shares of the bank’s stock worth $240,000 after buying an additional 176 shares during the period. Osaic Holdings Inc. raised its position in shares of 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 buying an additional 186 shares during the period. Finally, First Horizon Advisors Inc. boosted its holdings in Prosperity Bancshares by 19.3% in the second quarter. First Horizon Advisors Inc. now owns 1,191 shares of the bank’s stock valued at $84,000 after acquiring an additional 193 shares during the last quarter. Institutional investors and hedge funds own 80.69% of the company’s stock.

Wall Street Analysts Forecast Growth

PB has been the topic of several research analyst reports. Citigroup reaffirmed a “neutral” rating on shares of Prosperity Bancshares in a research note on Monday. Piper Sandler cut shares of Prosperity Bancshares from an “overweight” rating to a “neutral” rating and reduced their price target for the company from $77.00 to $74.00 in a research report on Thursday. DA Davidson reissued a “neutral” rating and issued a $76.00 price objective on shares of Prosperity Bancshares in a research report on Thursday, January 29th. Raymond James Financial downgraded shares of Prosperity Bancshares from an “outperform” rating to a “market perform” rating in a research note on Wednesday, January 7th. Finally, Barclays lowered shares of Prosperity Bancshares from an “equal weight” rating to an “underweight” rating and reduced their target price for the company from $75.00 to $68.00 in a report on Monday. Seven research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Prosperity Bancshares presently has a consensus rating of “Hold” and a consensus target price of $78.77.

Insider Activity at Prosperity Bancshares

In other Prosperity Bancshares news, Director Leah Henderson sold 1,050 shares of the firm’s stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $73.00, for a total transaction of $76,650.00. Following the completion of the sale, the director owned 8,075 shares in the company, valued at $589,475. This trade represents a 11.51% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Harrison Stafford II sold 800 shares of Prosperity Bancshares stock in a transaction that occurred on Thursday, December 4th. The stock was sold at an average price of $70.76, for a total value of $56,608.00. Following the sale, the director owned 107,937 shares in the company, valued at $7,637,622.12. This represents a 0.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 16,150 shares of company stock valued at $1,129,356. Insiders own 4.20% of the company’s stock.

Prosperity Bancshares Trading Up 1.0%

NYSE PB opened at $69.72 on Tuesday. The stock has a market cap of $6.62 billion, a P/E ratio of 12.17, a PEG ratio of 0.89 and a beta of 0.68. The company’s fifty day simple moving average is $70.96 and its 200-day simple moving average is $68.18. Prosperity Bancshares, Inc. has a 52 week low of $61.06 and a 52 week high of $81.53.

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

Prosperity Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Friday, March 13th will be paid a $0.60 dividend. The ex-dividend date is Friday, March 13th. This represents a $2.40 annualized dividend and a dividend yield of 3.4%. Prosperity Bancshares’s payout ratio is 41.88%.

About Prosperity Bancshares

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.