Prosperity Bancshares, Inc. (NYSE:PB) Stock Holdings Cut by California Public Employees Retirement System
California Public Employees Retirement System reduced its holdings of Prosperity Bancshares, Inc. (NYSE: PB – Get a rating) by 2.0% during the 1st quarter, according to its last 13F filing with the Securities and Exchange Commission (SEC). The institutional investor held 194,362 shares of the bank after selling 3,928 shares during the period. California Public Employees Retirement System held approximately 0.21% of Prosperity Banc shares worth $13,485,000 when it last filed with the SEC.
Other hedge funds have also recently increased or reduced their stakes in the company. American Century Companies Inc. increased its position in Prosperity Bancshares shares by 48.5% during the 4th quarter. American Century Companies Inc. now owns 2,166,549 shares of the bank valued at $156,641,000 after purchasing an additional 708,008 shares during the period. Millennium Management LLC increased its position in Prosperity Bancshares shares by 1,261.7% during the 4th quarter. Millennium Management LLC now owns 575,661 shares of the bank valued at $41,620,000 after purchasing an additional 533,386 shares during the period. Victory Capital Management Inc. increased its position in Prosperity Bancshares shares by 5.1% during the first quarter. Victory Capital Management Inc. now owns 3,870,967 shares of the bank valued at $268,482,000 after purchasing an additional 189,581 shares during the period. Dimensional Fund Advisors LP increased its position in Prosperity Bancshares shares by 6.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,848,170 shares of the bank valued at $133,622,000 after purchasing an additional 118,165 shares during the period. Finally, Qube Research & Technologies Ltd acquired a new position in shares of Prosperity Bancshares during the 4th quarter at a value of $8,365,000. Institutional investors hold 80.30% of the company’s shares.
Insider Activity at Prosperity Bancshares
In other news, the President SE Timanus, Jr. acquired 2,000 shares of Prosperity Bancshares in a transaction that took place on Thursday, May 12. The shares were purchased at an average price of $67.00 per share, with a total value of $134,000.00. Following the completion of the transaction, the president now owns 2,000 shares of the company, valued at $134,000. The transaction was disclosed in a document filed with the SEC, accessible via this link. In related news, director George A. Fisk sold 1,200 shares of Prosperity Bancshares in a trade on Monday, June 27. The stock was sold at an average price of $69.50, for a total transaction of $83,400.00. Following the completion of the sale, the director now owns 93,611 shares of the company, valued at $6,505,964.50. The transaction was disclosed in a legal filing with the SEC, which is available via the SEC website. Additionally, Chairman H E. Timanus, Jr. acquired 2,000 shares of Prosperity Bancshares in a transaction that took place on Thursday, May 12. The shares were purchased at an average cost of $67.00 per share, with a total value of $134,000.00. As a result of the transaction, the president now owns 2,000 shares of the company, valued at around $134,000. Disclosure of this purchase can be found here. Insiders hold 4.22% of the shares of the company.
Analyst upgrades and downgrades
MUAC has been the subject of a number of recent research reports. Truist Financial cut its price target on Prosperity Bancshares from $78.00 to $77.00 and set a “buy” rating on the stock in a Wednesday, June 15 report. Piper Sandler cut her price target on Prosperity Bancshares to $78.00 in a Monday July 4 report. Wolfe Research cut its price target on Prosperity Bancshares from $69.00 to $63.00 and gave the stock an “underperform” rating in a Thursday May 26 report. To finish, StockNews.com upgraded Prosperity Bancshares from a “sell” to a “hold” rating in a report released Wednesday. One financial analyst has assigned the stock a sell rating, three have issued a hold rating and one has assigned the company a buy rating. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $77.25.
Prosperity Bancshares Stock down 1.3%
Shares of Bancshares Prosperity Shares opened at $72.51 on Friday. The stock has a market capitalization of $6.68 billion, a PE ratio of 13.18, a growth price-earnings ratio of 1.27 and a beta of 1.05. The company has a fifty-day simple moving average of $70.09 and a 200-day simple moving average of $70.66. Prosperity Bancshares, Inc. has a 12-month low of $64.40 and a 12-month high of $80.46.
Bancshares Prosperity (NYSE: PB – Get a rating) last reported results on Wednesday, July 27. The bank reported EPS of $1.40 for the quarter, beating the consensus estimate of $1.38 by $0.02. The company posted revenue of $286.10 million in the quarter, compared to $285.39 million expected by analysts. Prosperity Bancshares had a return on equity of 7.85% and a net margin of 43.50%. Prosperity Bancshares’ revenues increased by 1.8% compared to the same quarter last year. In the same quarter last year, the company posted earnings per share of $1.41. Analysts expect Prosperity Bancshares, Inc. to post EPS of 5.75 for the current fiscal year.
Prosperity Bancshares Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Monday, October 3. Shareholders of record on Thursday, September 15 will receive a dividend of $0.52. The ex-dividend date is Wednesday, September 14. This represents an annualized dividend of $2.08 and a dividend yield of 2.87%. Prosperity Bancshares’ dividend payout ratio (DPR) is currently 37.82%.
About Prosperity Bancshares
Prosperity Bancshares, Inc operates as a bank holding company for Prosperity Bank which provides financial products and services to businesses and consumers. It accepts various deposit products, such as current, savings, money market and term accounts, as well as certificates of deposit. The company also offers 1-4 family residential mortgages, commercial and multi-family residential, commercial and industrial, agricultural and non-real estate mortgages, as well as loans for construction, land development and other land loans. ; consumer loans, including secured loans for automobiles, recreational vehicles, boats, home improvement, personal and deposit accounts; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and the purchase of equipment and machinery.
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