Prosperity Bancshares, Inc. (NYSE:PB) Position Increased by Retirement Systems of Alabama

Retirement Systems of Alabama lifted its position in Prosperity Bancshares, Inc. (NYSE:PB) by 0.3% during the 4th quarter, HoldingsChannel.com reports. The fund owned 117,373 shares of the bank’s stock after buying an additional 351 shares during the quarter. Retirement Systems of Alabama’s holdings in Prosperity Bancshares were worth $7,950,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the company. Planned Solutions Inc. purchased a new stake in Prosperity Bancshares in the 4th quarter worth about $37,000. GAMMA Investing LLC acquired a new stake in shares of Prosperity Bancshares during the fourth quarter worth approximately $38,000. Signaturefd LLC grew its position in Prosperity Bancshares by 171.5% during the fourth quarter. Signaturefd LLC now owns 744 shares of the bank’s stock valued at $50,000 after purchasing an additional 470 shares in the last quarter. Spire Wealth Management increased its stake in Prosperity Bancshares by 17.7% in the 3rd quarter. Spire Wealth Management now owns 1,290 shares of the bank’s stock valued at $70,000 after buying an additional 194 shares during the period. Finally, Covestor Ltd lifted its position in Prosperity Bancshares by 12.3% in the 3rd quarter. Covestor Ltd now owns 2,231 shares of the bank’s stock worth $122,000 after buying an additional 244 shares in the last quarter. Institutional investors and hedge funds own 80.69% of the company’s stock.

Prosperity Bancshares Stock Up 0.9 %

NYSE:PB opened at $63.07 on Friday. The company’s 50 day moving average is $62.53 and its 200-day moving average is $62.05. Prosperity Bancshares, Inc. has a 12 month low of $49.60 and a 12 month high of $68.88. The firm has a market cap of $5.90 billion, a price-to-earnings ratio of 14.53, a P/E/G ratio of 1.25 and a beta of 0.93.

Prosperity Bancshares (NYSE:PB) last announced its earnings results on Wednesday, April 24th. The bank reported $1.18 EPS for the quarter, topping the consensus estimate of $1.15 by $0.03. The firm had revenue of $420.78 million for the quarter, compared to the consensus estimate of $274.88 million. Prosperity Bancshares had a net margin of 24.50% and a return on equity of 6.33%. During the same quarter last year, the firm posted $1.37 EPS. Research analysts predict that Prosperity Bancshares, Inc. will post 4.99 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be given a dividend of $0.56 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $2.24 annualized dividend and a dividend yield of 3.55%. Prosperity Bancshares’s dividend payout ratio is presently 51.61%.

Analyst Ratings Changes

Several equities analysts have recently commented on PB shares. Morgan Stanley upgraded shares of Prosperity Bancshares from an “underweight” rating to an “equal weight” rating and set a $69.00 price target on the stock in a report on Wednesday, February 7th. Truist Financial reaffirmed a “buy” rating and issued a $75.00 target price on shares of Prosperity Bancshares in a research report on Monday, April 1st. Barclays assumed coverage on Prosperity Bancshares in a report on Friday, March 8th. They set an “equal weight” rating and a $68.00 price target for the company. Raymond James increased their price objective on Prosperity Bancshares from $65.00 to $80.00 and gave the stock a “strong-buy” rating in a report on Friday, January 5th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $70.00 target price on shares of Prosperity Bancshares in a research note on Tuesday, April 9th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $68.86.

About Prosperity Bancshares

Prosperity Bancshares, Inc operates as bank holding company for the Prosperity Bank that provides financial products and services to businesses and consumers. It accepts various deposit products, such as demand, savings, money market, and time accounts, as well as and certificates of deposit. The company also offers 1-4 family residential mortgage, commercial real estate and multifamily residential, commercial and industrial, agricultural, and non-real estate agricultural loans, as well as construction, land development, and other land loans; consumer loans, including automobile, recreational vehicle, boat, home improvement, personal, and deposit account collateralized loans; term loans and lines of credit; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and purchase of equipment and machinery.