New Mexico Educational Retirement Board Increases Stock Position in Prosperity Bancshares, Inc. (NYSE:PB)

New Mexico Educational Retirement Board lifted its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB – Free Report) by 13.3% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 18,700 shares of the bank’s stock after acquiring an additional 2,200 shares during the period. New Mexico Educational Retirement Board’s holdings in Prosperity Bancshares were worth $1,056,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Advisor Group Holdings Inc. increased its stake in Prosperity Bancshares by 3.1% in the 1st quarter. Advisor Group Holdings Inc. now owns 5,935 shares of the bank’s stock valued at $411,000 after buying an additional 181 shares during the period. Cetera Investment Advisers increased its stake in Prosperity Bancshares by 1.8% in the 4th quarter. Cetera Investment Advisers now owns 13,229 shares of the bank’s stock valued at $961,000 after buying an additional 229 shares during the period. CWM LLC increased its stake in Prosperity Bancshares by 5.8% in the 1st quarter. CWM LLC now owns 4,281 shares of the bank’s stock valued at $263,000 after buying an additional 233 shares during the period. Treasurer of the State of North Carolina increased its stake in Prosperity Bancshares by 0.7% in the 1st quarter. Treasurer of the State of North Carolina now owns 38,280 shares of the bank’s stock valued at $2,355,000 after buying an additional 280 shares during the period. Finally, Steward Partners Investment Advisory LLC increased its stake in Prosperity Bancshares by 73.2% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 710 shares of the bank’s stock valued at $52,000 after buying an additional 300 shares during the period. 81.70% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the stock. Wedbush reaffirmed a “neutral” rating and set a $64.00 price target on shares of Prosperity Bancshares in a research note on Thursday, July 27th. StockNews.com raised shares of Prosperity Bancshares to a “sell” rating in a research note on Friday, August 25th. UBS Group assumed coverage on shares of Prosperity Bancshares in a research note on Thursday. They set a “buy” rating and a $64.00 price target on the stock. Raymond James upped their price target on shares of Prosperity Bancshares from $65.00 to $68.00 and gave the stock an “outperform” rating in a research note on Thursday, July 27th. Finally, Morgan Stanley lowered their price target on shares of Prosperity Bancshares from $60.00 to $57.00 and set an “underweight” rating on the stock in a research note on Wednesday. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $68.88.

View Our Latest Report on PB

Prosperity Bancshares Stock Up 1.4 %

Prosperity Bancshares stock opened at $54.58 on Friday. Prosperity Bancshares, Inc. has a 52 week low of $52.62 and a 52 week high of $78.76. The firm’s 50-day simple moving average is $57.94 and its 200 day simple moving average is $59.18. The firm has a market capitalization of $5.12 billion, a PE ratio of 10.28, a P/E/G ratio of 1.07 and a beta of 0.96.

Prosperity Bancshares (NYSE:PB – Get Free Report) last released its earnings results on Wednesday, July 26th. The bank reported $1.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.19 by $0.02. The company had revenue of $276.15 million for the quarter, compared to analyst estimates of $281.98 million. Prosperity Bancshares had a net margin of 34.03% and a return on equity of 7.55%. On average, research analysts expect that Prosperity Bancshares, Inc. will post 5.03 EPS for the current fiscal year.

Prosperity Bancshares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Friday, September 15th will be issued a $0.55 dividend. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $2.20 dividend on an annualized basis and a yield of 4.03%. Prosperity Bancshares’s dividend payout ratio (DPR) is 41.43%.

Prosperity Bancshares Profile

(Free Report)

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; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and purchase of equipment and machinery.

Want to see what other hedge funds are holding PB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Prosperity Bancshares, Inc. (NYSE:PB – Free Report).

Institutional Ownership by Quarter for Prosperity Bancshares (NYSE:PB)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send any questions or comments about this story to [email protected].

Before you consider Prosperity Bancshares, you’ll want to hear this.

MarketBeat keeps track of Wall Street’s top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on… and Prosperity Bancshares wasn’t on the list.

While Prosperity Bancshares currently has a “Moderate Buy” rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here