Ontario Teachers Pension Plan Board Has $796,000 Holdings in Prosperity Bancshares, Inc. (NYSE:PB)

Ontario Teachers Pension Plan Board cut its stake in Prosperity Bancshares, Inc. (NYSE:PB – Free Report) by 40.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 12,944 shares of the bank’s stock after selling 8,817 shares during the period. Ontario Teachers Pension Plan Board’s holdings in Prosperity Bancshares were worth $796,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the stock. Zions Bancorporation N.A. acquired a new stake in Prosperity Bancshares during the 4th quarter valued at $30,000. Covestor Ltd raised its position in Prosperity Bancshares by 83.6% in the 1st quarter. Covestor Ltd now owns 692 shares of the bank’s stock valued at $48,000 after purchasing an additional 315 shares during the last quarter. Steward Partners Investment Advisory LLC raised its position 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 purchasing an additional 300 shares during the last quarter. Sunbelt Securities Inc. bought a new position in Prosperity Bancshares in the 1st quarter valued at $56,000. Finally, Quadrant Capital Group LLC raised its position in Prosperity Bancshares by 78.5% in the 4th quarter. Quadrant Capital Group LLC now owns 780 shares of the bank’s stock valued at $57,000 after purchasing an additional 343 shares during the last quarter. 81.70% of the stock is owned by institutional investors and hedge funds.

Prosperity Bancshares Trading Down 0.1 %

NYSE:PB opened at $56.85 on Friday. Prosperity Bancshares, Inc. has a 1 year low of $54.45 and a 1 year high of $78.76. The stock has a market cap of $5.33 billion, a price-to-earnings ratio of 10.71, a PEG ratio of 1.13 and a beta of 0.96. The stock has a 50-day moving average price of $58.86 and a two-hundred day moving average price of $60.14.

Prosperity Bancshares (NYSE:PB – Get Free Report) last posted 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. Prosperity Bancshares had a return on equity of 7.55% and a net margin of 34.03%. The firm had revenue of $276.15 million during the quarter, compared to analysts’ expectations of $281.98 million. Sell-side analysts forecast that Prosperity Bancshares, Inc. will post 5.05 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Friday, September 15th will be paid a $0.55 dividend. The ex-dividend date is Thursday, September 14th. This represents a $2.20 dividend on an annualized basis and a yield of 3.87%. Prosperity Bancshares’s payout ratio is 41.43%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Raymond James lifted their target price on Prosperity Bancshares from $65.00 to $68.00 and gave the company an “outperform” rating in a research note on Thursday, July 27th. Stephens lifted their target price on Prosperity Bancshares from $63.00 to $67.00 in a research note on Thursday, July 27th. Morgan Stanley reissued an “underweight” rating and issued a $60.00 target price on shares of Prosperity Bancshares in a research note on Monday, July 31st. Piper Sandler lifted their price objective on Prosperity Bancshares from $72.00 to $74.00 in a research note on Thursday, July 27th. Finally, Wedbush reaffirmed a “neutral” rating and set a $64.00 price objective on shares of Prosperity Bancshares in a research note on Thursday, July 27th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company. According to MarketBeat, Prosperity Bancshares has a consensus rating of “Hold” and an average price target of $71.00.

Get Our Latest Report on Prosperity Bancshares

About Prosperity Bancshares

(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.

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

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