Prosperity Bancshares, Inc. (NYSE:PB) Shares Sold by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D reduced its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB – Free Report) by 8.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 31,325 shares of the bank’s stock after selling 2,928 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Prosperity Bancshares were worth $1,927,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Principal Financial Group Inc. grew its stake in Prosperity Bancshares by 0.7% during the 4th quarter. Principal Financial Group Inc. now owns 357,739 shares of the bank’s stock valued at $26,000,000 after purchasing an additional 2,421 shares during the last quarter. Parallel Advisors LLC grew its stake in Prosperity Bancshares by 18.6% during the 4th quarter. Parallel Advisors LLC now owns 2,629 shares of the bank’s stock valued at $191,000 after purchasing an additional 412 shares during the last quarter. Maryland State Retirement & Pension System purchased a new stake in Prosperity Bancshares during the 4th quarter valued at about $521,000. Benjamin F. Edwards & Company Inc. grew its stake in Prosperity Bancshares by 1.5% during the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 20,070 shares of the bank’s stock valued at $1,459,000 after purchasing an additional 287 shares during the last quarter. Finally, Machina Capital S.A.S. purchased a new stake in Prosperity Bancshares during the 1st quarter valued at about $86,000. 77.68% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Prosperity Bancshares

In other news, Director L. Jack Lord bought 5,000 shares of Prosperity Bancshares stock in a transaction on Monday, May 1st. The stock was acquired at an average price of $62.04 per share, with a total value of $310,200.00. Following the completion of the acquisition, the director now directly owns 33,125 shares of the company’s stock, valued at $2,055,075. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 4.20% of the company’s stock.

Prosperity Bancshares Trading Down 1.5 %

NYSE PB opened at $61.26 on Friday. The stock has a market capitalization of $5.78 billion, a price-to-earnings ratio of 10.62, a PEG ratio of 1.14 and a beta of 0.94. Prosperity Bancshares, Inc. has a twelve month low of $54.45 and a twelve month high of $78.76. The stock has a 50-day moving average of $58.79 and a 200 day moving average of $64.66.

Prosperity Bancshares (NYSE:PB – Get Free Report) last announced its earnings results on Wednesday, April 26th. The bank reported $1.37 EPS for the quarter, beating analysts’ consensus estimates of $1.33 by $0.04. Prosperity Bancshares had a return on equity of 7.93% and a net margin of 39.87%. The business had revenue of $365.58 million during the quarter, compared to analysts’ expectations of $285.02 million. During the same quarter in the prior year, the firm earned $1.33 earnings per share. Equities analysts predict that Prosperity Bancshares, Inc. will post 5.14 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 dividend of $0.55 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 3.59%. Prosperity Bancshares’s payout ratio is currently 38.13%.

Analysts Set New Price Targets

A number of analysts have recently commented on PB shares. StockNews.com upgraded Prosperity Bancshares to a “sell” rating in a research note on Tuesday, June 6th. Raymond James lowered their target price on Prosperity Bancshares from $70.00 to $65.00 in a research note on Thursday, July 6th. Wolfe Research upgraded Prosperity Bancshares from an “underperform” rating to an “outperform” rating and set a $68.00 target price on the stock in a research note on Wednesday, May 3rd. Morgan Stanley downgraded Prosperity Bancshares from an “equal weight” rating to an “underweight” rating and upped their target price for the stock from $58.00 to $60.00 in a research note on Tuesday, May 16th. Finally, Truist Financial lowered their target price on Prosperity Bancshares from $71.00 to $64.00 in a research note on Thursday, June 29th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, Prosperity Bancshares has an average rating of “Hold” and an average price target of $72.10.

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.