Prosperity Bancshares, Inc. (NYSE:PB) Shares Sold by South Dakota Investment Council

South Dakota Investment Council cut its position in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 10.4% during the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 123,367 shares of the bank’s stock after selling 14,300 shares during the quarter. South Dakota Investment Council’s holdings in Prosperity Bancshares were worth $8,356,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Spire Wealth Management boosted 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 worth $70,000 after purchasing an additional 194 shares during the period. Treasurer of the State of North Carolina lifted its stake in Prosperity Bancshares by 0.5% in the 3rd quarter. Treasurer of the State of North Carolina now owns 38,250 shares of the bank’s stock worth $2,088,000 after acquiring an additional 200 shares in the last quarter. Covestor Ltd boosted its position in Prosperity Bancshares by 12.3% during the 3rd quarter. Covestor Ltd now owns 2,231 shares of the bank’s stock worth $122,000 after acquiring an additional 244 shares during the period. CFO4Life Group LLC grew its stake in Prosperity Bancshares by 0.9% during the 3rd quarter. CFO4Life Group LLC now owns 30,095 shares of the bank’s stock valued at $1,643,000 after acquiring an additional 280 shares in the last quarter. Finally, Signaturefd LLC increased its holdings in shares of Prosperity Bancshares by 171.5% in the 4th quarter. Signaturefd LLC now owns 744 shares of the bank’s stock valued at $50,000 after purchasing an additional 470 shares during the period. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on PB shares. Truist Financial reiterated 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 shares of Prosperity Bancshares in a research note on Friday, March 8th. They issued an “equal weight” rating and a $68.00 price target on the stock. Royal Bank of Canada reissued a “sector perform” rating and set a $70.00 price objective on shares of Prosperity Bancshares in a research report on Tuesday, April 9th. Morgan Stanley raised Prosperity Bancshares from an “underweight” rating to an “equal weight” rating and set a $69.00 target price on the stock in a research report on Wednesday, February 7th. Finally, Raymond James raised their price target on Prosperity Bancshares from $65.00 to $80.00 and gave the stock a “strong-buy” rating in a research note on Friday, January 5th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $68.79.

Prosperity Bancshares Price Performance

Shares of PB stock traded up $2.63 on Wednesday, reaching $65.33. 441,851 shares of the stock were exchanged, compared to its average volume of 560,291. Prosperity Bancshares, Inc. has a one year low of $49.60 and a one year high of $68.88. The stock has a 50 day moving average price of $62.54 and a 200 day moving average price of $61.53. The stock has a market cap of $6.11 billion, a PE ratio of 13.84, a P/E/G ratio of 1.25 and a beta of 0.93.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results on Wednesday, January 24th. The bank reported $1.19 EPS for the quarter, beating analysts’ consensus estimates of $1.15 by $0.04. The company had revenue of $413.00 million for the quarter, compared to analyst estimates of $279.34 million. Prosperity Bancshares had a return on equity of 6.62% and a net margin of 26.24%. During the same period in the previous year, the company posted $1.51 earnings per share. On average, research analysts expect that Prosperity Bancshares, Inc. will post 4.96 earnings per share 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. Stockholders of record on Friday, June 14th will be given a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.43%. The ex-dividend date is Friday, June 14th. Prosperity Bancshares’s dividend payout ratio is presently 49.45%.

Prosperity Bancshares Company Profile

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.