California Public Employees Retirement System Sells 4,758 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

California Public Employees Retirement System lessened its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 3.2% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 145,473 shares of the bank's stock after selling 4,758 shares during the period. California Public Employees Retirement System owned about 0.15% of Prosperity Bancshares worth $10,961,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Smartleaf Asset Management LLC raised its stake in Prosperity Bancshares by 487.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 376 shares of the bank's stock valued at $28,000 after acquiring an additional 312 shares during the period. Jones Financial Companies Lllp lifted its stake in shares of Prosperity Bancshares by 368.5% during the 4th quarter. Jones Financial Companies Lllp now owns 520 shares of the bank's stock valued at $39,000 after buying an additional 409 shares in the last quarter. UMB Bank n.a. lifted its stake in shares of Prosperity Bancshares by 102.7% during the 4th quarter. UMB Bank n.a. now owns 592 shares of the bank's stock valued at $45,000 after buying an additional 300 shares in the last quarter. GAMMA Investing LLC boosted its holdings in Prosperity Bancshares by 20.4% in the 4th quarter. GAMMA Investing LLC now owns 844 shares of the bank's stock worth $64,000 after buying an additional 143 shares during the period. Finally, Sunbelt Securities Inc. boosted its holdings in shares of Prosperity Bancshares by 31.0% in the third quarter. Sunbelt Securities Inc. now owns 981 shares of the bank's stock worth $71,000 after acquiring an additional 232 shares during the period. 80.69% of the stock is owned by institutional investors.

Prosperity Bancshares Stock Performance

PB traded up $0.53 during midday trading on Friday, hitting $64.72. The stock had a trading volume of 1,160,269 shares, compared to its average volume of 561,853. The company has a market cap of $6.17 billion, a P/E ratio of 12.79, a price-to-earnings-growth ratio of 0.94 and a beta of 0.82. Prosperity Bancshares, Inc. has a 1 year low of $57.16 and a 1 year high of $86.76. The business has a fifty day moving average of $72.73 and a 200 day moving average of $75.63.

Prosperity Bancshares (NYSE:PB - Get Free Report) last issued its earnings results on Wednesday, January 29th. The bank reported $1.37 EPS for the quarter, topping analysts' consensus estimates of $1.33 by $0.04. Prosperity Bancshares had a net margin of 26.79% and a return on equity of 6.64%. On average, equities research analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Friday, March 14th were issued a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a yield of 3.58%. The ex-dividend date was Friday, March 14th. Prosperity Bancshares's dividend payout ratio is presently 45.85%.

Wall Street Analyst Weigh In

Several research analysts have commented on PB shares. Barclays cut their target price on Prosperity Bancshares from $88.00 to $86.00 and set an "equal weight" rating for the company in a research note on Tuesday. UBS Group reduced their price objective on shares of Prosperity Bancshares from $77.00 to $76.00 and set a "buy" rating for the company in a research note on Thursday, December 26th. Bank of America raised shares of Prosperity Bancshares from an "underperform" rating to a "neutral" rating and set a $80.00 price target on the stock in a report on Tuesday, January 7th. Raymond James lifted their price objective on Prosperity Bancshares from $82.00 to $87.00 and gave the company an "outperform" rating in a research note on Thursday, January 30th. Finally, StockNews.com upgraded Prosperity Bancshares from a "sell" rating to a "hold" rating in a research note on Thursday. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $83.35.

Insider Buying and Selling

In related news, Director Ned S. Holmes sold 500 shares of the business's stock in a transaction dated Wednesday, April 9th. The stock was sold at an average price of $63.62, for a total transaction of $31,810.00. Following the transaction, the director now owns 102,815 shares in the company, valued at $6,541,090.30. The trade was a 0.48 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 5,500 shares of company stock worth $408,695 in the last ninety days. 4.20% of the stock is owned by insiders.

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.