Prosperity Bancshares, Inc. (NYSE:PB) Stock Position Lowered by New York State Common Retirement Fund

New York State Common Retirement Fund trimmed its stake in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 11.8% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 321,557 shares of the bank's stock after selling 43,144 shares during the quarter. New York State Common Retirement Fund owned about 0.34% of Prosperity Bancshares worth $23,175,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of PB. US Bancorp DE grew its position in Prosperity Bancshares by 3.4% during the third quarter. US Bancorp DE now owns 4,720 shares of the bank's stock valued at $340,000 after acquiring an additional 153 shares during the period. Nisa Investment Advisors LLC lifted its stake in shares of Prosperity Bancshares by 16.5% in the 3rd quarter. Nisa Investment Advisors LLC now owns 14,804 shares of the bank's stock valued at $1,075,000 after purchasing an additional 2,100 shares in the last quarter. First Financial Bankshares Inc grew its holdings in shares of Prosperity Bancshares by 16.8% during the 3rd quarter. First Financial Bankshares Inc now owns 14,554 shares of the bank's stock worth $1,049,000 after purchasing an additional 2,096 shares during the period. State of Alaska Department of Revenue increased its position in Prosperity Bancshares by 7.2% during the 3rd quarter. State of Alaska Department of Revenue now owns 11,182 shares of the bank's stock worth $805,000 after purchasing an additional 750 shares in the last quarter. Finally, Financial Management Professionals Inc. raised its holdings in Prosperity Bancshares by 32.4% in the third quarter. Financial Management Professionals Inc. now owns 1,722 shares of the bank's stock valued at $124,000 after buying an additional 421 shares during the period. Institutional investors and hedge funds own 80.69% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Royal Bank of Canada reiterated a "sector perform" rating and set a $77.00 price objective on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Truist Financial cut shares of Prosperity Bancshares from a "buy" rating to a "hold" rating and decreased their price target for the stock from $81.00 to $79.00 in a research report on Friday, September 20th. Hovde Group boosted their price objective on Prosperity Bancshares from $80.50 to $82.50 and gave the stock an "outperform" rating in a research note on Monday, August 26th. Piper Sandler increased their target price on Prosperity Bancshares from $73.00 to $80.00 and gave the company an "overweight" rating in a research note on Thursday, July 25th. Finally, StockNews.com cut Prosperity Bancshares from a "hold" rating to a "sell" rating in a report on Wednesday, August 28th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, Prosperity Bancshares currently has an average rating of "Moderate Buy" and a consensus price target of $78.96.

Prosperity Bancshares Stock Up 1.6 %

Shares of PB traded up $1.16 during mid-day trading on Tuesday, hitting $73.86. The stock had a trading volume of 328,784 shares, compared to its average volume of 568,749. Prosperity Bancshares, Inc. has a fifty-two week low of $54.38 and a fifty-two week high of $75.51. The company has a market cap of $7.04 billion, a PE ratio of 15.62, a PEG ratio of 1.09 and a beta of 0.89. The company's fifty day simple moving average is $72.40 and its two-hundred day simple moving average is $67.27.

Prosperity Bancshares (NYSE:PB - Get Free Report) last released its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, topping analysts' consensus estimates of $1.31 by $0.03. Prosperity Bancshares had a net margin of 25.39% and a return on equity of 6.46%. The firm had revenue of $459.00 million during the quarter, compared to the consensus estimate of $299.83 million. During the same quarter in the previous year, the company posted $1.20 earnings per share. Equities analysts expect that Prosperity Bancshares, Inc. will post 5.05 earnings per share for the current year.

Prosperity Bancshares Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be paid a $0.58 dividend. This is an increase from Prosperity Bancshares's previous quarterly dividend of $0.56. This represents a $2.32 dividend on an annualized basis and a yield of 3.14%. The ex-dividend date of this dividend is Friday, December 13th. Prosperity Bancshares's payout ratio is presently 47.56%.

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.