Louisiana State Employees Retirement System Makes New $1.78 Million Investment in Prosperity Bancshares, Inc. (NYSE:PB)

Louisiana State Employees Retirement System purchased a new position in shares of Prosperity Bancshares, Inc. (NYSE:PB) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 26,300 shares of the bank’s stock, valued at approximately $1,781,000.

Several other large investors also recently bought and sold shares of PB. Planned Solutions Inc. acquired a new position in shares of Prosperity Bancshares during the 4th quarter worth about $37,000. Covestor Ltd boosted its position in shares of Prosperity Bancshares by 83.6% during the 1st quarter. Covestor Ltd now owns 692 shares of the bank’s stock worth $48,000 after acquiring an additional 315 shares in the last quarter. State of Wyoming boosted its position in shares of Prosperity Bancshares by 25.1% during the 2nd quarter. State of Wyoming now owns 891 shares of the bank’s stock worth $50,000 after acquiring an additional 179 shares in the last quarter. Steward Partners Investment Advisory LLC boosted its position in shares of Prosperity Bancshares by 73.2% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 710 shares of the bank’s stock worth $52,000 after acquiring an additional 300 shares in the last quarter. Finally, Sunbelt Securities Inc. acquired a new position in shares of Prosperity Bancshares during the 1st quarter worth about $56,000. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Raymond James upped their price objective on Prosperity Bancshares from $65.00 to $80.00 and gave the stock a “strong-buy” rating in a research report on Friday, January 5th. Morgan Stanley raised Prosperity Bancshares from an “underweight” rating to an “equal weight” rating and set a $69.00 target price for the company in a research report on Wednesday, February 7th. Barclays initiated coverage on Prosperity Bancshares in a research report on Friday, March 8th. They issued an “equal weight” rating and a $68.00 target price for the company. Truist Financial reissued a “buy” rating and issued a $75.00 target price on shares of Prosperity Bancshares in a research report on Monday, April 1st. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $70.00 target price on shares of Prosperity Bancshares in a research report on Tuesday, April 9th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Prosperity Bancshares presently has a consensus rating of “Moderate Buy” and a consensus target price of $68.79.

Prosperity Bancshares Stock Up 0.5 %

PB opened at $59.69 on Friday. The business has a 50 day moving average price of $62.63 and a two-hundred day moving average price of $61.29. The company has a market cap of $5.58 billion, a PE ratio of 13.18, a P/E/G ratio of 1.20 and a beta of 0.93. Prosperity Bancshares, Inc. has a 52 week low of $49.60 and a 52 week high of $68.88.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings data on Wednesday, January 24th. The bank reported $1.19 EPS for the quarter, beating the consensus estimate of $1.15 by $0.04. The firm had revenue of $413.00 million during the quarter, compared to the consensus estimate 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 prior year, the business earned $1.51 EPS. As a group, sell-side analysts expect that Prosperity Bancshares, Inc. will post 4.96 EPS for the current fiscal year.

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.