Retirement Systems of Alabama Raises Stock Position in Prosperity Bancshares, Inc. (NYSE:PB)

Retirement Systems of Alabama raised its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 0.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 117,373 shares of the bank’s stock after purchasing an additional 351 shares during the period. Retirement Systems of Alabama owned 0.13% of Prosperity Bancshares worth $7,950,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Natixis Advisors L.P. lifted its holdings in Prosperity Bancshares by 64.1% in the 3rd quarter. Natixis Advisors L.P. now owns 44,415 shares of the bank’s stock valued at $2,424,000 after purchasing an additional 17,351 shares in the last quarter. Amica Mutual Insurance Co. lifted its stake in shares of Prosperity Bancshares by 417.5% in the third quarter. Amica Mutual Insurance Co. now owns 30,583 shares of the bank’s stock worth $1,669,000 after buying an additional 24,673 shares in the last quarter. NBC Securities Inc. acquired a new position in Prosperity Bancshares during the third quarter worth about $213,000. Panagora Asset Management Inc. boosted its position in Prosperity Bancshares by 131.3% during the third quarter. Panagora Asset Management Inc. now owns 8,742 shares of the bank’s stock worth $477,000 after acquiring an additional 4,963 shares during the last quarter. Finally, Vaughan Nelson Investment Management L.P. purchased a new stake in Prosperity Bancshares during the 4th quarter valued at about $46,306,000. 80.69% of the stock is owned by hedge funds and other institutional investors.

Prosperity Bancshares Stock Performance

Prosperity Bancshares stock opened at $63.07 on Friday. The company has a market capitalization of $5.90 billion, a price-to-earnings ratio of 14.53, a price-to-earnings-growth ratio of 1.25 and a beta of 0.93. The company’s 50 day simple moving average is $62.53 and its 200-day simple moving average is $62.05. Prosperity Bancshares, Inc. has a 1 year low of $49.60 and a 1 year high of $68.88.

Prosperity Bancshares (NYSE:PB) last announced its earnings results on Wednesday, April 24th. The bank reported $1.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.15 by $0.03. Prosperity Bancshares had a return on equity of 6.33% and a net margin of 24.50%. The company had revenue of $420.78 million for the quarter, compared to analyst estimates of $274.88 million. During the same quarter in the previous year, the company earned $1.37 earnings per share. Equities analysts expect that Prosperity Bancshares, Inc. will post 4.99 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be issued a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a yield of 3.55%. The ex-dividend date is Friday, June 14th. Prosperity Bancshares’s dividend payout ratio (DPR) is 51.61%.

Analyst Ratings Changes

PB has been the topic of several recent research reports. Barclays initiated coverage on Prosperity Bancshares in a report on Friday, March 8th. They set an “equal weight” rating and a $68.00 target price on the stock. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $70.00 target price on shares of Prosperity Bancshares in a research note on Tuesday, April 9th. Truist Financial reiterated a “buy” rating and set a $75.00 price target on shares of Prosperity Bancshares in a report on Monday, April 1st. Raymond James upped their price objective on shares of Prosperity Bancshares from $65.00 to $80.00 and gave the company a “strong-buy” rating in a report on Friday, January 5th. Finally, Morgan Stanley raised shares of Prosperity Bancshares from an “underweight” rating to an “equal weight” rating and set a $69.00 target price on the stock in a research note on Wednesday, February 7th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $68.86.

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.