State of Alaska Department of Revenue Sells 320 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

State of Alaska Department of Revenue lessened its holdings in Prosperity Bancshares, Inc. (NYSE:PB) by 2.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 10,862 shares of the bank’s stock after selling 320 shares during the quarter. State of Alaska Department of Revenue’s holdings in Prosperity Bancshares were worth $818,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of PB. Point72 Asset Management L.P. bought a new position in shares of Prosperity Bancshares in the 3rd quarter valued at about $16,478,000. Jane Street Group LLC raised its position in shares of Prosperity Bancshares by 418.0% in the 3rd quarter. Jane Street Group LLC now owns 111,548 shares of the bank’s stock valued at $8,039,000 after acquiring an additional 90,015 shares during the period. Los Angeles Capital Management LLC acquired a new stake in shares of Prosperity Bancshares in the 3rd quarter valued at approximately $4,804,000. Allspring Global Investments Holdings LLC raised its position in shares of Prosperity Bancshares by 21.8% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 272,331 shares of the bank’s stock valued at $19,627,000 after acquiring an additional 48,719 shares during the period. Finally, Prospector Partners LLC raised its position in shares of Prosperity Bancshares by 24.6% in the 3rd quarter. Prospector Partners LLC now owns 228,992 shares of the bank’s stock valued at $16,503,000 after acquiring an additional 45,177 shares during the period. Institutional investors own 80.69% of the company’s stock.

Insider Transactions at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 500 shares of the firm’s stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $81.44, for a total value of $40,720.00. Following the completion of the transaction, the director now directly owns 113,815 shares of the company’s stock, valued at approximately $9,269,093.60. This trade represents a 0.44 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Leah Henderson sold 1,100 shares of the firm’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $83.24, for a total transaction of $91,564.00. Following the completion of the transaction, the director now directly owns 7,525 shares of the company’s stock, valued at $626,381. This represents a 12.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 15,600 shares of company stock valued at $1,273,279 in the last ninety days. 4.28% of the stock is currently owned by corporate insiders.

Prosperity Bancshares Stock Down 0.1 %

Shares of PB opened at $77.97 on Friday. The stock has a market capitalization of $7.43 billion, a P/E ratio of 15.41, a P/E/G ratio of 0.98 and a beta of 0.94. Prosperity Bancshares, Inc. has a twelve month low of $57.16 and a twelve month high of $86.75. The company has a 50 day moving average of $77.96 and a 200-day moving average of $75.65.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results on Wednesday, January 29th. The bank reported $1.37 earnings per share for the quarter, topping the consensus estimate 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, sell-side analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current fiscal year.

Prosperity Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be paid a dividend of $0.58 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $2.32 annualized dividend and a dividend yield of 2.98%. Prosperity Bancshares’s dividend payout ratio is currently 45.85%.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on PB. Wedbush reiterated an “outperform” rating and issued a $90.00 price target on shares of Prosperity Bancshares in a research report on Thursday, October 24th. Barclays increased their price target on shares of Prosperity Bancshares from $84.00 to $88.00 and gave the company an “equal weight” rating in a research report on Friday, December 20th. Raymond James increased their price target on shares of Prosperity Bancshares from $82.00 to $87.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. Wolfe Research reiterated a “peer perform” rating on shares of Prosperity Bancshares in a research report on Thursday, December 5th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $77.00 price target on shares of Prosperity Bancshares in a research report on Thursday, October 24th. Seven analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $82.88.

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.