Prosperity Bancshares, Inc. $PB Shares Sold by Maryland State Retirement & Pension System

Maryland State Retirement & Pension System lessened its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 18.2% in the first quarter, according to its most recent filing with the SEC. The fund owned 4,193 shares of the bank’s stock after selling 931 shares during the period. Maryland State Retirement & Pension System’s holdings in Prosperity Bancshares were worth $299,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Quarry LP acquired a new stake in shares of Prosperity Bancshares during the 4th quarter valued at $88,000. Fifth Third Bancorp lifted its holdings in shares of Prosperity Bancshares by 44.9% in the first quarter. Fifth Third Bancorp now owns 1,277 shares of the bank’s stock valued at $91,000 after purchasing an additional 396 shares in the last quarter. Chilton Capital Management LLC purchased a new stake in shares of Prosperity Bancshares in the first quarter valued at $105,000. PNC Financial Services Group Inc. lifted its holdings in shares of Prosperity Bancshares by 9.2% in the first quarter. PNC Financial Services Group Inc. now owns 2,968 shares of the bank’s stock valued at $212,000 after purchasing an additional 249 shares in the last quarter. Finally, New England Research & Management Inc. purchased a new stake in shares of Prosperity Bancshares in the first quarter valued at $212,000. Institutional investors and hedge funds own 80.69% of the company’s stock.

Prosperity Bancshares Price Performance

Prosperity Bancshares stock opened at $67.19 on Monday. The company has a market capitalization of $6.38 billion, a price-to-earnings ratio of 12.22, a PEG ratio of 1.01 and a beta of 0.71. Prosperity Bancshares, Inc. has a one year low of $61.57 and a one year high of $86.75. The company’s fifty day moving average price is $69.75 and its two-hundred day moving average price is $70.87.

Prosperity Bancshares (NYSE:PB) last posted its earnings results on Wednesday, July 23rd. The bank reported $1.42 EPS for the quarter, topping the consensus estimate of $1.40 by $0.02. The firm had revenue of $310.70 million for the quarter, compared to the consensus estimate of $315.66 million. Prosperity Bancshares had a net margin of 29.37% and a return on equity of 6.99%. During the same period in the prior year, the business posted $1.22 earnings per share. As a group, sell-side analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be issued a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date is Monday, September 15th. Prosperity Bancshares’s dividend payout ratio is 42.18%.

Insider Transactions at Prosperity Bancshares

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the company’s stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $67.88, for a total transaction of $33,940.00. Following the completion of the sale, the director directly owned 95,415 shares in the company, valued at $6,476,770.20. This represents a 0.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold 14,300 shares of company stock worth $1,002,309 in the last three months. 4.20% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

PB has been the subject of a number of research analyst reports. Hovde Group reduced their target price on Prosperity Bancshares from $85.00 to $83.00 and set an “outperform” rating for the company in a report on Thursday, July 24th. Keefe, Bruyette & Woods reduced their target price on Prosperity Bancshares from $95.00 to $90.00 and set an “outperform” rating for the company in a report on Monday, May 5th. Jefferies Financial Group initiated coverage on Prosperity Bancshares in a report on Wednesday, May 21st. They issued a “buy” rating and a $85.00 target price for the company. Royal Bank Of Canada reduced their target price on Prosperity Bancshares from $85.00 to $78.00 and set a “sector perform” rating for the company in a report on Thursday, April 24th. Finally, Piper Sandler reduced their target price on Prosperity Bancshares from $86.00 to $84.00 and set an “overweight” rating for the company in a report on Thursday, July 24th. Seven analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $84.57.

Prosperity Bancshares 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.