Retirement Systems of Alabama increases its stake in Prosperity Bancshares, Inc. (NYSE:PB)
Retirement Systems of Alabama increased its holdings of Prosperity Bancshares, Inc. (NYSE:PB – Get Rating) stock by 0.2% in the first quarter, according to the company in its latest filing with the Securities and Exchange Commission. The institutional investor held 120,937 shares of the bank after purchasing an additional 250 shares during the period. Retirement Systems of Alabama’s holdings in Prosperity Bancshares were worth $8,391,000 at the end of the most recent reporting period.
Several other hedge funds also changed their PB holdings. American Century Companies Inc. increased its stake in Prosperity Bancshares shares by 48.5% during the 4th quarter. American Century Companies Inc. now owns 2,166,549 shares of the bank worth $156,641,000 after buying an additional 708,008 shares last quarter. Millennium Management LLC increased its equity stake in Prosperity Bancshares by 1,261.7% during the 4th quarter. Millennium Management LLC now owns 575,661 shares of the bank worth $41,620,000 after purchasing an additional 533,386 shares last quarter. Brown Advisory Inc. increased its stake in Prosperity Bancshares shares by 12.3% during the 4th quarter. Brown Advisory Inc. now owns 2,460,387 shares of the bank worth $177,886,000 after purchasing an additional 270,020 shares last quarter. Dimensional Fund Advisors LP increased its holding in shares of Prosperity Bancshares by 6.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,848,170 shares of the bank worth $133,622,000 after buying an additional 118,165 shares in the last quarter. Finally, Qube Research & Technologies Ltd bought a new position in shares of Prosperity Bancshares during the 4th quarter for a value of approximately $8,365,000. 80.30% of the shares are held by institutional investors and hedge funds.
In other Prosperity Bancshares news, Chairman HE Timanus, Jr. acquired 2,000 shares of the company in a transaction dated Thursday, May 12. The shares were acquired at an average price of $67.00 per share, for a total transaction of $134,000.00. Following the completion of the acquisition, the president now directly owns 2,000 shares of the company, valued at $134,000. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Additionally, director Robert H. Steelhammer sold 1,200 shares of the company in a trade on Tuesday, June 7. The stock was sold at an average price of $72.57, for a total value of $87,084.00. As a result of the sale, the administrator now owns 135,455 shares of the company, valued at approximately $9,829,969.35. The disclosure of this sale can be found here. 4.22% of the shares are currently held by company insiders.
NYSE:PB shares opened at $69.62 on Tuesday. The company’s fifty-day moving average price is $69.17 and its two-hundred-day moving average price is $71.25. The stock has a market capitalization of $6.42 billion, a PE ratio of 12.64, a growth price-earnings ratio of 1.22 and a beta of 1.05. Prosperity Bancshares, Inc. has a one-year low of $64.40 and a one-year high of $80.46.
Prosperity Bancshares (NYSE:PB – Get Rating) last announced its results on Wednesday April 27. The bank reported EPS of $1.33 for the quarter, beating consensus analyst estimates of $1.29 by $0.04. The company posted revenue of $275.07 million for the quarter, compared to $273.00 million expected by analysts. Prosperity Bancshares had a return on equity of 7.95% and a net margin of 43.64%. In the same quarter of the previous year, the company achieved EPS of $1.44. As a group, equity analysts expect Prosperity Bancshares, Inc. to post EPS of 5.7 for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, July 1. Shareholders of record on Wednesday, June 15 received a dividend of $0.52 per share. This represents a dividend of $2.08 on an annualized basis and a yield of 2.99%. The ex-dividend date was Tuesday, June 14. Prosperity Bancshares’ dividend payout ratio (DPR) is currently 37.75%.
A number of stock analysts have recently released reports on PB shares. Wolfe Research reduced its target price on Prosperity Bancshares from $69.00 to $63.00 and set an “underperform” rating for the company in a Thursday, May 26 research note. Truist Financial lowered its price target on Prosperity Bancshares from $78.00 to $77.00 and placed a “buy” rating on the stock in a Wednesday, June 15 report. Piper Sandler lowered her price target on Prosperity Bancshares to $78.00 in a report on Monday. Finally, StockNews.com upgraded Prosperity Bancshares from a “hold” rating to a “sell” rating in a Thursday, June 2 report. Two equity research analysts gave the stock a sell rating, two gave the company a hold rating and one gave the company a buy rating. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $77.80.
Prosperity Bancshares Company Profile (Get an assessment)
Prosperity Bancshares, Inc operates as a bank holding company for Prosperity Bank which provides financial products and services to businesses and consumers. It accepts various deposit products, such as current, savings, money market and term accounts, as well as certificates of deposit. The company also offers 1-4 family residential mortgages, commercial and multi-family residential, commercial and industrial, agricultural and non-real estate mortgages, as well as loans for construction, land development and other land loans. ; consumer loans, including secured loans for automobiles, recreational vehicles, boats, home improvement, personal and deposit accounts; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and the purchase of equipment and machinery.
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