Oregon Public Employees Retirement Fund Sells 3,200 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

Oregon Public Employees Retirement Fund decreased its position in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 13.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 19,922 shares of the bank’s stock after selling 3,200 shares during the quarter. Oregon Public Employees Retirement Fund’s holdings in Prosperity Bancshares were worth $1,218,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the company. Public Employees Retirement Association of Colorado lifted its holdings in shares of Prosperity Bancshares by 359.3% during the 4th quarter. Public Employees Retirement Association of Colorado now owns 247,936 shares of the bank’s stock worth $16,793,000 after acquiring an additional 193,953 shares during the period. Goldman Sachs Group Inc. lifted its stake in Prosperity Bancshares by 11.3% during the fourth quarter. Goldman Sachs Group Inc. now owns 884,734 shares of the bank’s stock worth $59,923,000 after purchasing an additional 89,617 shares during the last quarter. Kingsview Wealth Management LLC acquired a new stake in shares of Prosperity Bancshares in the 1st quarter valued at $2,343,000. Amica Mutual Insurance Co. increased its stake in shares of Prosperity Bancshares by 41.9% in the 2nd quarter. Amica Mutual Insurance Co. now owns 157,770 shares of the bank’s stock valued at $9,646,000 after purchasing an additional 46,593 shares during the last quarter. Finally, Vaughan Nelson Investment Management L.P. raised its holdings in shares of Prosperity Bancshares by 14.8% during the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 784,910 shares of the bank’s stock worth $51,631,000 after buying an additional 101,230 shares in the last quarter. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

PB has been the topic of a number of recent analyst reports. Morgan Stanley upgraded Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $75.00 to $86.00 in a research report on Monday, August 5th. DA Davidson lifted their price target on shares of Prosperity Bancshares from $78.00 to $82.00 and gave the company a “buy” rating in a report on Thursday, July 25th. Royal Bank of Canada increased their price objective on shares of Prosperity Bancshares from $70.00 to $74.00 and gave the company a “sector perform” rating in a research note on Thursday, July 25th. Wedbush boosted their target price on shares of Prosperity Bancshares from $63.00 to $75.00 and gave the stock a “neutral” rating in a research note on Thursday, July 25th. Finally, Truist Financial increased their price target on Prosperity Bancshares from $68.00 to $81.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. One analyst has rated the stock with a sell rating, three have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Prosperity Bancshares currently has an average rating of “Moderate Buy” and a consensus price target of $76.04.

Prosperity Bancshares Price Performance

Prosperity Bancshares stock opened at $71.98 on Monday. The stock’s 50 day moving average is $69.02 and its 200 day moving average is $64.44. Prosperity Bancshares, Inc. has a one year low of $49.60 and a one year high of $74.67. The firm has a market cap of $6.91 billion, a P/E ratio of 16.59, a P/E/G ratio of 1.51 and a beta of 0.90.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings data on Wednesday, July 24th. The bank reported $1.22 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.02. Prosperity Bancshares had a net margin of 25.10% and a return on equity of 6.32%. The company had revenue of $458.95 million for the quarter, compared to analyst estimates of $290.06 million. During the same period in the prior year, the firm posted $1.21 EPS. Equities analysts anticipate that Prosperity Bancshares, Inc. will post 5.07 earnings per share for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be given a $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 3.11%. The ex-dividend date of this dividend is Friday, September 13th. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 51.61%.

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.