New York State Common Retirement Fund Lowers Stake in Prosperity Bancshares, Inc. (NYSE:PB)

New York State Common Retirement Fund lowered its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 11.8% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 321,557 shares of the bank’s stock after selling 43,144 shares during the quarter. New York State Common Retirement Fund owned 0.34% of Prosperity Bancshares worth $23,175,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. GAMMA Investing LLC grew its holdings in shares of Prosperity Bancshares by 59.6% during the 2nd quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock valued at $29,000 after purchasing an additional 177 shares during the last quarter. Quarry LP grew its holdings in shares of Prosperity Bancshares by 533.3% during the 2nd quarter. Quarry LP now owns 494 shares of the bank’s stock valued at $30,000 after purchasing an additional 416 shares during the last quarter. Quest Partners LLC grew its holdings in shares of Prosperity Bancshares by 3,147.1% during the 2nd quarter. Quest Partners LLC now owns 552 shares of the bank’s stock valued at $34,000 after purchasing an additional 535 shares during the last quarter. Abich Financial Wealth Management LLC grew its holdings in shares of Prosperity Bancshares by 12,433.3% during the 1st quarter. Abich Financial Wealth Management LLC now owns 752 shares of the bank’s stock valued at $49,000 after purchasing an additional 746 shares during the last quarter. Finally, Headlands Technologies LLC bought a new position in shares of Prosperity Bancshares during the 2nd quarter valued at $46,000. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on PB shares. Hovde Group increased their target price on shares of Prosperity Bancshares from $80.50 to $82.50 and gave the company an “outperform” rating in a report on Monday, August 26th. Compass Point increased their target price on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the company a “buy” rating in a report on Friday, July 26th. Royal Bank of Canada reissued a “sector perform” rating and issued a $77.00 price target on shares of Prosperity Bancshares in a report on Thursday, October 24th. DA Davidson lowered shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating and cut their price target for the stock from $80.00 to $78.00 in a report on Tuesday, October 15th. Finally, Wedbush reissued an “outperform” rating and issued a $90.00 price target on shares of Prosperity Bancshares in a report on Thursday, October 24th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, Prosperity Bancshares presently has a consensus rating of “Moderate Buy” and an average price target of $78.96.

Prosperity Bancshares Stock Performance

PB stock opened at $72.70 on Tuesday. Prosperity Bancshares, Inc. has a fifty-two week low of $54.38 and a fifty-two week high of $75.51. The company has a market capitalization of $6.93 billion, a price-to-earnings ratio of 15.44, a price-to-earnings-growth ratio of 1.09 and a beta of 0.89. The business’s 50 day moving average price is $72.39 and its two-hundred day moving average price is $67.17.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share for the quarter, topping the consensus estimate of $1.31 by $0.03. The company had revenue of $459.00 million for the quarter, compared to analysts’ expectations of $299.83 million. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%. During the same period in the prior year, the firm earned $1.20 earnings per share. Sell-side analysts forecast that Prosperity Bancshares, Inc. will post 5.05 earnings per share for the current year.

Prosperity Bancshares Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be given a dividend of $0.58 per share. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.56. This represents a $2.32 dividend on an annualized basis and a yield of 3.19%. The ex-dividend date is Friday, December 13th. Prosperity Bancshares’s dividend payout ratio (DPR) is 47.56%.

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.