Prosperity Bancshares, Inc. (NYSE:PB) Stake Raised by Retirement Systems of Alabama

Retirement Systems of Alabama lifted its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 0.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 118,411 shares of the bank’s stock after buying an additional 719 shares during the period. Retirement Systems of Alabama’s holdings in Prosperity Bancshares were worth $7,240,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. GAMMA Investing LLC boosted its position in Prosperity Bancshares by 59.6% during the 2nd quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock worth $29,000 after acquiring an additional 177 shares during the period. Parallel Advisors LLC raised its stake in shares of Prosperity Bancshares by 835.9% during the fourth quarter. Parallel Advisors LLC now owns 730 shares of the bank’s stock valued at $49,000 after purchasing an additional 652 shares in the last quarter. Mather Group LLC. acquired a new stake in Prosperity Bancshares in the first quarter worth about $50,000. Signaturefd LLC grew its position in Prosperity Bancshares by 171.5% in the 4th quarter. Signaturefd LLC now owns 744 shares of the bank’s stock valued at $50,000 after buying an additional 470 shares in the last quarter. Finally, Abich Financial Wealth Management LLC increased its stake in 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 buying an additional 746 shares during the period. 80.69% of the stock is owned by institutional investors.

Prosperity Bancshares Trading Up 2.9 %

Prosperity Bancshares stock opened at $73.32 on Monday. Prosperity Bancshares, Inc. has a 1-year low of $49.60 and a 1-year high of $74.67. The firm’s fifty day simple moving average is $66.31 and its 200-day simple moving average is $63.75. The company has a market capitalization of $6.98 billion, a P/E ratio of 16.89, a P/E/G ratio of 1.46 and a beta of 0.91.

Prosperity Bancshares (NYSE:PB) last posted its earnings results on Wednesday, July 24th. The bank reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.02. Prosperity Bancshares had a return on equity of 6.32% and a net margin of 25.10%. The company had revenue of $458.95 million for the quarter, compared to analyst estimates of $290.06 million. During the same period last year, the company earned $1.21 earnings per share. On average, equities research analysts predict that Prosperity Bancshares, Inc. will post 5.07 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be issued a $0.56 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $2.24 annualized dividend and a yield of 3.06%. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 51.61%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on PB shares. Wedbush upped their price target 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. Piper Sandler increased their price objective on Prosperity Bancshares from $73.00 to $80.00 and gave the company an “overweight” rating in a research report on Thursday, July 25th. Stephens upgraded Prosperity Bancshares from an “equal weight” rating to an “overweight” rating in a report on Wednesday, June 26th. StockNews.com raised Prosperity Bancshares from a “sell” rating to a “hold” rating in a report on Thursday, August 15th. Finally, Truist Financial lifted their price target on Prosperity Bancshares from $68.00 to $81.00 and gave the stock a “buy” rating in a research note on Thursday, July 25th. Four investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $74.81.

About Prosperity Bancshares

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.