Louisiana State Employees Retirement System Decreases Stake in Prosperity Bancshares, Inc. (NYSE:PB)

Louisiana State Employees Retirement System reduced its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 2.6% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 26,400 shares of the bank’s stock after selling 700 shares during the period. Louisiana State Employees Retirement System’s holdings in Prosperity Bancshares were worth $1,903,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Dimensional Fund Advisors LP raised its position in shares of Prosperity Bancshares by 14.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,287,615 shares of the bank’s stock valued at $262,141,000 after buying an additional 532,241 shares during the period. Victory Capital Management Inc. lifted its stake in shares of Prosperity Bancshares by 3.0% in the 2nd quarter. Victory Capital Management Inc. now owns 6,359,165 shares of the bank’s stock valued at $388,799,000 after purchasing an additional 184,453 shares during the last quarter. Amarillo National Bank acquired a new position in shares of Prosperity Bancshares in the 2nd quarter valued at $8,520,000. Thrivent Financial for Lutherans grew its holdings in shares of Prosperity Bancshares by 16.0% during the 2nd quarter. Thrivent Financial for Lutherans now owns 811,772 shares of the bank’s stock worth $49,632,000 after purchasing an additional 112,101 shares during the period. Finally, Allspring Global Investments Holdings LLC increased its position in shares of Prosperity Bancshares by 52.6% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 223,612 shares of the bank’s stock worth $13,672,000 after purchasing an additional 77,039 shares during the last quarter. Institutional investors and hedge funds own 80.69% of the company’s stock.

Analysts Set New Price Targets

PB has been the topic of a number of research analyst reports. Piper Sandler boosted their price target on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the company an “overweight” rating in a research note on Thursday, July 25th. Royal Bank of Canada restated a “sector perform” rating and set a $77.00 price target on shares of Prosperity Bancshares in a research note on Thursday, October 24th. StockNews.com lowered Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Wednesday, August 28th. Truist Financial downgraded Prosperity Bancshares from a “buy” rating to a “hold” rating and cut their price objective for the company from $81.00 to $79.00 in a report on Friday, September 20th. Finally, Wedbush restated an “outperform” rating and set a $90.00 target price on shares of Prosperity Bancshares in a report on Thursday, October 24th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $78.96.

Prosperity Bancshares Price Performance

Prosperity Bancshares stock opened at $74.21 on Thursday. Prosperity Bancshares, Inc. has a 12-month low of $53.67 and a 12-month high of $75.51. The company has a market capitalization of $7.07 billion, a price-to-earnings ratio of 15.80, a price-to-earnings-growth ratio of 1.08 and a beta of 0.89. The firm’s fifty day moving average price is $72.30 and its 200 day moving average price is $66.88.

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

Prosperity Bancshares Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be issued a $0.58 dividend. The ex-dividend date of this dividend is Friday, December 13th. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.56. This represents a $2.32 annualized dividend and a dividend yield of 3.13%. Prosperity Bancshares’s payout ratio is 49.26%.

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.