Prosperity Bancshares, Inc. (NYSE:PB) Shares Purchased by State of Alaska Department of Revenue

State of Alaska Department of Revenue grew its position in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 7.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 11,182 shares of the bank’s stock after purchasing an additional 750 shares during the period. State of Alaska Department of Revenue’s holdings in Prosperity Bancshares were worth $805,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. GAMMA Investing LLC increased its position in Prosperity Bancshares by 59.6% during the second quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock worth $29,000 after purchasing an additional 177 shares during the last quarter. Quarry LP grew its stake in shares of Prosperity Bancshares by 533.3% in the second quarter. Quarry LP now owns 494 shares of the bank’s stock valued at $30,000 after buying an additional 416 shares in the last quarter. Quest Partners LLC lifted its position in shares of Prosperity Bancshares by 3,147.1% during the second quarter. Quest Partners LLC now owns 552 shares of the bank’s stock worth $34,000 after purchasing an additional 535 shares in the last quarter. Abich Financial Wealth Management LLC grew its stake in shares of Prosperity Bancshares by 12,433.3% during the first quarter. Abich Financial Wealth Management LLC now owns 752 shares of the bank’s stock valued at $49,000 after acquiring an additional 746 shares in the last quarter. Finally, Headlands Technologies LLC purchased a new stake in Prosperity Bancshares during the 2nd quarter worth approximately $46,000. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

Prosperity Bancshares Stock Performance

Shares of NYSE:PB opened at $80.88 on Thursday. The stock has a market capitalization of $7.70 billion, a price-to-earnings ratio of 17.17, a PEG ratio of 1.08 and a beta of 0.89. The company has a 50 day moving average price of $72.58 and a 200 day moving average price of $67.45. Prosperity Bancshares, Inc. has a 1-year low of $54.38 and a 1-year high of $81.11.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.31 by $0.03. Prosperity Bancshares had a net margin of 25.39% and a return on equity of 6.46%. The business had revenue of $459.00 million for the quarter, compared to analyst estimates of $299.83 million. During the same quarter in the previous year, the business earned $1.20 earnings per share. On average, sell-side analysts expect that Prosperity Bancshares, Inc. will post 5.05 EPS for the current fiscal year.

Prosperity Bancshares Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be paid a dividend of $0.58 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.87%. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.56. Prosperity Bancshares’s dividend payout ratio (DPR) is 49.26%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on PB. Morgan Stanley upgraded Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $75.00 to $86.00 in a research note on Monday, August 5th. Piper Sandler boosted their price objective on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the company an “overweight” rating in a research report on Thursday, July 25th. Hovde Group raised their price target on Prosperity Bancshares from $80.50 to $82.50 and gave the stock an “outperform” rating in a report on Monday, August 26th. Barclays boosted their price objective on Prosperity Bancshares from $75.00 to $76.00 and gave the company an “equal weight” rating in a research report on Thursday, October 24th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $77.00 target price on shares of Prosperity Bancshares in a research report on Thursday, October 24th. One investment 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. According to MarketBeat, Prosperity Bancshares currently has an average rating of “Moderate Buy” and a consensus target price of $78.96.

Prosperity Bancshares Company 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.