South Dakota Investment Council Decreases Position in Prosperity Bancshares, Inc. (NYSE:PB)

South Dakota Investment Council reduced its position in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 10.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 123,367 shares of the bank’s stock after selling 14,300 shares during the period. South Dakota Investment Council owned 0.13% of Prosperity Bancshares worth $8,356,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in PB. Planned Solutions Inc. purchased a new position in Prosperity Bancshares in the 4th quarter worth approximately $37,000. GAMMA Investing LLC purchased a new position in Prosperity Bancshares during the fourth quarter worth approximately $38,000. Signaturefd LLC boosted its stake in Prosperity Bancshares by 171.5% during the fourth quarter. Signaturefd LLC now owns 744 shares of the bank’s stock worth $50,000 after buying an additional 470 shares during the last quarter. Spire Wealth Management increased its stake in shares of Prosperity Bancshares by 17.7% in the 3rd quarter. Spire Wealth Management now owns 1,290 shares of the bank’s stock worth $70,000 after acquiring an additional 194 shares during the last quarter. Finally, Covestor Ltd raised its holdings in shares of Prosperity Bancshares by 12.3% during the 3rd quarter. Covestor Ltd now owns 2,231 shares of the bank’s stock worth $122,000 after acquiring an additional 244 shares during the period. 80.69% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PB has been the subject of several recent analyst reports. Barclays began coverage on shares of Prosperity Bancshares in a research report on Friday, March 8th. They set an “equal weight” rating and a $68.00 price objective for the company. Truist Financial reiterated a “buy” rating and issued a $75.00 price objective on shares of Prosperity Bancshares in a report on Monday, April 1st. Morgan Stanley raised Prosperity Bancshares from an “underweight” rating to an “equal weight” rating and set a $69.00 target price for the company in a research note on Wednesday, February 7th. Raymond James upped their price target on Prosperity Bancshares from $65.00 to $80.00 and gave the company a “strong-buy” rating in a research note on Friday, January 5th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $70.00 price target on shares of Prosperity Bancshares in a report on Tuesday, April 9th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Prosperity Bancshares currently has an average rating of “Moderate Buy” and an average price target of $68.79.

Prosperity Bancshares Trading Up 4.2 %

Shares of NYSE:PB traded up $2.63 during midday trading on Wednesday, hitting $65.33. The stock had a trading volume of 441,851 shares, compared to its average volume of 560,291. The company has a market capitalization of $6.11 billion, a PE ratio of 13.84, a P/E/G ratio of 1.25 and a beta of 0.93. Prosperity Bancshares, Inc. has a 1 year low of $49.60 and a 1 year high of $68.88. The stock has a 50 day moving average price of $62.54 and a two-hundred day moving average price of $61.53.

Prosperity Bancshares (NYSE:PB) last released its earnings results on Wednesday, January 24th. The bank reported $1.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.15 by $0.04. The company had revenue of $413.00 million for the quarter, compared to analysts’ expectations of $279.34 million. Prosperity Bancshares had a return on equity of 6.62% and a net margin of 26.24%. During the same quarter in the previous year, the firm posted $1.51 EPS. As a group, equities analysts expect that Prosperity Bancshares, Inc. will post 4.96 EPS for the current year.

Prosperity Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be paid a dividend of $0.56 per share. The ex-dividend date is Friday, June 14th. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.43%. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 49.45%.

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.