State of Michigan Retirement System increased its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB – Free Report) by 2.2% during the 1st quarter, according to the company’s most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 22,997 shares of the bank’s stock after acquiring an additional 500 shares during the period. State of Michigan Retirement System’s holdings in Prosperity Bancshares were worth $1,513,000 at the end of the most recent quarter.
Several other hedge funds have also recently bought and sold shares of PB. Norges Bank acquired a new stake in Prosperity Bancshares in the 4th quarter valued at approximately $64,749,000. Vaughan Nelson Investment Management LP acquired a new stake in Prosperity Bancshares in the 4th quarter valued at approximately $46,306,000. Schroder Investment Management Group acquired a new stake in Prosperity Bancshares in the 4th quarter valued at approximately $32,842,000. Wellington Management Group LLP increased its stake in Prosperity Bancshares by 11.5% in the 3rd quarter. Wellington Management Group LLP now owns 2,213,472 shares of the bank’s stock valued at $120,811,000 after acquiring an additional 227,725 shares during the same period. Finally, Public Employees Retirement Association of Colorado increased its holdings in Prosperity Bancshares by 359.3% during the 4th quarter. Public Employees Retirement Association of Colorado now owns 247,936 shares of the bank’s stock valued at $16,793,000 after acquiring an additional 193,953 shares during the same period. Institutional investors and hedge funds own 80.69% of the company’s stock.
Prosperity Bancshares down 1.8%
Prosperity Bancshares stock opened at $59.43 on Friday. Prosperity Bancshares, Inc. has a twelve-month low of $49.60 and a twelve-month high of $68.88. The stock has a 50-day moving average of $61.24 and a 200-day moving average of $62.94. The stock has a market cap of $5.70 billion, a price-to-earnings ratio of 13.69, a PEG ratio of 1.29 and a beta of 0.91.
Prosperity Bancshares (NYSE:PB – Get Free Report) last released its quarterly earnings results on Wednesday, April 24. The bank reported $1.18 earnings per share for the quarter, beating the consensus estimate of $1.15 by $0.03. The company had revenue of $420.78 million for the quarter, compared to analyst expectations of $274.88 million. Prosperity Bancshares had a return on equity of 6.33% and a net margin of 24.50%. During the same period last year, the company posted earnings per share of $1.37. Equities analysts forecast that Prosperity Bancshares, Inc. will post 5% earnings per share for the current year.
Prosperity Bancshares Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Monday, July 1. Shareholders of record on Friday, June 14 were paid a dividend of $0.56. The ex-dividend date was Friday, June 14. This represents an annualized dividend of $2.24 and a dividend yield of 3.77%. Prosperity Bancshares’ dividend payout ratio is currently 51.61%.
Wall Street analysts predict growth
Several research analysts have recently commented on PB shares. Truist Financial reiterated a “buy” rating and issued a $75.00 price target on shares of Prosperity Bancshares in a report on Monday, April 1. Royal Bank of Canada reiterated a “sector perform” rating and issued a $70.00 price target on shares of Prosperity Bancshares in a report on Tuesday, April 9. Stephens upgraded Prosperity Bancshares from an “equal weight” to an “overweight” rating in a report on Wednesday, June 26. Finally, Barclays initiated coverage on Prosperity Bancshares in a report on Friday, March 8. They issued an “equal weight” rating and a $68.00 price target on the stock. One research analyst has rated the stock with a “sell” rating, four have given a “hold” rating, five have given a “buy” rating and one has given a “strong buy” rating for the company. According to MarketBeat, the stock currently has a consensus rating of “moderate buy” and a consensus price target of $68.86.
Read our latest stock analysis on Prosperity Bancshares
Prosperity Bancshares Company Profile
(Free report)
Prosperity Bancshares, Inc. acts as the bank holding company for Prosperity Bank, which provides financial products and services to businesses and consumers. It accepts a variety of deposit products, such as demand, savings, money market and time accounts, and certificates of deposit. The company also offers one- to four-family residential mortgages, commercial real estate and multifamily residential mortgages, commercial and industrial, agricultural and non-real estate agricultural loans, and construction, land development and other real estate loans; consumer loans, including secured loans for autos, mobile homes, boats, home improvement, personal loans, and deposit accounts; term loans and lines of credit; and loans for consumer durables and home equity, as well as loans for working capital, business expansion, and the purchase of equipment and machinery.
Selected items
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