Teachers Retirement System of The State of Kentucky Sells 1,470 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

Teachers Retirement System of The State of Kentucky decreased its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 5.0% during the 4th quarter, Holdings Channel reports. The institutional investor owned 28,013 shares of the bank’s stock after selling 1,470 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Prosperity Bancshares were worth $2,111,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. Sanctuary Advisors LLC purchased a new stake in shares of Prosperity Bancshares during the 3rd quarter valued at $372,000. Tidal Investments LLC increased its holdings in Prosperity Bancshares by 5.7% during the third quarter. Tidal Investments LLC now owns 3,875 shares of the bank’s stock worth $279,000 after buying an additional 209 shares during the last quarter. Franklin Resources Inc. raised its position in Prosperity Bancshares by 40.6% in the third quarter. Franklin Resources Inc. now owns 34,411 shares of the bank’s stock worth $2,509,000 after acquiring an additional 9,935 shares during the period. GAMMA Investing LLC boosted its stake in Prosperity Bancshares by 20.4% in the fourth quarter. GAMMA Investing LLC now owns 844 shares of the bank’s stock valued at $64,000 after acquiring an additional 143 shares during the last quarter. Finally, First Hawaiian Bank grew its position in shares of Prosperity Bancshares by 47.5% during the 4th quarter. First Hawaiian Bank now owns 4,612 shares of the bank’s stock valued at $348,000 after acquiring an additional 1,485 shares during the period. 80.69% of the stock is owned by hedge funds and other institutional investors.

Prosperity Bancshares Price Performance

NYSE PB opened at $67.06 on Friday. The company’s 50 day simple moving average is $70.21 and its two-hundred day simple moving average is $75.29. Prosperity Bancshares, Inc. has a 1 year low of $57.16 and a 1 year high of $86.76. The stock has a market capitalization of $6.39 billion, a PE ratio of 13.25, a P/E/G ratio of 0.94 and a beta of 0.82.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings data on Wednesday, April 23rd. The bank reported $1.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.35 by $0.02. Prosperity Bancshares had a return on equity of 6.64% and a net margin of 26.79%. The company had revenue of $306.68 million for the quarter, compared to the consensus estimate of $307.17 million. On average, research analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Prosperity Bancshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th will be issued a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a dividend yield of 3.46%. The ex-dividend date is Friday, June 13th. Prosperity Bancshares’s payout ratio is 44.19%.

Insider Buying and Selling

In related news, Director Ned S. Holmes sold 500 shares of the company’s stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $80.01, for a total value of $40,005.00. Following the completion of the transaction, the director now directly owns 107,315 shares in the company, valued at approximately $8,586,273.15. The trade was a 0.46 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last three months, insiders have sold 5,500 shares of company stock worth $396,700. Insiders own 4.20% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on PB shares. Royal Bank of Canada lowered their price target on shares of Prosperity Bancshares from $85.00 to $78.00 and set a “sector perform” rating on the stock in a report on Thursday. Raymond James boosted their target price on Prosperity Bancshares from $82.00 to $87.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. Morgan Stanley decreased their price objective on Prosperity Bancshares from $102.00 to $94.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. Barclays dropped their price objective on shares of Prosperity Bancshares from $88.00 to $86.00 and set an “equal weight” rating on the stock in a report on Tuesday, April 8th. Finally, StockNews.com downgraded shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, Prosperity Bancshares presently has an average rating of “Hold” and an average price target of $83.23.

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.