New York State Teachers Retirement System Has $6.75 Million Position in Prosperity Bancshares, Inc. $PB

New York State Teachers Retirement System cut its position in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 7.0% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 100,449 shares of the bank’s stock after selling 7,598 shares during the quarter. New York State Teachers Retirement System’s holdings in Prosperity Bancshares were worth $6,748,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Gator Capital Management LLC acquired a new position in shares of Prosperity Bancshares during the 4th quarter worth about $2,051,000. First National Bank of Omaha acquired a new stake in shares of Prosperity Bancshares in the fourth quarter valued at approximately $6,390,000. Wealth Enhancement Advisory Services LLC lifted its holdings in Prosperity Bancshares by 81.2% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 59,752 shares of the bank’s stock valued at $4,246,000 after purchasing an additional 26,774 shares during the last quarter. Stieven Capital Advisors L.P. acquired a new stake in shares of Prosperity Bancshares during the 3rd quarter worth about $7,893,000. Finally, Entropy Technologies LP bought a new stake in shares of Prosperity Bancshares during the 3rd quarter worth about $4,535,000. Institutional investors and hedge funds own 80.69% of the company’s stock.

Prosperity Bancshares Trading Up 0.8%

PB traded up $0.57 during trading on Tuesday, reaching $71.65. 142,885 shares of the stock traded hands, compared to its average volume of 1,175,296. The stock’s 50-day moving average is $69.99 and its 200 day moving average is $69.98. Prosperity Bancshares, Inc. has a 12 month low of $61.06 and a 12 month high of $77.20. The stock has a market capitalization of $7.23 billion, a PE ratio of 12.96, a P/E/G ratio of 1.09 and a beta of 0.63. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.01.

Prosperity Bancshares (NYSE:PB) last issued its earnings results on Wednesday, April 29th. The bank reported $1.50 earnings per share for the quarter, topping analysts’ consensus estimates of $1.41 by $0.09. The business had revenue of $367.62 million during the quarter, compared to the consensus estimate of $358.60 million. Prosperity Bancshares had a return on equity of 7.20% and a net margin of 29.50%.The firm’s revenue for the quarter was up 19.9% on a year-over-year basis. During the same period in the previous year, the company posted $1.37 earnings per share. Equities analysts anticipate that Prosperity Bancshares, Inc. will post 6.27 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Monday, June 15th were paid a $0.60 dividend. The ex-dividend date was Monday, June 15th. This represents a $2.40 annualized dividend and a dividend yield of 3.3%. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 43.48%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. TD Cowen upped their price objective on Prosperity Bancshares from $77.00 to $79.00 and gave the company a “buy” rating in a report on Friday, May 1st. Wall Street Zen upgraded shares of Prosperity Bancshares from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 16th. Morgan Stanley restated an “equal weight” rating and set a $80.00 price objective (down from $85.00) on shares of Prosperity Bancshares in a research report on Monday. Piper Sandler upped their price objective on shares of Prosperity Bancshares from $74.00 to $75.00 and gave the stock a “neutral” rating in a research report on Thursday, April 30th. Finally, Weiss Ratings raised Prosperity Bancshares from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, July 1st. Five analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $76.36.

Insider Buying and Selling

In other news, Director Ned S. Holmes sold 500 shares of the business’s stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $73.56, for a total transaction of $36,780.00. Following the completion of the sale, the director owned 74,115 shares in the company, valued at $5,451,899.40. The trade was a 0.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders sold a total of 14,300 shares of company stock valued at $999,976 over the last ninety days. Company insiders own 3.96% of the company’s stock.

Prosperity Bancshares Company Profile

Prosperity Bancshares, Inc is a holding company for Prosperity Bank, offering a broad range of commercial and consumer banking services across Texas, Oklahoma, Arkansas and Louisiana. Through its network of branches and digital platforms, the company provides deposit products, business and real estate lending, treasury management, mortgage origination and servicing, as well as wealth management and trust services.

Originally chartered in 1911 as First National Bank in McKinney, Texas, the organization rebranded to Prosperity Bank in 2009 following a series of strategic acquisitions aimed at deepening its regional presence.