New York State Teachers Retirement System Sells 7,598 Shares of Prosperity Bancshares, Inc. $PB

New York State Teachers Retirement System cut its holdings in Prosperity Bancshares, Inc. (NYSE:PB) by 7.0% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 100,449 shares of the bank’s stock after selling 7,598 shares during the quarter. New York State Teachers Retirement System owned about 0.10% of Prosperity Bancshares worth $6,748,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in PB. Community Bank N.A. bought a new position in shares of Prosperity Bancshares in the 3rd quarter worth $29,000. Danske Bank A S acquired a new position in Prosperity Bancshares in the third quarter valued at about $40,000. SouthState Bank Corp bought a new position in Prosperity Bancshares during the fourth quarter worth about $49,000. Osaic Holdings Inc. grew its position in shares of Prosperity Bancshares by 34.9% during the 2nd quarter. Osaic Holdings Inc. now owns 719 shares of the bank’s stock worth $51,000 after buying an additional 186 shares during the period. Finally, Eurizon Capital SGR S.p.A. acquired a new position in shares of Prosperity Bancshares during the 4th quarter worth about $55,000. Institutional investors own 80.69% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Morgan Stanley reiterated an “equal weight” rating and issued a $80.00 price target (down from $85.00) on shares of Prosperity Bancshares in a research report on Monday. Cantor Fitzgerald restated an “overweight” rating and set a $80.00 price objective on shares of Prosperity Bancshares in a report on Tuesday, June 23rd. Benchmark started coverage on shares of Prosperity Bancshares in a research note on Wednesday, June 24th. They issued a “hold” rating for the company. TD Cowen increased their target price on shares of Prosperity Bancshares from $77.00 to $79.00 and gave the stock a “buy” rating in a report on Friday, May 1st. Finally, Piper Sandler lifted their price target 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. Five analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $76.36.

Prosperity Bancshares Stock Up 0.8%

Shares of NYSE PB traded up $0.57 during mid-day trading on Tuesday, reaching $71.65. 142,885 shares of the company’s stock were exchanged, compared to its average volume of 1,175,296. Prosperity Bancshares, Inc. has a twelve month low of $61.06 and a twelve month high of $77.20. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $7.23 billion, a price-to-earnings ratio of 12.96, a PEG ratio of 1.09 and a beta of 0.63. The business has a fifty day simple moving average of $69.99 and a 200 day simple moving average of $69.98.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings data on Wednesday, April 29th. The bank reported $1.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.41 by $0.09. Prosperity Bancshares had a return on equity of 7.20% and a net margin of 29.50%.The business had revenue of $367.62 million during the quarter, compared to analyst estimates of $358.60 million. During the same period in the previous year, the firm earned $1.37 EPS. Prosperity Bancshares’s quarterly revenue was up 19.9% compared to the same quarter last year. As a group, equities analysts expect that Prosperity Bancshares, Inc. will post 6.27 EPS for the current fiscal year.

Prosperity Bancshares Announces Dividend

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

Insider Activity

In other news, Director Ned S. Holmes sold 500 shares of the stock in a transaction on Wednesday, July 1st. The shares were 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 of the company’s stock, valued at $5,451,899.40. This represents a 0.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold a total of 14,300 shares of company stock worth $999,976 over the last ninety days. 3.96% of the stock is owned by corporate insiders.

Prosperity Bancshares 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.