Texas Teachers’ Retirement System holds $1.31 million in shares of Prosperity Bancshares, Inc. (NYSE: PB)
Teacher Retirement System of Texas increased its stake in Prosperity Bancshares, Inc. (NYSE: PB – Get a rating) by 5.3% in the 1st quarter, according to the company in its most recent communication to the Securities and Exchange Commission. The company held 18,867 shares of the bank after purchasing an additional 946 shares during the period. Teacher Retirement System of Texas’ holdings in Prosperity Bancshares were worth $1,309,000 when it was last filed with the Securities and Exchange Commission.
Other institutional investors and hedge funds have also recently changed their positions in the company. JPMorgan Chase & Co. increased its stake in Prosperity Bancshares shares by 0.3% in the fourth quarter. JPMorgan Chase & Co. now owns 225,739 shares of the bank valued at $16,321,000 after purchasing an additional 693 shares during the period. Fifth Third Bancorp increased its stake in Prosperity Bancshares by 54.2% during the fourth quarter. Fifth Third Bancorp now owns 765 shares of the bank worth $55,000 after purchasing an additional 269 shares during the period. Hallmark Capital Management Inc. increased its stake in Prosperity Bancshares by 1.5% during the first quarter. Hallmark Capital Management Inc. now owns 235,572 shares of the bank worth $16,344,000 after purchasing an additional 3,458 shares during the period. Dimensional Fund Advisors LP increased its stake in Prosperity Bancshares by 6.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,848,170 shares of the bank worth $133,622,000 after purchasing an additional 118,165 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Prosperity Bancshares by 7.1% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,465 shares of the bank worth $865,000 after purchasing an additional 823 shares during the period. Institutional investors and hedge funds own 80.30% of the company’s shares.
Analyst upgrades and downgrades
Several equity research analysts have recently commented on PB shares. Truist Financial cut its price target on Prosperity Bancshares from $78.00 to $77.00 and set a “buy” rating for the company in a Wednesday June 15 research note. Piper Sandler lowered her price target on Prosperity Bancshares to $78.00 in a Monday July 4 research note. Wolfe Research cut its price target on Prosperity Bancshares from $69.00 to $63.00 and placed an “underperform” rating on the stock in a Thursday, May 26 report. To finish, StockNews.com upgraded Prosperity Bancshares from a “sell” to a “hold” rating in a report on Wednesday August 3. One analyst rated the stock with a sell rating, three gave the stock a hold rating, and one gave the stock a buy rating. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $77.25.
Performance of Prosperity Bancshares shares
Shares of NYSE: PB opened at $77.44 on Wednesday. The company’s 50-day simple moving average is $70.50 and its two-hundred-day simple moving average is $70.60. The company has a market capitalization of $7.14 billion, a P/E ratio of 14.08, a PEG ratio of 1.32 and a beta of 1.05. Prosperity Bancshares, Inc. has a 52-week low of $64.40 and a 52-week high of $80.46.
Bancshares Prosperity (NYSE: PB – Get a rating) last announced its results on Wednesday, July 27. The bank reported earnings per share (EPS) of $1.40 for the quarter, beating the consensus estimate of $1.38 by $0.02. The company posted revenue of $286.10 million for the quarter, compared to $285.39 million expected by analysts. Prosperity Bancshares had a return on equity of 7.85% and a net margin of 43.50%. Prosperity Bancshares’ quarterly revenue increased 1.8% year-over-year. In the same quarter a year earlier, the company earned earnings per share of $1.41. On average, stock analysts expect Prosperity Bancshares, Inc. to post earnings per share of 5.75 for the current fiscal year.
Prosperity Bancshares Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Monday, October 3. Shareholders of record on Thursday, September 15 will receive a dividend of $0.52. The ex-dividend date is Wednesday, September 14. This represents an annualized dividend of $2.08 and a dividend yield of 2.69%. Prosperity Bancshares’ dividend payout ratio is currently 37.82%.
Insider Activity at Prosperity Bancshares
In other Prosperity Bancshares news, Director George A. Fisk sold 1,200 shares of the company in a transaction dated Monday, June 27. The shares were sold at an average price of $69.50, for a total value of $83,400.00. Following the completion of the sale, the director now directly owns 93,611 shares of the company, valued at approximately $6,505,964.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, available at the SEC website. In other Prosperity Bancshares news, Chairman H E. Timanus, Jr. acquired 2,000 shares of Prosperity Bancshares in a transaction on Thursday, June 16. The shares were purchased at an average price of $65.60 per share, for a total transaction of $131,200.00. Following the purchase, the president now directly owns 4,000 shares of the company, valued at $262,400. The transaction was disclosed in a document filed with the SEC, accessible via the SEC website. Additionally, director George A. Fisk sold 1,200 shares of the company in a trade on Monday, June 27. The shares were sold at an average price of $69.50, for a total value of $83,400.00. Following completion of the transaction, the director now owns 93,611 shares of the company, valued at approximately $6,505,964.50. Disclosure of this sale can be found here. 4.22% of the shares are held by insiders.
About Prosperity Bancshares
Prosperity Bancshares, Inc operates as a bank holding company for Prosperity Bank which provides financial products and services to businesses and consumers. It accepts various deposit products, such as current, savings, money market and term accounts, as well as certificates of deposit. The company also offers 1-4 family residential mortgages, commercial and multi-family residential, commercial and industrial, agricultural and non-real estate mortgages, as well as loans for construction, land development and other land loans. ; consumer loans, including secured loans for automobiles, recreational vehicles, boats, home improvement, personal and deposit accounts; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and the purchase of equipment and machinery.
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