State of New Jersey Common Pension Fund D Sells 14,293 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

State of New Jersey Common Pension Fund D lessened its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 32.4% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 29,856 shares of the bank’s stock after selling 14,293 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Prosperity Bancshares were worth $1,825,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PB. GAMMA Investing LLC raised its holdings in shares of Prosperity Bancshares by 59.6% during the second quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock valued at $29,000 after purchasing an additional 177 shares during the period. Quest Partners LLC raised its holdings in shares of Prosperity Bancshares by 3,147.1% in the 2nd quarter. Quest Partners LLC now owns 552 shares of the bank’s stock worth $34,000 after acquiring an additional 535 shares during the last quarter. Parallel Advisors LLC raised its holdings in shares of Prosperity Bancshares by 835.9% in the 4th quarter. Parallel Advisors LLC now owns 730 shares of the bank’s stock worth $49,000 after acquiring an additional 652 shares during the last quarter. Mather Group LLC. acquired a new stake in shares of Prosperity Bancshares in the 1st quarter worth about $50,000. Finally, Abich Financial Wealth Management LLC raised its holdings in shares of Prosperity Bancshares by 12,433.3% in the 1st quarter. Abich Financial Wealth Management LLC now owns 752 shares of the bank’s stock worth $49,000 after acquiring an additional 746 shares during the last quarter. Institutional investors own 80.69% of the company’s stock.

Wall Street Analysts Forecast Growth

PB has been the subject of a number of recent analyst reports. Stephens raised shares of Prosperity Bancshares from an “equal weight” rating to an “overweight” rating in a research report on Wednesday, June 26th. Raymond James downgraded shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 target price for the company. in a research report on Tuesday, September 17th. Piper Sandler increased their target price on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the company an “overweight” rating in a research report on Thursday, July 25th. StockNews.com downgraded shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Wednesday, August 28th. Finally, Wedbush increased their target price on shares of Prosperity Bancshares from $63.00 to $75.00 and gave the company a “neutral” rating in a research report on Thursday, July 25th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $75.88.

Prosperity Bancshares Stock Performance

Shares of NYSE PB opened at $72.35 on Tuesday. The firm has a market cap of $6.94 billion, a PE ratio of 16.67, a PEG ratio of 1.50 and a beta of 0.90. The firm has a fifty day moving average of $71.45 and a 200 day moving average of $65.19. Prosperity Bancshares, Inc. has a one year low of $49.60 and a one year high of $74.87.

Prosperity Bancshares (NYSE:PB) last released its earnings results on Wednesday, July 24th. The bank reported $1.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.02. Prosperity Bancshares had a net margin of 25.10% and a return on equity of 6.32%. The business had revenue of $458.95 million during the quarter, compared to analyst estimates of $290.06 million. During the same quarter in the prior year, the firm earned $1.21 earnings per share. On average, equities analysts predict that Prosperity Bancshares, Inc. will post 5.07 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be given a $0.56 dividend. The ex-dividend date is Friday, September 13th. This represents a $2.24 dividend on an annualized basis and a yield of 3.10%. Prosperity Bancshares’s payout ratio is currently 51.61%.

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.