Texas Permanent School Fund Corp Lowers Stock Position in Prosperity Bancshares, Inc. (NYSE:PB)

Texas Permanent School Fund Corp trimmed its position in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 14.5% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 70,147 shares of the bank’s stock after selling 11,877 shares during the period. Texas Permanent School Fund Corp owned approximately 0.07% of Prosperity Bancshares worth $4,289,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in PB. Public Employees Retirement Association of Colorado raised its holdings in Prosperity Bancshares by 359.3% in the fourth quarter. Public Employees Retirement Association of Colorado now owns 247,936 shares of the bank’s stock valued at $16,793,000 after buying an additional 193,953 shares during the period. Goldman Sachs Group Inc. lifted its holdings in shares of Prosperity Bancshares by 11.3% during the 4th quarter. Goldman Sachs Group Inc. now owns 884,734 shares of the bank’s stock valued at $59,923,000 after acquiring an additional 89,617 shares in the last quarter. Kingsview Wealth Management LLC acquired a new position in shares of Prosperity Bancshares during the 1st quarter valued at $2,343,000. Amica Mutual Insurance Co. boosted its position in Prosperity Bancshares by 41.9% during the 2nd quarter. Amica Mutual Insurance Co. now owns 157,770 shares of the bank’s stock worth $9,646,000 after purchasing an additional 46,593 shares during the period. Finally, Vaughan Nelson Investment Management L.P. increased its holdings in Prosperity Bancshares by 14.8% in the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 784,910 shares of the bank’s stock valued at $51,631,000 after purchasing an additional 101,230 shares in the last quarter. 80.69% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PB has been the subject of several analyst reports. StockNews.com downgraded Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Wednesday, August 28th. Compass Point upped their price target on Prosperity Bancshares from $73.00 to $80.00 and gave the stock a “buy” rating in a report on Friday, July 26th. Truist Financial lifted their price objective on shares of Prosperity Bancshares from $68.00 to $81.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. DA Davidson upped their target price on shares of Prosperity Bancshares from $78.00 to $82.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. Finally, Piper Sandler lifted their price target on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the stock an “overweight” rating in a research note on Thursday, July 25th. One research analyst has rated the stock with a sell rating, three have given a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Prosperity Bancshares presently has a consensus rating of “Moderate Buy” and an average price target of $76.04.

Prosperity Bancshares Stock Performance

Shares of PB stock opened at $72.49 on Friday. The stock has a market capitalization of $6.95 billion, a price-to-earnings ratio of 16.70, a PEG ratio of 1.48 and a beta of 0.90. Prosperity Bancshares, Inc. has a one year low of $49.60 and a one year high of $74.67. The company’s 50-day simple moving average is $69.92 and its 200-day simple moving average is $64.67.

Prosperity Bancshares (NYSE:PB) last released its earnings results on Wednesday, July 24th. The bank reported $1.22 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.02. Prosperity Bancshares had a return on equity of 6.32% and a net margin of 25.10%. The company had revenue of $458.95 million for the quarter, compared to the consensus estimate of $290.06 million. During the same quarter last year, the business posted $1.21 EPS. As a group, research analysts forecast that Prosperity Bancshares, Inc. will post 5.07 EPS for the current year.

Prosperity Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be paid a dividend of $0.56 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $2.24 annualized dividend and a yield of 3.09%. Prosperity Bancshares’s payout ratio is 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.