State of New Jersey Common Pension Fund D Sells 3,391 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

State of New Jersey Common Pension Fund D trimmed its stake in shares of Prosperity Bancshares, Inc. (NYSE:PBGet Rating) by 9.0% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 34,253 shares of the bank’s stock after selling 3,391 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Prosperity Bancshares were worth $2,376,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. JPMorgan Chase & Co. raised its stake in shares of Prosperity Bancshares by 0.3% during the 4th quarter. JPMorgan Chase & Co. now owns 225,739 shares of the bank’s stock valued at $16,321,000 after purchasing an additional 693 shares during the period. Fifth Third Bancorp grew its position in Prosperity Bancshares by 54.2% during the fourth quarter. Fifth Third Bancorp now owns 765 shares of the bank’s stock worth $55,000 after buying an additional 269 shares in the last quarter. Hallmark Capital Management Inc. grew its position in Prosperity Bancshares by 1.5% during the first quarter. Hallmark Capital Management Inc. now owns 235,572 shares of the bank’s stock worth $16,344,000 after buying an additional 3,458 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Prosperity Bancshares by 6.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,848,170 shares of the bank’s stock worth $133,622,000 after buying an additional 118,165 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in Prosperity Bancshares by 7.1% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,465 shares of the bank’s stock worth $865,000 after buying an additional 823 shares in the last quarter. 80.30% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms recently commented on PB. Piper Sandler reduced their target price on Prosperity Bancshares to $78.00 in a research report on Monday, July 4th. Wolfe Research reduced their target price on Prosperity Bancshares from $69.00 to $63.00 and set an “underperform” rating for the company in a research report on Thursday, May 26th. Truist Financial reduced their target price on Prosperity Bancshares from $78.00 to $77.00 and set a “buy” rating for the company in a research report on Wednesday, June 15th. Finally, StockNews.com upgraded Prosperity Bancshares from a “sell” rating to a “hold” rating in a report on Wednesday. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, Prosperity Bancshares presently has an average rating of “Hold” and an average price target of $77.25.

Prosperity Bancshares Trading Down 1.8 %

PB opened at $72.90 on Wednesday. The stock has a 50-day moving average price of $70.02 and a 200-day moving average price of $70.69. Prosperity Bancshares, Inc. has a 12-month low of $64.40 and a 12-month high of $80.46. The stock has a market capitalization of $6.72 billion, a P/E ratio of 13.25, a PEG ratio of 1.29 and a beta of 1.05.

Prosperity Bancshares (NYSE:PBGet Rating) last issued its earnings results on Wednesday, July 27th. The bank reported $1.40 earnings per share for the quarter, beating the consensus estimate of $1.38 by $0.02. The company had revenue of $286.10 million during the quarter, compared to analysts’ expectations of $285.39 million. Prosperity Bancshares had a return on equity of 7.85% and a net margin of 43.50%. Prosperity Bancshares’s quarterly revenue was up 1.8% compared to the same quarter last year. During the same period in the prior year, the business posted $1.41 EPS. On average, equities research analysts predict that Prosperity Bancshares, Inc. will post 5.75 EPS for the current year.

Prosperity Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, October 3rd. Investors of record on Thursday, September 15th will be issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 2.85%. The ex-dividend date is Wednesday, September 14th. Prosperity Bancshares’s dividend payout ratio is presently 37.82%.

Insider Activity at Prosperity Bancshares

In related news, Chairman H E. Timanus, Jr. bought 2,000 shares of the company’s stock in a transaction that occurred on Thursday, May 12th. The stock was bought at an average cost of $67.00 per share, for a total transaction of $134,000.00. Following the acquisition, the chairman now directly owns 2,000 shares of the company’s stock, valued at approximately $134,000. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Prosperity Bancshares news, Director George A. Fisk sold 1,200 shares of the company’s stock in a transaction that occurred on Monday, June 27th. The stock was sold at an average price of $69.50, for a total transaction of $83,400.00. Following the completion of the transaction, the director now owns 93,611 shares of the company’s stock, valued at approximately $6,505,964.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman H E. Timanus, Jr. purchased 2,000 shares of the stock in a transaction on Thursday, May 12th. The shares were acquired at an average cost of $67.00 per share, with a total value of $134,000.00. Following the transaction, the chairman now directly owns 2,000 shares in the company, valued at $134,000. The disclosure for this purchase can be found here. 4.22% of the stock is currently owned by company insiders.

About Prosperity Bancshares

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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; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and purchase of equipment and machinery.

Further Reading

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Institutional Ownership by Quarter for Prosperity Bancshares (NYSE:PB)

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