State of Alaska Department of Revenue Sells 1,025 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

State of Alaska Department of Revenue reduced its holdings in Prosperity Bancshares, Inc. (NYSE:PB) by 9.2% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 10,122 shares of the bank’s stock after selling 1,025 shares during the quarter. State of Alaska Department of Revenue’s holdings in Prosperity Bancshares were worth $685,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the business. Planned Solutions Inc. bought a new position in shares of Prosperity Bancshares during the fourth quarter worth about $37,000. Covestor Ltd grew its holdings in shares of Prosperity Bancshares by 83.6% during the first quarter. Covestor Ltd now owns 692 shares of the bank’s stock worth $48,000 after buying an additional 315 shares in the last quarter. State of Wyoming grew its holdings in shares of Prosperity Bancshares by 25.1% during the second quarter. State of Wyoming now owns 891 shares of the bank’s stock worth $50,000 after buying an additional 179 shares in the last quarter. Steward Partners Investment Advisory LLC grew its holdings in shares of Prosperity Bancshares by 73.2% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 710 shares of the bank’s stock worth $52,000 after buying an additional 300 shares in the last quarter. Finally, Sunbelt Securities Inc. bought a new position in shares of Prosperity Bancshares during the first quarter worth about $56,000. 80.69% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

PB has been the subject of a number of research reports. Truist Financial reiterated a “buy” rating and set a $75.00 price objective on shares of Prosperity Bancshares in a report on Monday, April 1st. Royal Bank of Canada restated a “sector perform” rating and issued a $70.00 price target on shares of Prosperity Bancshares in a research note on Tuesday. Morgan Stanley upgraded Prosperity Bancshares from an “underweight” rating to an “equal weight” rating and set a $69.00 price target for the company in a research note on Wednesday, February 7th. Barclays initiated coverage on Prosperity Bancshares in a research note on Friday, March 8th. They issued an “equal weight” rating and a $68.00 price target for the company. Finally, Raymond James raised their price target on Prosperity Bancshares from $65.00 to $80.00 and gave the company a “strong-buy” rating in a research note on Friday, January 5th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Prosperity Bancshares presently has a consensus rating of “Moderate Buy” and a consensus price target of $68.79.

Prosperity Bancshares Stock Down 0.2 %

PB opened at $60.98 on Friday. Prosperity Bancshares, Inc. has a 12-month low of $49.60 and a 12-month high of $68.88. The stock has a market cap of $5.70 billion, a price-to-earnings ratio of 13.46, a PEG ratio of 1.30 and a beta of 0.93. The business has a 50 day moving average of $62.88 and a 200-day moving average of $61.08.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings data on Wednesday, January 24th. The bank reported $1.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.15 by $0.04. The company had revenue of $413.00 million during the quarter, compared to analysts’ expectations of $279.34 million. Prosperity Bancshares had a return on equity of 6.62% and a net margin of 26.24%. During the same period last year, the firm posted $1.51 earnings per share. As a group, analysts expect that Prosperity Bancshares, Inc. will post 4.96 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 15th were issued a dividend of $0.56 per share. The ex-dividend date was Thursday, March 14th. This represents a $2.24 annualized dividend and a yield of 3.67%. Prosperity Bancshares’s payout ratio is currently 49.45%.

Prosperity Bancshares Company 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.