California State Teachers Retirement System Has $7.92 Million Stock Holdings in Prosperity Bancshares, Inc. $PB

Key Points

• California State Teachers Retirement System reduced its Prosperity Bancshares stake by 9.6% in the second quarter, selling 11,577 shares and retaining 108,505 shares valued at approximately $7.92 million. Institutional investors collectively own 80.69% of the company.
• Prosperity Bancshares exceeded quarterly earnings expectations, reporting $1.62 in EPS versus the $1.50 consensus estimate and $391.25 million in revenue, up 25.9% year over year.
• The company declared a quarterly dividend of $0.60 per share, equal to $2.40 annually and a 3.4% yield. Analysts maintain a consensus “Hold” rating with an average price target of $78.36, compared with a recent share price of $71.06.

California State Teachers Retirement System reduced its holdings in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 9.6% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 108,505 shares of the bank's stock after selling 11,577 shares during the quarter. California State Teachers Retirement System owned 0.11% of Prosperity Bancshares worth $7,924,120 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. SouthState Bank Corp bought a new stake in Prosperity Bancshares in the 4th quarter valued at $49,000. Global Retirement Partners LLC purchased a new stake in Prosperity Bancshares in the second quarter valued at $54,000. Eurizon Capital SGR S.p.A. acquired a new position in Prosperity Bancshares during the fourth quarter worth $55,000. Root Financial Partners LLC lifted its stake in shares of Prosperity Bancshares by 310.6% during the 1st quarter. Root Financial Partners LLC now owns 1,162 shares of the bank's stock worth $78,000 after purchasing an additional 879 shares during the period. Finally, Hantz Financial Services Inc. lifted its position in Prosperity Bancshares by 61.3% during the 4th quarter. Hantz Financial Services Inc. now owns 1,962 shares of the bank's stock worth $136,000 after acquiring an additional 746 shares in the last quarter. 80.69% of the stock is currently owned by institutional investors.

Prosperity Bancshares Price Performance

PB traded down $0.44 during midday trading on Tuesday, reaching $71.06. 363,344 shares of the company's stock were exchanged, compared to its average volume of 1,101,698. The business has a 50-day simple moving average of $73.03 and a two-hundred day simple moving average of $70.41. The firm has a market capitalization of $7.17 billion, a price-to-earnings ratio of 12.32, a price-to-earnings-growth ratio of 0.78 and a beta of 0.63. Prosperity Bancshares, Inc. has a one year low of $61.06 and a one year high of $77.20. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.01.

Prosperity Bancshares (NYSE:PB - Get Free Report) last released its earnings results on Wednesday, July 29th. The bank reported $1.62 earnings per share for the quarter, topping the consensus estimate of $1.50 by $0.12. Prosperity Bancshares had a return on equity of 7.39% and a net margin of 29.95%.The firm had revenue of $391.25 million during the quarter, compared to analysts' expectations of $380.73 million. During the same period in the prior year, the company earned $1.42 earnings per share. The company's quarterly revenue was up 25.9% on a year-over-year basis. As a group, research analysts predict that Prosperity Bancshares, Inc. will post 6.48 EPS for the current year.

Prosperity Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be paid a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date of this dividend is Tuesday, September 15th. Prosperity Bancshares's dividend payout ratio (DPR) is currently 41.59%.

Insider Buying and Selling

In other news, Director Ned Holmes sold 600 shares of the company's stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $71.66, for a total value of $42,996.00. Following the sale, the director directly owned 40,100 shares of the company's stock, valued at $2,873,566. This represents a 1.47% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold 12,100 shares of company stock valued at $881,715 in the last ninety days. Insiders own 3.96% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. Weiss Ratings raised Prosperity Bancshares from a "buy (b-)" rating to a "buy (b)" rating in a research note on Wednesday, July 29th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $80.00 target price on shares of Prosperity Bancshares in a research report on Tuesday, June 23rd. Morgan Stanley cut Prosperity Bancshares from an "equal weight" rating to an "underweight" rating and set a $80.00 price objective on the stock. in a report on Tuesday, September 8th. Royal Bank Of Canada increased their target price on Prosperity Bancshares from $78.00 to $80.00 and gave the stock a "sector perform" rating in a research report on Thursday, July 30th. Finally, Wall Street Zen upgraded Prosperity Bancshares from a "sell" rating to a "hold" rating in a research note on Saturday, August 1st. Five equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, Prosperity Bancshares presently has a consensus rating of "Hold" and a consensus target price of $78.36.

Prosperity Bancshares Company Profile

Prosperity Bancshares, Inc is a bank holding company headquartered in Houston, Texas. Through its principal subsidiary, Prosperity Bank, the company provides banking and financial services to individuals, businesses and institutions.

Prosperity Bank offers a range of deposit products, including checking, savings and time deposit accounts, along with consumer, residential mortgage, commercial and real estate lending. Its services also include treasury management, cash management, online and mobile banking, wealth management and other financial solutions designed for personal and business customers.

Founded in 1983, Prosperity Bancshares has expanded through organic growth and acquisitions.

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