10,738 Shares in Prosperity Bancshares, Inc. (NYSE:PB) Bought by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund bought a new stake in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) in the 1st quarter, according to its most recent filing with the SEC. The institutional investor bought 10,738 shares of the bank's stock, valued at approximately $766,000.

Other large investors have also recently bought and sold shares of the company. Smartleaf Asset Management LLC raised its holdings in shares of Prosperity Bancshares by 487.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 376 shares of the bank's stock worth $28,000 after buying an additional 312 shares in the last quarter. Jones Financial Companies Lllp raised its stake in Prosperity Bancshares by 368.5% during the fourth quarter. Jones Financial Companies Lllp now owns 520 shares of the bank's stock worth $39,000 after acquiring an additional 409 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Prosperity Bancshares by 0.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,188,208 shares of the bank's stock valued at $89,531,000 after acquiring an additional 4,913 shares during the period. Atria Investments Inc acquired a new stake in shares of Prosperity Bancshares in the 4th quarter valued at $225,000. Finally, M&T Bank Corp grew its holdings in shares of Prosperity Bancshares by 8.0% in the 4th quarter. M&T Bank Corp now owns 49,001 shares of the bank's stock worth $3,692,000 after purchasing an additional 3,609 shares during the last quarter. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Prosperity Bancshares Stock Up 0.2%

Shares of Prosperity Bancshares stock traded up $0.17 during trading on Friday, reaching $73.73. 468,888 shares of the company were exchanged, compared to its average volume of 603,559. Prosperity Bancshares, Inc. has a twelve month low of $58.66 and a twelve month high of $86.76. The business has a 50-day moving average price of $70.15 and a 200-day moving average price of $72.39. The firm has a market capitalization of $7.02 billion, a price-to-earnings ratio of 14.04, a P/E/G ratio of 0.92 and a beta of 0.68.

Prosperity Bancshares (NYSE:PB - Get Free Report) last issued its earnings results on Wednesday, April 23rd. The bank reported $1.37 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.35 by $0.02. The firm had revenue of $306.68 million for the quarter, compared to analysts' expectations of $307.17 million. Prosperity Bancshares had a return on equity of 6.81% and a net margin of 27.69%. The company's revenue was up 10.7% compared to the same quarter last year. During the same quarter last year, the business earned $1.18 earnings per share. On average, equities research analysts forecast that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th were paid a $0.58 dividend. The ex-dividend date was Friday, June 13th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.15%. Prosperity Bancshares's dividend payout ratio (DPR) is presently 44.19%.

Analysts Set New Price Targets

Several analysts have recently weighed in on PB shares. Wall Street Zen raised shares of Prosperity Bancshares from a "sell" rating to a "hold" rating in a report on Tuesday, May 13th. Morgan Stanley decreased their price target on Prosperity Bancshares from $102.00 to $94.00 and set an "overweight" rating on the stock in a research report on Thursday, March 13th. Jefferies Financial Group initiated coverage on Prosperity Bancshares in a research report on Wednesday, May 21st. They set a "buy" rating and a $85.00 price target on the stock. Hovde Group decreased their price target on Prosperity Bancshares from $90.00 to $80.00 and set an "outperform" rating on the stock in a research report on Friday, April 25th. Finally, Keefe, Bruyette & Woods reduced their price target on shares of Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating on the stock in a research report on Monday, May 5th. Seven equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $83.80.

Insider Activity at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 500 shares of the company's stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $72.97, for a total value of $36,485.00. Following the completion of the sale, the director directly owned 98,415 shares of the company's stock, valued at $7,181,342.55. This represents a 0.51% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Over the last three months, insiders sold 9,600 shares of company stock valued at $666,785. Corporate insiders own 4.20% of the company's stock.

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.