Illinois Municipal Retirement Fund Acquires New Shares in Prosperity Bancshares, Inc. (NYSE:PB)

Illinois Municipal Retirement Fund acquired a new stake in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 10,738 shares of the bank's stock, valued at approximately $766,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Avantax Advisory Services Inc. boosted its position in Prosperity Bancshares by 45.1% during the 4th quarter. Avantax Advisory Services Inc. now owns 7,281 shares of the bank's stock worth $549,000 after acquiring an additional 2,263 shares during the period. Cetera Investment Advisers boosted its position in Prosperity Bancshares by 5.9% during the 4th quarter. Cetera Investment Advisers now owns 7,675 shares of the bank's stock worth $578,000 after acquiring an additional 427 shares during the period. GAMMA Investing LLC boosted its position in Prosperity Bancshares by 8,212.4% during the 1st quarter. GAMMA Investing LLC now owns 70,157 shares of the bank's stock worth $5,007,000 after acquiring an additional 69,313 shares during the period. Deutsche Bank AG boosted its position in Prosperity Bancshares by 10.6% during the 4th quarter. Deutsche Bank AG now owns 6,194 shares of the bank's stock worth $467,000 after acquiring an additional 592 shares during the period. Finally, Fifth Third Bancorp boosted its position in Prosperity Bancshares by 44.9% during the 1st quarter. Fifth Third Bancorp now owns 1,277 shares of the bank's stock worth $91,000 after acquiring an additional 396 shares during the period. Institutional investors and hedge funds own 80.69% of the company's stock.

Prosperity Bancshares Trading Up 1.0%

Shares of PB stock opened at $73.59 on Thursday. Prosperity Bancshares, Inc. has a 1-year low of $58.66 and a 1-year high of $86.76. The company has a market capitalization of $7.01 billion, a price-to-earnings ratio of 14.02, a P/E/G ratio of 0.91 and a beta of 0.68. The stock's fifty day simple moving average is $69.90 and its 200-day simple moving average is $72.49.

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

Prosperity Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th were issued a dividend of $0.58 per share. 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 is 44.19%.

Insider Buying and Selling at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 600 shares of Prosperity Bancshares stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $70.89, for a total transaction of $42,534.00. Following the transaction, the director owned 45,700 shares in the company, valued at approximately $3,239,673. The trade was a 1.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders sold a total of 9,600 shares of company stock worth $666,785 in the last quarter. Insiders own 4.20% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Hovde Group dropped their price objective on Prosperity Bancshares from $90.00 to $80.00 and set an "outperform" rating on the stock in a research note on Friday, April 25th. Keefe, Bruyette & Woods dropped their price objective on Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating on the stock in a research note on Monday, May 5th. Morgan Stanley dropped their price objective on Prosperity Bancshares from $102.00 to $94.00 and set an "overweight" rating on the stock in a research note on Thursday, March 13th. Barclays dropped their price objective on Prosperity Bancshares from $88.00 to $86.00 and set an "equal weight" rating on the stock in a research note on Tuesday, April 8th. Finally, Royal Bank Of Canada dropped their price objective on Prosperity Bancshares from $85.00 to $78.00 and set a "sector perform" rating on the stock in a research note on Thursday, April 24th. Seven equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company's stock. According to data from MarketBeat.com, Prosperity Bancshares has an average rating of "Moderate Buy" and a consensus target price of $83.80.

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.

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