Louisiana State Employees Retirement System Acquires New Stake in Prosperity Bancshares, Inc. $PB

Key Points

• Louisiana State Employees Retirement System opened a new position in Prosperity Bancshares during the first quarter, buying 29,300 shares worth about $1.97 million.
• Prosperity Bancshares reported better-than-expected Q1 earnings, posting $1.50 EPS versus the $1.41 estimate and revenue of $367.62 million, up 19.9% year over year.
• The bank declared a quarterly dividend of $0.60 per share, equal to an annualized yield of about 3.3%; meanwhile, analysts currently rate the stock a consensus Hold with an average price target of $76.82.

Louisiana State Employees Retirement System bought a new position in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 29,300 shares of the bank's stock, valued at approximately $1,968,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in shares of Prosperity Bancshares by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 10,256,927 shares of the bank's stock valued at $708,856,000 after purchasing an additional 140,035 shares during the period. State Street Corp raised its stake in shares of Prosperity Bancshares by 6.6% in the 3rd quarter. State Street Corp now owns 5,580,039 shares of the bank's stock worth $373,231,000 after buying an additional 343,062 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Prosperity Bancshares by 0.6% in the third quarter. Dimensional Fund Advisors LP now owns 4,784,022 shares of the bank's stock valued at $317,416,000 after buying an additional 28,994 shares during the period. AQR Capital Management LLC lifted its holdings in shares of Prosperity Bancshares by 34.5% in the fourth quarter. AQR Capital Management LLC now owns 4,600,715 shares of the bank's stock valued at $317,955,000 after buying an additional 1,179,307 shares during the period. Finally, Morgan Stanley boosted its stake in Prosperity Bancshares by 0.4% during the fourth quarter. Morgan Stanley now owns 3,679,871 shares of the bank's stock valued at $254,316,000 after buying an additional 15,192 shares in the last quarter. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Prosperity Bancshares Trading Down 0.5%

Shares of NYSE PB opened at $73.18 on Wednesday. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.01. Prosperity Bancshares, Inc. has a one year low of $61.06 and a one year high of $77.20. The business has a 50-day moving average price of $69.86 and a two-hundred day moving average price of $70.01. The firm has a market capitalization of $7.38 billion, a PE ratio of 13.26, a PEG ratio of 1.13 and a beta of 0.64.

Prosperity Bancshares (NYSE:PB - Get Free Report) last issued its earnings results on Wednesday, April 29th. The bank reported $1.50 earnings per share for the quarter, beating analysts' consensus estimates of $1.41 by $0.09. The company had revenue of $367.62 million for the quarter, compared to the consensus estimate of $358.60 million. Prosperity Bancshares had a return on equity of 7.20% and a net margin of 29.50%.The firm's quarterly revenue was up 19.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.37 EPS. As a group, analysts predict that Prosperity Bancshares, Inc. will post 6.27 earnings per share for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Monday, June 15th will be paid a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 3.3%. The ex-dividend date is Monday, June 15th. Prosperity Bancshares's dividend payout ratio is currently 43.48%.

Insider Transactions at Prosperity Bancshares

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $72.73, for a total value of $36,365.00. Following the completion of the sale, the director owned 74,615 shares in the company, valued at $5,426,748.95. This represents a 0.67% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last three months, insiders have sold 13,200 shares of company stock valued at $919,078. 3.96% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Piper Sandler boosted their price target on shares of Prosperity Bancshares from $74.00 to $75.00 and gave the stock a "neutral" rating in a research report on Thursday, April 30th. Benchmark initiated coverage on shares of Prosperity Bancshares in a research report on Wednesday, June 24th. They set a "hold" rating for the company. Citigroup lifted their price objective on shares of Prosperity Bancshares from $74.00 to $75.00 and gave the stock a "neutral" rating in a research note on Thursday, June 25th. Weiss Ratings downgraded shares of Prosperity Bancshares from a "buy (b-)" rating to a "hold (c+)" rating in a report on Monday, May 11th. Finally, Morgan Stanley boosted their target price on shares of Prosperity Bancshares from $83.00 to $85.00 and gave the stock an "overweight" rating in a report on Monday. Five research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $76.82.

Prosperity Bancshares Company Profile

Prosperity Bancshares, Inc is a holding company for Prosperity Bank, offering a broad range of commercial and consumer banking services across Texas, Oklahoma, Arkansas and Louisiana. Through its network of branches and digital platforms, the company provides deposit products, business and real estate lending, treasury management, mortgage origination and servicing, as well as wealth management and trust services.

Originally chartered in 1911 as First National Bank in McKinney, Texas, the organization rebranded to Prosperity Bank in 2009 following a series of strategic acquisitions aimed at deepening its regional presence.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.