Teacher Retirement System of Texas Boosts Stock Holdings in Prosperity Bancshares, Inc. (NYSE:PB)

Teacher Retirement System of Texas raised its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 23.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 21,818 shares of the bank's stock after acquiring an additional 4,098 shares during the quarter. Teacher Retirement System of Texas' holdings in Prosperity Bancshares were worth $1,557,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. CIBC Private Wealth Group LLC raised its holdings in Prosperity Bancshares by 4.4% during the 4th quarter. CIBC Private Wealth Group LLC now owns 3,069 shares of the bank's stock valued at $229,000 after acquiring an additional 128 shares during the period. American Century Companies Inc. raised its holdings in Prosperity Bancshares by 0.8% during the 4th quarter. American Century Companies Inc. now owns 31,013 shares of the bank's stock valued at $2,337,000 after acquiring an additional 255 shares during the period. State of Alaska Department of Revenue raised its holdings in Prosperity Bancshares by 2.7% during the 1st quarter. State of Alaska Department of Revenue now owns 11,157 shares of the bank's stock valued at $796,000 after acquiring an additional 295 shares during the period. Quadrant Capital Group LLC raised its holdings in Prosperity Bancshares by 28.4% during the 4th quarter. Quadrant Capital Group LLC now owns 1,603 shares of the bank's stock valued at $121,000 after acquiring an additional 355 shares during the period. Finally, Fifth Third Bancorp raised its holdings in Prosperity Bancshares by 44.9% during the 1st quarter. Fifth Third Bancorp now owns 1,277 shares of the bank's stock valued at $91,000 after acquiring an additional 396 shares during the period. Institutional investors own 80.69% of the company's stock.

Insider Activity at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 600 shares of the stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $70.89, for a total value of $42,534.00. Following the completion of the transaction, the director directly owned 45,700 shares of the company's stock, valued at $3,239,673. This represents a 1.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders have sold 10,200 shares of company stock worth $716,512 over the last ninety days. Corporate insiders own 4.20% of the company's stock.

Prosperity Bancshares Stock Down 1.2%

Shares of NYSE:PB traded down $0.87 during midday trading on Friday, hitting $73.84. 740,151 shares of the stock traded hands, compared to its average volume of 607,147. The stock has a market capitalization of $7.03 billion, a PE ratio of 14.06, a P/E/G ratio of 0.93 and a beta of 0.68. The business's 50 day moving average is $70.72 and its two-hundred day moving average is $72.38. Prosperity Bancshares, Inc. has a one year low of $61.57 and a one year high of $86.76.

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

Prosperity Bancshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th were paid a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a dividend yield of 3.14%. The ex-dividend date was Friday, June 13th. Prosperity Bancshares's dividend payout ratio (DPR) is 44.19%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports 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. Barclays decreased their price target on shares of Prosperity Bancshares from $88.00 to $86.00 and set an "equal weight" rating on the stock in a report on Tuesday, April 8th. Keefe, Bruyette & Woods decreased their price target on shares of Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating on the stock in a report on Monday, May 5th. Royal Bank Of Canada decreased their price target on shares of Prosperity Bancshares from $85.00 to $78.00 and set a "sector perform" rating on the stock in a report on Thursday, April 24th. Finally, Jefferies Financial Group started coverage on shares of Prosperity Bancshares in a report on Wednesday, May 21st. They issued a "buy" rating and a $85.00 price target on the stock. Seven investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $83.80.

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.