Louisiana State Employees Retirement System Takes Position in Prosperity Bancshares, Inc. (NYSE:PB)

Louisiana State Employees Retirement System acquired a new position in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 26,300 shares of the bank's stock, valued at approximately $1,781,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Morgan Stanley increased its stake in Prosperity Bancshares by 325.4% in the fourth quarter. Morgan Stanley now owns 2,390,076 shares of the bank's stock valued at $173,711,000 after purchasing an additional 1,828,204 shares in the last quarter. State Street Corp boosted its holdings in shares of Prosperity Bancshares by 11.5% in the 2nd quarter. State Street Corp now owns 8,888,314 shares of the bank's stock worth $506,826,000 after buying an additional 917,381 shares during the last quarter. Norges Bank bought a new position in shares of Prosperity Bancshares during the 4th quarter valued at approximately $63,078,000. Vaughan Nelson Investment Management L.P. bought a new position in Prosperity Bancshares during the fourth quarter valued at $46,306,000. Finally, Bank of America Corp DE increased its holdings in Prosperity Bancshares by 421.0% in the 1st quarter. Bank of America Corp DE now owns 774,756 shares of the bank's stock worth $47,663,000 after acquiring an additional 626,060 shares during the last quarter. 80.69% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on PB shares. Morgan Stanley upgraded shares of Prosperity Bancshares from an "underweight" rating to an "equal weight" rating and set a $69.00 target price for the company in a research report on Wednesday, February 7th. Truist Financial restated a "buy" rating and issued a $75.00 price target on shares of Prosperity Bancshares in a research note on Monday, April 1st. Barclays assumed coverage on Prosperity Bancshares in a report on Friday, March 8th. They issued an "equal weight" rating and a $68.00 target price on the stock. Royal Bank of Canada reaffirmed a "sector perform" rating and issued a $70.00 price target on shares of Prosperity Bancshares in a research report on Tuesday, April 9th. Finally, Raymond James increased their price objective on shares of Prosperity Bancshares from $65.00 to $80.00 and gave the company a "strong-buy" rating in a research report on Friday, January 5th. One analyst has rated the stock with a sell rating, five have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $68.79.

Prosperity Bancshares Stock Performance

Shares of PB traded up $1.08 during mid-day trading on Friday, reaching $60.77. The stock had a trading volume of 633,269 shares, compared to its average volume of 565,075. The firm has a market cap of $5.68 billion, a price-to-earnings ratio of 13.31, a PEG ratio of 1.20 and a beta of 0.93. Prosperity Bancshares, Inc. has a 12 month low of $49.60 and a 12 month high of $68.88. The business has a fifty day moving average of $62.63 and a 200 day moving average of $61.29.

Prosperity Bancshares (NYSE:PB - Get Free Report) last announced its quarterly earnings data on Wednesday, January 24th. The bank reported $1.19 EPS for the quarter, beating the consensus estimate of $1.15 by $0.04. Prosperity Bancshares had a return on equity of 6.62% and a net margin of 26.24%. The business had revenue of $413.00 million for the quarter, compared to the consensus estimate of $279.34 million. During the same period in the previous year, the business earned $1.51 earnings per share. On average, research analysts forecast that Prosperity Bancshares, Inc. will post 4.96 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be given a dividend of $0.56 per share. The ex-dividend date is Friday, June 14th. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.69%. Prosperity Bancshares's dividend payout ratio is 49.45%.

About Prosperity Bancshares

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.