Strs Ohio Buys New Position in Prosperity Bancshares, Inc. (NYSE:PB)

Strs Ohio bought a new stake in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 32,369 shares of the bank's stock, valued at approximately $2,192,000.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Morgan Stanley raised its position in shares of 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 during the period. State Street Corp raised its position in shares of Prosperity Bancshares by 11.5% in the second quarter. State Street Corp now owns 8,888,314 shares of the bank's stock valued at $506,826,000 after purchasing an additional 917,381 shares during the period. Norges Bank bought a new position in shares of Prosperity Bancshares in the fourth quarter valued at approximately $63,078,000. Vaughan Nelson Investment Management L.P. bought a new position in shares of Prosperity Bancshares in the fourth quarter valued at approximately $46,306,000. Finally, Bank of America Corp DE raised its position in shares of Prosperity Bancshares by 421.0% in the first quarter. Bank of America Corp DE now owns 774,756 shares of the bank's stock valued at $47,663,000 after purchasing an additional 626,060 shares during the period. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on PB. Truist Financial reissued a "buy" rating and issued a $75.00 price target on shares of Prosperity Bancshares in a research report on Monday, April 1st. Royal Bank of Canada reaffirmed a "sector perform" rating and set a $70.00 target price on shares of Prosperity Bancshares in a research report on Tuesday, April 9th. Raymond James boosted their target price on shares of Prosperity Bancshares from $65.00 to $80.00 and gave the stock a "strong-buy" rating in a research report on Friday, January 5th. Barclays initiated coverage on shares of Prosperity Bancshares in a research report on Friday, March 8th. They set an "equal weight" rating and a $68.00 target price on the stock. Finally, Morgan Stanley raised shares of Prosperity Bancshares from an "underweight" rating to an "equal weight" rating and set a $69.00 target price on the stock in a research report on Wednesday, February 7th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $68.79.

Prosperity Bancshares Stock Up 1.8 %

PB traded up $1.08 during trading on Friday, reaching $60.77. 633,269 shares of the company's stock were exchanged, compared to its average volume of 400,614. Prosperity Bancshares, Inc. has a fifty-two week low of $49.60 and a fifty-two week high of $68.88. The business has a 50 day moving average price of $62.58 and a 200 day moving average price of $61.41. The company has a market capitalization of $5.68 billion, a P/E ratio of 13.42, a PEG ratio of 1.20 and a beta of 0.93.

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

Prosperity Bancshares Announces Dividend

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

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.