South Dakota Investment Council Decreases Stock Holdings in Prosperity Bancshares, Inc. (NYSE:PB)

South Dakota Investment Council reduced its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 10.4% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 123,367 shares of the bank's stock after selling 14,300 shares during the quarter. South Dakota Investment Council owned approximately 0.13% of Prosperity Bancshares worth $8,356,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Planned Solutions Inc. bought a new position in shares of Prosperity Bancshares during the 4th quarter worth approximately $37,000. GAMMA Investing LLC acquired a new stake in Prosperity Bancshares during the 4th quarter worth approximately $38,000. Signaturefd LLC lifted its holdings in Prosperity Bancshares by 171.5% during the 4th quarter. Signaturefd LLC now owns 744 shares of the bank's stock worth $50,000 after purchasing an additional 470 shares during the last quarter. Spire Wealth Management lifted its holdings in Prosperity Bancshares by 17.7% during the 3rd quarter. Spire Wealth Management now owns 1,290 shares of the bank's stock worth $70,000 after purchasing an additional 194 shares during the last quarter. Finally, Covestor Ltd lifted its holdings in Prosperity Bancshares by 12.3% during the 3rd quarter. Covestor Ltd now owns 2,231 shares of the bank's stock worth $122,000 after purchasing an additional 244 shares during the last quarter. 80.69% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

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

Prosperity Bancshares Stock Up 3.8 %

Shares of PB traded up $2.38 during midday trading on Wednesday, hitting $65.08. The company's stock had a trading volume of 790,445 shares, compared to its average volume of 565,004. Prosperity Bancshares, Inc. has a one year low of $49.60 and a one year high of $68.88. The company's fifty day simple moving average is $62.55 and its two-hundred day simple moving average is $61.60. The stock has a market capitalization of $6.09 billion, a price-to-earnings ratio of 14.37, a price-to-earnings-growth ratio of 1.25 and a beta of 0.93.

Prosperity Bancshares (NYSE:PB - Get Free Report) last issued its quarterly earnings results on Wednesday, January 24th. The bank reported $1.19 earnings per share (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 company had revenue of $413.00 million for the quarter, compared to analyst estimates of $279.34 million. During the same quarter last year, the company posted $1.51 EPS. On average, research analysts predict that Prosperity Bancshares, Inc. will post 4.96 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The company also recently disclosed 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 yield of 3.44%. Prosperity Bancshares's dividend payout ratio is currently 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.