State of Alaska Department of Revenue Has $805,000 Stake in Prosperity Bancshares, Inc. (NYSE:PB)

State of Alaska Department of Revenue increased its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 7.2% during the third quarter, HoldingsChannel.com reports. The fund owned 11,182 shares of the bank’s stock after purchasing an additional 750 shares during the period. State of Alaska Department of Revenue’s holdings in Prosperity Bancshares were worth $805,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Victory Capital Management Inc. increased its stake in shares of Prosperity Bancshares by 3.0% in the second quarter. Victory Capital Management Inc. now owns 6,359,165 shares of the bank’s stock worth $388,799,000 after purchasing an additional 184,453 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Prosperity Bancshares by 14.2% in the second quarter. Dimensional Fund Advisors LP now owns 4,287,615 shares of the bank’s stock valued at $262,141,000 after purchasing an additional 532,241 shares in the last quarter. Bank of New York Mellon Corp lifted its position in Prosperity Bancshares by 2.1% in the second quarter. Bank of New York Mellon Corp now owns 935,420 shares of the bank’s stock worth $57,192,000 after purchasing an additional 19,224 shares during the period. Thrivent Financial for Lutherans lifted its position in Prosperity Bancshares by 16.0% in the second quarter. Thrivent Financial for Lutherans now owns 811,772 shares of the bank’s stock worth $49,632,000 after purchasing an additional 112,101 shares during the period. Finally, Vaughan Nelson Investment Management L.P. increased its holdings in Prosperity Bancshares by 1.8% in the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 799,085 shares of the bank’s stock valued at $48,856,000 after buying an additional 14,175 shares during the period. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on PB. Wedbush reiterated an “outperform” rating and set a $90.00 target price on shares of Prosperity Bancshares in a research report on Thursday, October 24th. Truist Financial cut Prosperity Bancshares from a “buy” rating to a “hold” rating and cut their price objective for the company from $81.00 to $79.00 in a report on Friday, September 20th. StockNews.com lowered shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Wednesday, August 28th. Hovde Group raised their price objective on shares of Prosperity Bancshares from $80.50 to $82.50 and gave the stock an “outperform” rating in a report on Monday, August 26th. Finally, Raymond James downgraded Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price objective for the company. in a research report on Tuesday, September 17th. One analyst has rated the stock with a sell rating, four have issued a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, Prosperity Bancshares presently has a consensus rating of “Moderate Buy” and an average price target of $78.96.

Prosperity Bancshares Stock Up 9.5 %

PB stock opened at $80.88 on Thursday. Prosperity Bancshares, Inc. has a twelve month low of $54.38 and a twelve month high of $81.11. The company has a market cap of $7.70 billion, a P/E ratio of 17.17, a price-to-earnings-growth ratio of 1.08 and a beta of 0.89. The business’s fifty day moving average is $72.58 and its 200-day moving average is $67.45.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, beating analysts’ consensus estimates of $1.31 by $0.03. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%. The business had revenue of $459.00 million during the quarter, compared to the consensus estimate of $299.83 million. During the same quarter in the prior year, the company posted $1.20 earnings per share. Research analysts anticipate that Prosperity Bancshares, Inc. will post 5.05 earnings per share for the current fiscal year.

Prosperity Bancshares Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be given a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.87%. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.56. The ex-dividend date is Friday, December 13th. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 49.26%.

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.