Public Employees Retirement System of Ohio Sells 1,654 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

Public Employees Retirement System of Ohio trimmed its stake in Prosperity Bancshares, Inc. (NYSE:PB) by 4.7% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 33,739 shares of the bank’s stock after selling 1,654 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in Prosperity Bancshares were worth $2,432,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of PB. Quarry LP increased its position in shares of Prosperity Bancshares by 533.3% during the second quarter. Quarry LP now owns 494 shares of the bank’s stock valued at $30,000 after acquiring an additional 416 shares in the last quarter. Quest Partners LLC increased its holdings in shares of Prosperity Bancshares by 3,147.1% in the 2nd quarter. Quest Partners LLC now owns 552 shares of the bank’s stock worth $34,000 after purchasing an additional 535 shares in the last quarter. Strategic Financial Concepts LLC purchased a new position in shares of Prosperity Bancshares in the second quarter worth $43,000. Headlands Technologies LLC bought a new position in shares of Prosperity Bancshares during the second quarter valued at $46,000. Finally, GAMMA Investing LLC boosted its position in shares of Prosperity Bancshares by 47.9% during the third quarter. GAMMA Investing LLC now owns 701 shares of the bank’s stock valued at $51,000 after buying an additional 227 shares during the last quarter. 80.69% of the stock is owned by hedge funds and other institutional investors.

Prosperity Bancshares Stock Down 1.9 %

Shares of PB opened at $78.44 on Wednesday. The business has a 50-day simple moving average of $78.33 and a two-hundred day simple moving average of $71.29. The stock has a market cap of $7.47 billion, a price-to-earnings ratio of 16.65, a PEG ratio of 1.19 and a beta of 0.92. Prosperity Bancshares, Inc. has a 52 week low of $57.16 and a 52 week high of $86.75.

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

Prosperity Bancshares Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be paid a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a yield of 2.96%. The ex-dividend date is Friday, December 13th. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.56. Prosperity Bancshares’s dividend payout ratio is presently 49.26%.

Insider Activity

In other news, Director Ned S. Holmes sold 500 shares of the firm’s stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $83.96, for a total transaction of $41,980.00. Following the completion of the transaction, the director now owns 114,315 shares in the company, valued at $9,597,887.40. This trade represents a 0.44 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Chairman H E. Timanus, Jr. sold 4,000 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $86.50, for a total value of $346,000.00. Following the completion of the sale, the chairman now owns 229,953 shares in the company, valued at $19,890,934.50. This represents a 1.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 11,600 shares of company stock worth $965,479 over the last ninety days. Corporate insiders own 4.28% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on PB. DA Davidson lowered Prosperity Bancshares from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $80.00 to $78.00 in a research report on Tuesday, October 15th. Wedbush reissued an “outperform” rating and set a $90.00 price objective on shares of Prosperity Bancshares in a report on Thursday, October 24th. Barclays increased their price objective on shares of Prosperity Bancshares from $76.00 to $84.00 and gave the company an “equal weight” rating in a research report on Thursday, December 5th. Raymond James downgraded shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 target price for the company. in a research report on Tuesday, September 17th. Finally, StockNews.com cut Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Friday, November 29th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $81.65.

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.