Retirement Systems of Alabama Sells 2,691 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

Retirement Systems of Alabama lowered its holdings in Prosperity Bancshares, Inc. (NYSE:PB) by 2.3% in the third quarter, HoldingsChannel.com reports. The firm owned 115,720 shares of the bank’s stock after selling 2,691 shares during the quarter. Retirement Systems of Alabama’s holdings in Prosperity Bancshares were worth $8,340,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently made changes to their positions in PB. Franklin Resources Inc. raised its position in shares of Prosperity Bancshares by 40.6% in the third quarter. Franklin Resources Inc. now owns 34,411 shares of the bank’s stock valued at $2,509,000 after buying an additional 9,935 shares in the last quarter. Tidal Investments LLC increased its stake in Prosperity Bancshares by 5.7% during the 3rd quarter. Tidal Investments LLC now owns 3,875 shares of the bank’s stock worth $279,000 after acquiring an additional 209 shares during the period. Sanctuary Advisors LLC acquired a new position in Prosperity Bancshares in the 3rd quarter valued at $372,000. Sunbelt Securities Inc. lifted its position in shares of Prosperity Bancshares by 31.0% during the 3rd quarter. Sunbelt Securities Inc. now owns 981 shares of the bank’s stock valued at $71,000 after acquiring an additional 232 shares during the period. Finally, Geode Capital Management LLC lifted its position in shares of Prosperity Bancshares by 0.9% during the 3rd quarter. Geode Capital Management LLC now owns 1,708,509 shares of the bank’s stock valued at $123,162,000 after acquiring an additional 15,309 shares during the period. Institutional investors and hedge funds own 80.69% of the company’s stock.

Insider Buying and Selling at Prosperity Bancshares

In related news, Director Leah Henderson sold 1,100 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $83.24, for a total value of $91,564.00. Following the sale, the director now directly owns 7,525 shares in the company, valued at $626,381. This represents a 12.75 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Ned S. Holmes sold 500 shares of the firm’s stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $83.96, for a total transaction of $41,980.00. Following the transaction, the director now owns 114,315 shares of the company’s stock, valued at approximately $9,597,887.40. The trade was a 0.44 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 11,600 shares of company stock worth $965,479. 4.28% of the stock is currently owned by company insiders.

Prosperity Bancshares Stock Performance

Shares of PB opened at $78.44 on Wednesday. Prosperity Bancshares, Inc. has a 52 week low of $57.16 and a 52 week high of $86.75. The stock has a market capitalization of $7.47 billion, a price-to-earnings ratio of 16.65, a PEG ratio of 1.19 and a beta of 0.92. The stock has a fifty day moving average of $78.33 and a 200-day moving average of $71.29.

Prosperity Bancshares (NYSE:PB) last posted its earnings results on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, beating the consensus estimate of $1.31 by $0.03. The firm had revenue of $459.00 million during the quarter, compared to the consensus estimate of $299.83 million. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%. During the same period last year, the company earned $1.20 earnings per share. As a group, equities analysts forecast that Prosperity Bancshares, Inc. will post 5.05 EPS for the current year.

Prosperity Bancshares Increases Dividend

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

Analyst Ratings Changes

A number of research analysts recently commented on PB shares. Raymond James downgraded Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price target for the company. in a research note on Tuesday, September 17th. Barclays boosted their target price 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. Wolfe Research reiterated a “peer perform” rating on shares of Prosperity Bancshares in a research report on Thursday, December 5th. DA Davidson cut shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $80.00 to $78.00 in a research note on Tuesday, October 15th. Finally, Wedbush restated an “outperform” rating and set a $90.00 target price on shares of Prosperity Bancshares in a research note on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, Prosperity Bancshares currently has a consensus rating of “Hold” and a consensus target price of $81.65.

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.