Saxon Interests Inc. Makes New $677,000 Investment in Prosperity Bancshares, Inc. (NYSE:PB)

Saxon Interests Inc. acquired a new stake in Prosperity Bancshares, Inc. (NYSE:PB) in the 4th quarter, HoldingsChannel reports. The fund acquired 10,000 shares of the bank’s stock, valued at approximately $677,000.

Several other large investors also recently made changes to their positions in the stock. Planned Solutions Inc. acquired a new stake in shares of Prosperity Bancshares in the 4th quarter valued at approximately $37,000. Cultivar Capital Inc. acquired a new stake in Prosperity Bancshares during the 4th quarter valued at $583,000. Tectonic Advisors LLC acquired a new stake in Prosperity Bancshares during the 4th quarter valued at $373,000. Pacer Advisors Inc. lifted its holdings in Prosperity Bancshares by 79.2% during the 4th quarter. Pacer Advisors Inc. now owns 14,086 shares of the bank’s stock valued at $954,000 after purchasing an additional 6,227 shares during the last quarter. Finally, Raymond James & Associates lifted its holdings in Prosperity Bancshares by 12.9% during the 4th quarter. Raymond James & Associates now owns 19,115 shares of the bank’s stock valued at $1,295,000 after purchasing an additional 2,188 shares during the last quarter. Institutional investors and hedge funds own 80.69% of the company’s stock.

Analysts Set New Price Targets

PB has been the subject of several research reports. Morgan Stanley raised Prosperity Bancshares from an “underweight” rating to an “equal weight” rating and set a $69.00 price target for the company in a report on Wednesday, February 7th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $70.00 price target on shares of Prosperity Bancshares in a report on Thursday, January 25th. Barclays assumed coverage on Prosperity Bancshares in a research report on Friday, March 8th. They set an “equal weight” rating and a $68.00 price objective on the stock. UBS Group raised their price target on shares of Prosperity Bancshares from $65.00 to $71.00 and gave the stock a “buy” rating in a research report on Wednesday, December 13th. Finally, Raymond James boosted their price objective on shares of Prosperity Bancshares from $65.00 to $80.00 and gave the company a “strong-buy” rating in a report on Friday, January 5th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $68.79.

Prosperity Bancshares Stock Up 1.1 %

NYSE PB traded up $0.72 on Friday, hitting $65.78. The company’s stock had a trading volume of 640,488 shares, compared to its average volume of 524,518. Prosperity Bancshares, Inc. has a 1-year low of $49.60 and a 1-year high of $68.88. The company’s 50-day moving average is $63.33 and its 200 day moving average is $60.57. The firm has a market cap of $6.15 billion, a PE ratio of 14.52, a PEG ratio of 1.29 and a beta of 0.93.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings data on Wednesday, January 24th. The bank reported $1.19 EPS for the quarter, beating 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 company had revenue of $413.00 million for the quarter, compared to analyst estimates of $279.34 million. During the same period in the prior year, the firm posted $1.51 EPS. On average, equities analysts expect that Prosperity Bancshares, Inc. will post 5.06 EPS for the current year.

Prosperity Bancshares Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, April 1st. Investors of record on Friday, March 15th will be paid a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a yield of 3.41%. The ex-dividend date of this dividend is Thursday, March 14th. Prosperity Bancshares’s dividend payout ratio is presently 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.