Tower Research Capital LLC TRC purchased a new position in shares of Prosperity Bancshares, Inc. (NYSE:PB) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,570 shares of the bank’s stock, valued at approximately $76,000.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Piedmont Investment Advisors Inc. boosted its holdings in Prosperity Bancshares by 2.3% during the first quarter. Piedmont Investment Advisors Inc. now owns 8,078 shares of the bank’s stock worth $390,000 after buying an additional 181 shares in the last quarter. Steward Partners Investment Advisory LLC boosted its holdings in Prosperity Bancshares by 24.2% during the first quarter. Steward Partners Investment Advisory LLC now owns 1,246 shares of the bank’s stock worth $60,000 after buying an additional 243 shares in the last quarter. Sowell Financial Services LLC boosted its holdings in Prosperity Bancshares by 79.4% during the first quarter. Sowell Financial Services LLC now owns 678 shares of the bank’s stock worth $33,000 after buying an additional 300 shares in the last quarter. Toronto Dominion Bank boosted its holdings in Prosperity Bancshares by 27.6% during the fourth quarter. Toronto Dominion Bank now owns 1,446 shares of the bank’s stock worth $104,000 after buying an additional 313 shares in the last quarter. Finally, Marshall Wace North America L.P. purchased a new stake in Prosperity Bancshares during the first quarter worth $35,000. 80.41% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities analysts have weighed in on the stock. SunTrust Banks upped their price objective on shares of Prosperity Bancshares from $75.00 to $78.00 and gave the stock a “buy” rating in a research report on Thursday, June 11th. Morgan Stanley upped their price objective on shares of Prosperity Bancshares from $63.00 to $67.00 and gave the stock an “equal weight” rating in a research report on Monday, June 8th. Raymond James upped their price objective on shares of Prosperity Bancshares from $58.00 to $70.00 and gave the stock an “outperform” rating in a research report on Thursday, April 30th. ValuEngine cut shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Friday, May 22nd. Finally, Keefe, Bruyette & Woods upgraded shares of Prosperity Bancshares from a “market perform” rating to an “outperform” rating and set a $76.00 price objective for the company in a research report on Wednesday, April 1st. Three research analysts have rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $72.83.
Prosperity Bancshares (NYSE:PB) last issued its earnings results on Wednesday, April 29th. The bank reported $1.39 EPS for the quarter, beating the Zacks’ consensus estimate of $1.20 by $0.19. The business had revenue of $290.42 million during the quarter, compared to analysts’ expectations of $281.40 million. Prosperity Bancshares had a net margin of 35.42% and a return on equity of 8.32%. During the same period in the prior year, the business earned $1.18 earnings per share. As a group, equities research analysts expect that Prosperity Bancshares, Inc. will post 5.15 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Monday, June 15th will be given a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a yield of 3.10%. The ex-dividend date of this dividend is Friday, June 12th. Prosperity Bancshares’s payout ratio is currently 36.65%.
Prosperity Bancshares Profile
Prosperity Bancshares, Inc operates as bank holding company for the Prosperity Bank that provides retail and commercial banking services to small and medium-sized businesses, and consumers. It accepts various deposit products, such as demand, savings, money market, and time accounts. The company also offers 1-4 family residential mortgage, commercial mortgage and multifamily residential, commercial and industrial, agricultural real estate, 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; and consumer durables and home equity loans.
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