TD Asset Management Inc Grows Stock Position in Prosperity Bancshares, Inc. (NYSE:PB)

TD Asset Management Inc raised its position in Prosperity Bancshares, Inc. (NYSE:PB) by 9.5% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 35,600 shares of the bank’s stock after purchasing an additional 3,086 shares during the quarter. TD Asset Management Inc’s holdings in Prosperity Bancshares were worth $2,177,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. GAMMA Investing LLC raised its holdings in shares of Prosperity Bancshares by 59.6% in the 2nd quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock worth $29,000 after purchasing an additional 177 shares during the period. Albert D Mason Inc. raised its holdings in shares of Prosperity Bancshares by 1.3% in the 1st quarter. Albert D Mason Inc. now owns 19,398 shares of the bank’s stock worth $1,276,000 after purchasing an additional 252 shares during the period. Quadrant Capital Group LLC raised its holdings in shares of Prosperity Bancshares by 31.8% in the 4th quarter. Quadrant Capital Group LLC now owns 1,118 shares of the bank’s stock worth $76,000 after purchasing an additional 270 shares during the period. New York State Teachers Retirement System raised its holdings in shares of Prosperity Bancshares by 0.3% in the 1st quarter. New York State Teachers Retirement System now owns 117,516 shares of the bank’s stock worth $7,730,000 after purchasing an additional 300 shares during the period. Finally, Retirement Systems of Alabama raised its holdings in shares of Prosperity Bancshares by 0.3% in the 1st quarter. Retirement Systems of Alabama now owns 117,692 shares of the bank’s stock worth $7,742,000 after purchasing an additional 319 shares during the period. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on PB. Royal Bank of Canada raised their price objective on Prosperity Bancshares from $70.00 to $74.00 and gave the stock a “sector perform” rating in a report on Thursday, July 25th. Hovde Group increased their target price on Prosperity Bancshares from $80.50 to $82.50 and gave the company an “outperform” rating in a research note on Monday, August 26th. Stephens upgraded Prosperity Bancshares from an “equal weight” rating to an “overweight” rating in a research note on Wednesday, June 26th. StockNews.com lowered Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Wednesday, August 28th. Finally, DA Davidson increased their target price on Prosperity Bancshares from $78.00 to $82.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $76.04.

Prosperity Bancshares Stock Up 1.4 %

Shares of NYSE PB opened at $72.49 on Friday. Prosperity Bancshares, Inc. has a fifty-two week low of $49.60 and a fifty-two week high of $74.67. The business has a 50 day moving average price of $69.92 and a two-hundred day moving average price of $64.67. The firm has a market cap of $6.95 billion, a PE ratio of 16.70, a price-to-earnings-growth ratio of 1.48 and a beta of 0.90.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings data on Wednesday, July 24th. The bank reported $1.22 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.02. The firm had revenue of $458.95 million during the quarter, compared to analyst estimates of $290.06 million. Prosperity Bancshares had a return on equity of 6.32% and a net margin of 25.10%. During the same quarter last year, the firm earned $1.21 EPS. On average, analysts anticipate that Prosperity Bancshares, Inc. will post 5.07 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be given a $0.56 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $2.24 annualized dividend and a dividend yield of 3.09%. Prosperity Bancshares’s payout ratio is 51.61%.

Prosperity Bancshares Company 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.