Tower Research Capital LLC TRC Invests $127,000 in Prosperity Bancshares, Inc. (PB) Stock
Tower Research Capital LLC TRC purchased a new stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 1,813 shares of the bank’s stock, valued at approximately $127,000.
A number of other large investors have also bought and sold shares of PB. Canada Pension Plan Investment Board bought a new stake in Prosperity Bancshares during the third quarter valued at about $105,000. Arvest Bank Trust Division bought a new stake in Prosperity Bancshares during the fourth quarter valued at about $210,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Prosperity Bancshares by 39.4% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,469 shares of the bank’s stock valued at $243,000 after acquiring an additional 980 shares during the period. State of Alaska Department of Revenue bought a new stake in Prosperity Bancshares during the fourth quarter valued at about $273,000. Finally, Vestpro Financial Partners Inc. dba CPF Texas bought a new stake in Prosperity Bancshares during the fourth quarter valued at about $318,000. 79.51% of the stock is currently owned by institutional investors and hedge funds.
Several brokerages have recently issued reports on PB. ValuEngine raised Prosperity Bancshares from a “hold” rating to a “buy” rating in a report on Thursday. Zacks Investment Research cut Prosperity Bancshares from a “buy” rating to a “hold” rating in a report on Tuesday, February 13th. DA Davidson lifted their target price on Prosperity Bancshares to $80.00 and gave the stock a “neutral” rating in a report on Thursday, January 25th. Piper Jaffray Companies reaffirmed a “hold” rating and issued a $73.00 target price on shares of Prosperity Bancshares in a report on Tuesday, January 9th. Finally, SunTrust Banks reaffirmed a “buy” rating and issued a $85.00 target price on shares of Prosperity Bancshares in a report on Thursday, January 25th. Four analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the stock. Prosperity Bancshares presently has an average rating of “Hold” and an average price target of $74.45.
Shares of Prosperity Bancshares, Inc. (PB) opened at $75.92 on Friday. Prosperity Bancshares, Inc. has a twelve month low of $55.84 and a twelve month high of $78.26. The stock has a market capitalization of $5,301.65, a PE ratio of 19.22, a PEG ratio of 1.59 and a beta of 1.32.
Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, January 24th. The bank reported $0.99 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.00 by ($0.01). The company had revenue of $185.27 million during the quarter, compared to analysts’ expectations of $185.43 million. Prosperity Bancshares had a return on equity of 7.28% and a net margin of 34.28%. During the same quarter in the prior year, the business posted $0.99 EPS. equities analysts predict that Prosperity Bancshares, Inc. will post 4.78 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, April 2nd. Investors of record on Friday, March 16th will be given a $0.36 dividend. The ex-dividend date is Thursday, March 15th. This represents a $1.44 annualized dividend and a yield of 1.90%. Prosperity Bancshares’s dividend payout ratio is currently 36.64%.
Prosperity Bancshares declared that its board has approved a stock buyback program on Friday, January 19th that authorizes the company to repurchase 3,470,000 shares. This repurchase authorization authorizes the bank to buy shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.
About Prosperity Bancshares
Prosperity Bancshares, Inc is a financial holding company, which operates through its bank subsidiary, Prosperity Bank (the Bank). The Bank provides a range of financial products and services to small and medium-sized businesses and consumers. The Company, through the Bank, offers a range of loan and deposit products to its customers.
Want to see what other hedge funds are holding PB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Prosperity Bancshares, Inc. (NYSE:PB).
Receive News & Ratings for Prosperity Bancshares Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Prosperity Bancshares and related companies with MarketBeat.com's FREE daily email newsletter.