Quadrature Capital Ltd raised its position in shares of Prosperity Bancshares, Inc. (NYSE:PB – Get Rating) by 91.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,124 shares of the bank’s stock after purchasing an additional 2,918 shares during the period. Quadrature Capital Ltd’s holdings in Prosperity Bancshares were worth $408,000 at the end of the most recent reporting period.
Several other institutional investors have also added to or reduced their stakes in PB. Meeder Asset Management Inc. raised its position in Prosperity Bancshares by 166.2% during the second quarter. Meeder Asset Management Inc. now owns 386 shares of the bank’s stock valued at $26,000 after purchasing an additional 241 shares in the last quarter. Quadrant Capital Group LLC grew its stake in shares of Prosperity Bancshares by 49.1% during the third quarter. Quadrant Capital Group LLC now owns 437 shares of the bank’s stock worth $29,000 after buying an additional 144 shares during the last quarter. Quantbot Technologies LP bought a new stake in shares of Prosperity Bancshares during the third quarter worth $34,000. Exchange Traded Concepts LLC bought a new stake in shares of Prosperity Bancshares during the third quarter worth $46,000. Finally, Covestor Ltd grew its stake in shares of Prosperity Bancshares by 83.6% during the first quarter. Covestor Ltd now owns 692 shares of the bank’s stock worth $48,000 after buying an additional 315 shares during the last quarter. 81.32% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of analysts have weighed in on the stock. Janney Montgomery Scott cut shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating and set a $80.00 target price on the stock. in a research note on Thursday, January 26th. They noted that the move was a valuation call. Raymond James raised shares of Prosperity Bancshares from a “market perform” rating to an “outperform” rating and set a $85.00 target price on the stock in a research note on Tuesday, February 21st. Morgan Stanley began coverage on shares of Prosperity Bancshares in a research note on Monday, December 5th. They set an “equal weight” rating and a $69.00 target price on the stock. StockNews.com cut shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Tuesday, January 10th. Finally, DA Davidson reissued a “neutral” rating on shares of Prosperity Bancshares in a research note on Wednesday, December 21st. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $76.27.
Prosperity Bancshares Trading Down 4.5 %
Prosperity Bancshares (NYSE:PB – Get Rating) last issued its quarterly earnings results on Wednesday, January 25th. The bank reported $1.51 EPS for the quarter, beating analysts’ consensus estimates of $1.50 by $0.01. The business had revenue of $346.32 million for the quarter, compared to analysts’ expectations of $296.52 million. Prosperity Bancshares had a net margin of 42.30% and a return on equity of 7.97%. During the same quarter in the prior year, the firm posted $1.38 earnings per share. As a group, research analysts predict that Prosperity Bancshares, Inc. will post 5.86 EPS for the current fiscal year.
Prosperity Bancshares Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Monday, April 3rd. Shareholders of record on Wednesday, March 15th will be given a dividend of $0.55 per share. The ex-dividend date of this dividend is Tuesday, March 14th. This represents a $2.20 dividend on an annualized basis and a yield of 3.43%. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 38.39%.
About Prosperity Bancshares
Prosperity Bancshares, Inc is a holding company, which engages in the provision of financial products and solutions. It offers retail and commercial banking services such as deposits, online Internet banking, loan, investments, trust, and credit card to small and medium-sized businesses and consumers.
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