TD Asset Management Inc Has $3.11 Million Stock Holdings in Prosperity Bancshares, Inc. (NYSE:PB)

Key Points

• TD Asset Management Inc increased its holdings in Prosperity Bancshares by 14.4%, now owning 43,634 shares valued at approximately $3.1 million.
• The bank's earnings per share for the latest quarter was reported at $1.42, slightly above the consensus estimate of $1.40, while revenue came in below expectations at $310.70 million.
• Prosperity Bancshares recently announced a quarterly dividend of $0.58 per share, yielding around 3.5%, with the ex-dividend date set for September 15th.

TD Asset Management Inc grew its position in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 14.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 43,634 shares of the bank's stock after purchasing an additional 5,496 shares during the quarter. TD Asset Management Inc's holdings in Prosperity Bancshares were worth $3,114,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Dimensional Fund Advisors LP boosted its holdings in shares of Prosperity Bancshares by 1.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,586,260 shares of the bank's stock valued at $345,575,000 after acquiring an additional 48,304 shares in the last quarter. Snyder Capital Management L P boosted its holdings in shares of Prosperity Bancshares by 7.3% in the fourth quarter. Snyder Capital Management L P now owns 1,220,977 shares of the bank's stock valued at $92,001,000 after acquiring an additional 83,488 shares in the last quarter. Vaughan Nelson Investment Management L.P. boosted its holdings in Prosperity Bancshares by 25.1% during the first quarter. Vaughan Nelson Investment Management L.P. now owns 1,112,574 shares of the bank's stock worth $79,404,000 after buying an additional 223,355 shares in the last quarter. Northern Trust Corp boosted its holdings in Prosperity Bancshares by 25.5% during the fourth quarter. Northern Trust Corp now owns 937,108 shares of the bank's stock worth $70,611,000 after buying an additional 190,449 shares in the last quarter. Finally, AQR Capital Management LLC boosted its holdings in Prosperity Bancshares by 3.4% during the fourth quarter. AQR Capital Management LLC now owns 554,525 shares of the bank's stock worth $41,783,000 after buying an additional 18,338 shares in the last quarter. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Prosperity Bancshares Stock Performance

Shares of NYSE:PB traded down $0.72 on Friday, hitting $65.90. The stock had a trading volume of 1,225,944 shares, compared to its average volume of 850,360. Prosperity Bancshares, Inc. has a twelve month low of $61.57 and a twelve month high of $86.75. The firm's 50 day moving average price is $70.33 and its 200-day moving average price is $71.76. The company has a market capitalization of $6.28 billion, a price-to-earnings ratio of 11.98, a price-to-earnings-growth ratio of 0.99 and a beta of 0.71.

Prosperity Bancshares (NYSE:PB - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The bank reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.40 by $0.02. The business had revenue of $310.70 million for the quarter, compared to the consensus estimate of $315.66 million. Prosperity Bancshares had a net margin of 29.37% and a return on equity of 6.99%. During the same quarter in the prior year, the company earned $1.22 EPS. As a group, sell-side analysts predict that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Prosperity Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be paid a $0.58 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.5%. Prosperity Bancshares's dividend payout ratio is 42.18%.

Analyst Upgrades and Downgrades

PB has been the topic of a number of research analyst reports. Keefe, Bruyette & Woods decreased their price objective on shares of Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating on the stock in a report on Monday, May 5th. Wall Street Zen raised shares of Prosperity Bancshares from a "sell" rating to a "hold" rating in a report on Tuesday, May 13th. Royal Bank Of Canada decreased their price objective on shares of Prosperity Bancshares from $85.00 to $78.00 and set a "sector perform" rating on the stock in a report on Thursday, April 24th. Piper Sandler cut their target price on shares of Prosperity Bancshares from $86.00 to $84.00 and set an "overweight" rating for the company in a research report on Thursday, July 24th. Finally, Jefferies Financial Group started coverage on shares of Prosperity Bancshares in a research report on Wednesday, May 21st. They set a "buy" rating and a $85.00 target price for the company. Seven equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $84.57.

Insider Activity at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 500 shares of the company's stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $67.29, for a total value of $33,645.00. Following the completion of the sale, the director directly owned 96,415 shares of the company's stock, valued at $6,487,765.35. This represents a 0.52% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Over the last three months, insiders sold 13,100 shares of company stock valued at $925,889. Corporate insiders own 4.20% of the company's stock.

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.