Tower Research Capital LLC TRC Boosts Holdings in Prosperity Bancshares, Inc. (NYSE:PB)

Tower Research Capital LLC TRC boosted its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 107.5% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 8,703 shares of the bank's stock after buying an additional 4,508 shares during the period. Tower Research Capital LLC TRC's holdings in Prosperity Bancshares were worth $656,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Smartleaf Asset Management LLC raised its stake in shares of Prosperity Bancshares by 487.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 376 shares of the bank's stock worth $28,000 after acquiring an additional 312 shares in the last quarter. Jones Financial Companies Lllp boosted its position in Prosperity Bancshares by 368.5% during the fourth quarter. Jones Financial Companies Lllp now owns 520 shares of the bank's stock valued at $39,000 after buying an additional 409 shares during the period. UMB Bank n.a. grew its stake in shares of Prosperity Bancshares by 102.7% during the fourth quarter. UMB Bank n.a. now owns 592 shares of the bank's stock valued at $45,000 after buying an additional 300 shares during the last quarter. GAMMA Investing LLC grew its position in Prosperity Bancshares by 20.4% during the 4th quarter. GAMMA Investing LLC now owns 844 shares of the bank's stock worth $64,000 after acquiring an additional 143 shares during the last quarter. Finally, Aster Capital Management DIFC Ltd grew its position in Prosperity Bancshares by 349.5% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 917 shares of the bank's stock worth $69,000 after acquiring an additional 713 shares during the last quarter. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PB has been the subject of several recent analyst reports. Royal Bank of Canada lowered their price objective on shares of Prosperity Bancshares from $85.00 to $78.00 and set a "sector perform" rating for the company in a research note on Thursday, April 24th. Morgan Stanley decreased their price target on shares of Prosperity Bancshares from $102.00 to $94.00 and set an "overweight" rating for the company in a research note on Thursday, March 13th. Hovde Group cut their price objective on Prosperity Bancshares from $90.00 to $80.00 and set an "outperform" rating on the stock in a research report on Friday, April 25th. Raymond James increased their target price on Prosperity Bancshares from $82.00 to $87.00 and gave the stock an "outperform" rating in a research report on Thursday, January 30th. Finally, Bank of America upgraded Prosperity Bancshares from an "underperform" rating to a "neutral" rating and set a $80.00 price target on the stock in a research report on Tuesday, January 7th. One analyst has rated the stock with a sell rating, six have given a hold rating and eight have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $83.23.

Prosperity Bancshares Trading Up 2.6 %

NYSE:PB traded up $1.75 on Friday, reaching $69.84. 217,364 shares of the stock traded hands, compared to its average volume of 573,504. The company has a market capitalization of $6.65 billion, a price-to-earnings ratio of 13.81, a PEG ratio of 0.94 and a beta of 0.82. Prosperity Bancshares, Inc. has a 12 month low of $57.16 and a 12 month high of $86.76. The company's fifty day simple moving average is $69.49 and its 200 day simple moving average is $75.19.

Prosperity Bancshares (NYSE:PB - Get Free Report) last released its quarterly earnings data on Wednesday, April 23rd. The bank reported $1.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.35 by $0.02. The business had revenue of $306.68 million for the quarter, compared to analysts' expectations of $307.17 million. Prosperity Bancshares had a return on equity of 6.64% and a net margin of 26.79%. The firm's quarterly revenue was up 10.7% on a year-over-year basis. During the same period in the prior year, the firm posted $1.18 EPS. Equities analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th will be paid a $0.58 dividend. The ex-dividend date is Friday, June 13th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.32%. Prosperity Bancshares's dividend payout ratio is presently 44.19%.

Insider Activity

In related news, Director Ned S. Holmes sold 500 shares of the business's stock in a transaction that occurred on Wednesday, February 12th. The stock was sold at an average price of $78.30, for a total transaction of $39,150.00. Following the completion of the transaction, the director now directly owns 106,815 shares in the company, valued at approximately $8,363,614.50. The trade was a 0.47 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders sold 5,500 shares of company stock valued at $390,340 over the last three months. 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.