Stratos Wealth Partners LTD. boosted its holdings in Prosperity Bancshares, Inc. (NYSE:PB) by 32.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 12,899 shares of the bank’s stock after acquiring an additional 3,178 shares during the quarter. Stratos Wealth Partners LTD.’s holdings in Prosperity Bancshares were worth $766,000 as of its most recent SEC filing.
Other institutional investors have also modified their holdings of the company. Beese Fulmer Investment Management Inc. bought a new stake in Prosperity Bancshares in the second quarter worth about $26,000. Sowell Financial Services LLC raised its position in Prosperity Bancshares by 79.4% in the first quarter. Sowell Financial Services LLC now owns 678 shares of the bank’s stock worth $33,000 after acquiring an additional 300 shares in the last quarter. Marshall Wace North America L.P. bought a new stake in Prosperity Bancshares in the first quarter worth about $35,000. Bartlett & Co. LLC bought a new stake in Prosperity Bancshares in the first quarter worth about $51,000. Finally, Financial Management Professionals Inc. bought a new stake in Prosperity Bancshares in the second quarter worth about $54,000. Hedge funds and other institutional investors own 79.97% of the company’s stock.
Several brokerages have commented on PB. Wedbush cut shares of Prosperity Bancshares from an “outperform” rating to a “neutral” rating and boosted their price target for the stock from $67.00 to $72.00 in a research report on Tuesday, June 9th. Bank of America upgraded Prosperity Bancshares from an “underperform” rating to a “neutral” rating and boosted their price objective for the stock from $50.00 to $66.00 in a report on Thursday, April 30th. Morgan Stanley boosted their price objective on Prosperity Bancshares from $63.00 to $67.00 and gave the stock an “equal weight” rating in a report on Monday, June 8th. TheStreet downgraded Prosperity Bancshares from a “b-” rating to a “c+” rating in a report on Friday, July 10th. Finally, Wolfe Research assumed coverage on Prosperity Bancshares in a report on Friday. They set a “market perform” rating on the stock. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the company. Prosperity Bancshares currently has a consensus rating of “Hold” and a consensus price target of $69.50.
Shares of PB opened at $55.56 on Friday. The company has a market capitalization of $5.15 billion, a price-to-earnings ratio of 11.11, a P/E/G ratio of 1.06 and a beta of 1.47. Prosperity Bancshares, Inc. has a fifty-two week low of $42.02 and a fifty-two week high of $75.22. The company has a debt-to-equity ratio of 0.02, a current ratio of 0.79 and a quick ratio of 0.75. The business’s 50-day moving average is $57.73 and its 200-day moving average is $60.38.
Prosperity Bancshares (NYSE:PB) last issued its earnings results on Wednesday, July 29th. The bank reported $1.41 earnings per share for the quarter, beating analysts’ consensus estimates of $1.13 by $0.28. The company had revenue of $284.63 million for the quarter, compared to the consensus estimate of $279.04 million. Prosperity Bancshares had a return on equity of 8.25% and a net margin of 36.72%. During the same quarter in the prior year, the company earned $1.18 EPS. Equities research analysts expect that Prosperity Bancshares, Inc. will post 5.3 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be paid a $0.46 dividend. The ex-dividend date of this dividend is Monday, September 14th. This represents a $1.84 annualized dividend and a dividend yield of 3.31%. Prosperity Bancshares’s payout ratio is 36.65%.
About Prosperity Bancshares
Prosperity Bancshares, Inc operates as bank holding company for the Prosperity Bank that provides retail and commercial banking services to small and medium-sized businesses, and consumers. It accepts various deposit products, such as demand, savings, money market, and time accounts. The company also offers 1-4 family residential mortgage, commercial mortgage and multifamily residential, commercial and industrial, agricultural real estate, 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; and consumer durables and home equity loans.
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