Bank of Nova Scotia bought a new stake in Prosperity Bancshares, Inc. (NYSE:PB – Get Rating) during the second quarter, Holdings Channel.com reports. The fund bought 13,059 shares of the bank’s stock, valued at approximately $892,000.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Advisory Services Network LLC grew its holdings in Prosperity Bancshares by 11.3% in the 2nd quarter. Advisory Services Network LLC now owns 7,207 shares of the bank’s stock valued at $492,000 after buying an additional 733 shares during the last quarter. Sciencast Management LP bought a new position in shares of Prosperity Bancshares during the 2nd quarter worth approximately $303,000. Jackson Creek Investment Advisors LLC bought a new position in shares of Prosperity Bancshares during the 2nd quarter worth approximately $267,000. ProShare Advisors LLC increased its holdings in Prosperity Bancshares by 6.3% during the 1st quarter. ProShare Advisors LLC now owns 309,044 shares of the bank’s stock valued at $21,443,000 after purchasing an additional 18,322 shares in the last quarter. Finally, Hunter Perkins Capital Management LLC increased its holdings in Prosperity Bancshares by 10.0% during the 2nd quarter. Hunter Perkins Capital Management LLC now owns 232,115 shares of the bank’s stock valued at $15,926,000 after purchasing an additional 21,075 shares in the last quarter. Institutional investors and hedge funds own 81.50% of the company’s stock.
Analyst Upgrades and Downgrades
Several research firms have recently commented on PB. DA Davidson lifted their target price on Prosperity Bancshares to $78.00 in a research note on Thursday, October 13th. StockNews.com initiated coverage on Prosperity Bancshares in a research note on Wednesday, October 12th. They issued a “hold” rating for the company. Hovde Group lifted their price objective on Prosperity Bancshares to $79.00 in a research note on Thursday, October 13th. Compass Point decreased their price objective on Prosperity Bancshares to $82.00 in a research note on Thursday, October 20th. Finally, Stephens decreased their price objective on Prosperity Bancshares from $79.00 to $78.00 and set an “equal weight” rating for the company in a research note on Thursday, October 27th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $77.33.
Prosperity Bancshares Trading Up 1.1 %
Prosperity Bancshares (NYSE:PB – Get Rating) last posted its quarterly earnings data on Wednesday, October 26th. The bank reported $1.49 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.49. Prosperity Bancshares had a return on equity of 7.88% and a net margin of 43.40%. During the same period in the prior year, the business earned $1.39 earnings per share. Analysts forecast that Prosperity Bancshares, Inc. will post 5.73 EPS for the current year.
Prosperity Bancshares Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 3rd. Investors of record on Thursday, December 15th will be given a $0.55 dividend. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.52. The ex-dividend date of this dividend is Wednesday, December 14th. This represents a $2.20 annualized dividend and a yield of 2.98%. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 37.14%.
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; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and purchase of equipment and machinery.
- Get a free copy of the StockNews.com research report on Prosperity Bancshares (PB)
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