AGF Management Ltd. Has $3.36 Million Stock Position in Prosperity Bancshares, Inc. (NYSE:PB)

AGF Management Ltd. increased its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 26.1% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 59,409 shares of the bank’s stock after purchasing an additional 12,287 shares during the period. AGF Management Ltd. owned approximately 0.06% of Prosperity Bancshares worth $3,355,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Ameritas Investment Partners Inc. boosted its holdings in Prosperity Bancshares by 1.2% in the first quarter. Ameritas Investment Partners Inc. now owns 43,697 shares of the bank’s stock worth $2,688,000 after acquiring an additional 505 shares in the last quarter. Texas Permanent School Fund Corp boosted its holdings in Prosperity Bancshares by 1.4% in the second quarter. Texas Permanent School Fund Corp now owns 83,011 shares of the bank’s stock worth $4,688,000 after acquiring an additional 1,120 shares in the last quarter. Bessemer Group Inc. bought a new position in Prosperity Bancshares in the first quarter worth approximately $207,000. North Star Asset Management Inc. lifted its holdings in shares of Prosperity Bancshares by 17.8% in the first quarter. North Star Asset Management Inc. now owns 185,156 shares of the bank’s stock valued at $11,391,000 after purchasing an additional 27,976 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D lifted its holdings in shares of Prosperity Bancshares by 33.8% in the second quarter. State of New Jersey Common Pension Fund D now owns 41,900 shares of the bank’s stock valued at $2,367,000 after purchasing an additional 10,575 shares in the last quarter. Institutional investors and hedge funds own 81.70% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on PB. Stephens dropped their target price on Prosperity Bancshares from $64.00 to $61.00 and set an “equal weight” rating on the stock in a report on Thursday, October 26th. Morgan Stanley dropped their target price on Prosperity Bancshares from $60.00 to $57.00 and set an “underweight” rating on the stock in a report on Wednesday, September 27th. StockNews.com upgraded Prosperity Bancshares to a “sell” rating in a report on Thursday, November 2nd. UBS Group began coverage on Prosperity Bancshares in a report on Thursday, September 28th. They issued a “buy” rating and a $64.00 target price on the stock. Finally, Raymond James dropped their price target on Prosperity Bancshares from $68.00 to $65.00 and set a “strong-buy” rating on the stock in a report on Thursday, October 26th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $65.63.

Prosperity Bancshares Price Performance

NYSE:PB opened at $59.03 on Friday. The business has a fifty day simple moving average of $54.53 and a two-hundred day simple moving average of $57.48. Prosperity Bancshares, Inc. has a 1 year low of $49.60 and a 1 year high of $78.76. The company has a market capitalization of $5.53 billion, a P/E ratio of 11.76, a P/E/G ratio of 1.19 and a beta of 0.95.

Prosperity Bancshares (NYSE:PB) last released its earnings results on Wednesday, October 25th. The bank reported $1.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.16 by $0.04. Prosperity Bancshares had a return on equity of 7.09% and a net margin of 30.16%. The business had revenue of $419.10 million during the quarter, compared to the consensus estimate of $278.16 million. During the same period last year, the business posted $1.49 earnings per share. As a group, analysts anticipate that Prosperity Bancshares, Inc. will post 4.99 earnings per share for the current year.

Prosperity Bancshares Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 2nd. Shareholders of record on Friday, December 15th will be given a $0.56 dividend. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.55. This represents a $2.24 dividend on an annualized basis and a yield of 3.79%. The ex-dividend date is Thursday, December 14th. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 43.82%.

Prosperity Bancshares Profile

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.