Raymond James Financial Services Advisors Inc. Buys 3,709 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

Raymond James Financial Services Advisors Inc. raised its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB – Get Rating) by 8.6% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 46,590 shares of the bank’s stock after purchasing an additional 3,709 shares during the period. Raymond James Financial Services Advisors Inc. owned 0.05% of Prosperity Bancshares worth $3,107,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Advisor Group Holdings Inc. lifted its holdings in shares of Prosperity Bancshares by 3.1% in the 1st quarter. Advisor Group Holdings Inc. now owns 5,935 shares of the bank’s stock valued at $411,000 after acquiring an additional 181 shares during the last quarter. HighTower Advisors LLC lifted its holdings in shares of Prosperity Bancshares by 12.1% in the 1st quarter. HighTower Advisors LLC now owns 19,485 shares of the bank’s stock valued at $1,353,000 after acquiring an additional 2,102 shares during the last quarter. Panagora Asset Management Inc. bought a new stake in Prosperity Bancshares in the first quarter worth about $274,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its stake in Prosperity Bancshares by 10.5% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 33,779 shares of the bank’s stock worth $2,344,000 after purchasing an additional 3,222 shares during the last quarter. Finally, BlackRock Inc. lifted its stake in Prosperity Bancshares by 3.1% in the first quarter. BlackRock Inc. now owns 8,212,796 shares of the bank’s stock worth $569,805,000 after purchasing an additional 244,440 shares during the last quarter. Institutional investors own 81.32% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on PB. DA Davidson reissued a “neutral” rating on shares of Prosperity Bancshares in a research note on Wednesday, December 21st. Compass Point decreased their price objective on shares of Prosperity Bancshares to $82.00 in a research note on Thursday, October 20th. Stephens decreased their price objective on shares of 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. Morgan Stanley assumed coverage on shares of Prosperity Bancshares in a research report on Monday, December 5th. They set an “equal weight” rating and a $69.00 target price on the stock. Finally, StockNews.com lowered shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Tuesday, January 10th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, Prosperity Bancshares has a consensus rating of “Hold” and a consensus target price of $74.89.

Prosperity Bancshares Stock Up 0.1 %

Shares of PB stock opened at $75.02 on Friday. The firm has a market cap of $6.85 billion, a price-to-earnings ratio of 13.40, a PEG ratio of 1.22 and a beta of 0.99. The company’s 50 day moving average is $72.79 and its 200 day moving average is $71.87. Prosperity Bancshares, Inc. has a 52-week low of $64.69 and a 52-week high of $80.46.

Prosperity Bancshares (NYSE:PB – Get Rating) last issued its quarterly earnings data on Wednesday, October 26th. The bank reported $1.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.51 by ($0.02). The business had revenue of $295.37 million for the quarter, compared to analysts’ expectations of $297.27 million. Prosperity Bancshares had a net margin of 43.40% and a return on equity of 7.88%. During the same period in the previous year, the business earned $1.39 earnings per share. Analysts anticipate that Prosperity Bancshares, Inc. will post 5.71 EPS for the current fiscal year.

Prosperity Bancshares Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, January 3rd. Shareholders of record on Thursday, December 15th were paid a $0.55 dividend. This represents a $2.20 annualized dividend and a yield of 2.93%. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.52. The ex-dividend date was Wednesday, December 14th. Prosperity Bancshares’s dividend payout ratio (DPR) is 39.29%.

Prosperity Bancshares Company Profile

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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.

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