TD Asset Management Inc Grows Stock Holdings in Prosperity Bancshares, Inc. $PB

TD Asset Management Inc raised its stake in Prosperity Bancshares, Inc. (NYSE:PB) by 2.8% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 44,834 shares of the bank’s stock after buying an additional 1,200 shares during the period. TD Asset Management Inc’s holdings in Prosperity Bancshares were worth $3,149,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently added to or reduced their stakes in PB. Wealth Enhancement Advisory Services LLC boosted its position in Prosperity Bancshares by 8.2% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 7,362 shares of the bank’s stock valued at $525,000 after buying an additional 561 shares during the period. State of Alaska Department of Revenue boosted its position in Prosperity Bancshares by 2.7% in the 1st quarter. State of Alaska Department of Revenue now owns 11,157 shares of the bank’s stock valued at $796,000 after buying an additional 295 shares during the period. Lecap Asset Management Ltd. purchased a new stake in Prosperity Bancshares in the 1st quarter valued at about $517,000. Wealthquest Corp purchased a new stake in Prosperity Bancshares in the 1st quarter valued at about $811,000. Finally, Illinois Municipal Retirement Fund purchased a new stake in Prosperity Bancshares in the 1st quarter valued at about $766,000. 80.69% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Citigroup reissued a “neutral” rating and issued a $68.00 price objective (down from $78.00) on shares of Prosperity Bancshares in a research report on Monday, September 15th. Piper Sandler reduced their price target on shares of Prosperity Bancshares from $86.00 to $84.00 and set an “overweight” rating for the company in a report on Thursday, July 24th. TD Cowen assumed coverage on shares of Prosperity Bancshares in a report on Thursday, September 25th. They issued a “buy” rating and a $79.00 price target for the company. Royal Bank Of Canada reduced their price target on shares of Prosperity Bancshares from $78.00 to $72.00 and set a “sector perform” rating for the company in a report on Friday, October 10th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Prosperity Bancshares in a research note on Wednesday, October 8th. Twelve research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $82.27.

Prosperity Bancshares Trading Up 1.6%

NYSE:PB opened at $64.17 on Tuesday. The company has a market cap of $6.10 billion, a PE ratio of 11.67, a P/E/G ratio of 0.94 and a beta of 0.73. Prosperity Bancshares, Inc. has a twelve month low of $61.06 and a twelve month high of $86.75. The company’s 50 day moving average is $66.76 and its two-hundred day moving average is $68.40.

Prosperity Bancshares (NYSE:PB) last released its earnings results on Wednesday, July 23rd. The bank reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.40 by $0.02. The company had revenue of $310.70 million for the quarter, compared to the consensus estimate of $315.66 million. Prosperity Bancshares had a net margin of 29.37% and a return on equity of 6.99%. During the same quarter in the previous year, the firm earned $1.22 EPS. As a group, analysts expect that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Insiders Place Their Bets

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the business’s stock in a transaction that occurred on Wednesday, October 15th. The shares were sold at an average price of $65.24, for a total transaction of $32,620.00. Following the sale, the director owned 90,915 shares of the company’s stock, valued at approximately $5,931,294.60. The trade was a 0.55% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Over the last quarter, insiders have sold 14,300 shares of company stock worth $960,266. 4.20% of the stock is currently owned by insiders.

Prosperity Bancshares Company 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; 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.