Massachusetts Financial Services Co. MA Grows Holdings in Prosperity Bancshares (PB)

Massachusetts Financial Services Co. MA raised its holdings in shares of Prosperity Bancshares (NYSE:PB) by 10.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 280,975 shares of the bank’s stock after purchasing an additional 26,273 shares during the quarter. Massachusetts Financial Services Co. MA owned 0.40% of Prosperity Bancshares worth $20,407,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Tower Research Capital LLC TRC bought a new position in Prosperity Bancshares during the fourth quarter valued at $127,000. Icon Wealth Partners LLC bought a new position in Prosperity Bancshares during the fourth quarter valued at $177,000. Arvest Bank Trust Division bought a new position in Prosperity Bancshares during the fourth quarter valued at $210,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Prosperity Bancshares by 39.4% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,469 shares of the bank’s stock valued at $243,000 after purchasing an additional 980 shares during the last quarter. Finally, State of Alaska Department of Revenue purchased a new stake in shares of Prosperity Bancshares in the fourth quarter valued at $273,000. Institutional investors and hedge funds own 77.26% of the company’s stock.

Several brokerages have recently weighed in on PB. ValuEngine raised shares of Prosperity Bancshares from a “hold” rating to a “buy” rating in a research note on Saturday, May 12th. Deutsche Bank increased their target price on shares of Prosperity Bancshares from $75.00 to $76.00 and gave the company a “hold” rating in a research note on Friday, May 4th. DA Davidson reduced their target price on shares of Prosperity Bancshares from $80.00 to $77.00 and set a “neutral” rating on the stock in a research note on Thursday, April 26th. Barclays reduced their target price on shares of Prosperity Bancshares from $79.00 to $78.00 and set an “overweight” rating on the stock in a research note on Thursday, April 26th. Finally, FIG Partners reissued a “market-perform” rating on shares of Prosperity Bancshares in a research note on Monday, April 16th. Four investment analysts have rated the stock with a sell rating, nine have given a hold rating and three have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $74.25.

In related news, Director Ned S. Holmes sold 50,000 shares of the firm’s stock in a transaction dated Tuesday, May 8th. The shares were sold at an average price of $74.46, for a total value of $3,723,000.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Randy Hester sold 5,000 shares of the firm’s stock in a transaction dated Friday, April 27th. The stock was sold at an average price of $73.13, for a total transaction of $365,650.00. The disclosure for this sale can be found here. Company insiders own 5.05% of the company’s stock.

Prosperity Bancshares opened at $74.64 on Friday, MarketBeat.com reports. The stock has a market capitalization of $5.23 billion, a P/E ratio of 18.57, a P/E/G ratio of 1.62 and a beta of 1.34. Prosperity Bancshares has a 12 month low of $74.14 and a 12 month high of $74.66.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings results on Wednesday, April 25th. The bank reported $1.07 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.14 by ($0.07). The company had revenue of $181.16 million during the quarter, compared to analysts’ expectations of $180.97 million. Prosperity Bancshares had a return on equity of 7.34% and a net margin of 34.87%. The company’s quarterly revenue was down 1.1% on a year-over-year basis. During the same period in the prior year, the business earned $0.99 EPS. analysts forecast that Prosperity Bancshares will post 4.63 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Monday, July 2nd. Investors of record on Friday, June 15th will be paid a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 1.93%. The ex-dividend date is Thursday, June 14th. Prosperity Bancshares’s dividend payout ratio is presently 36.55%.

Prosperity Bancshares declared that its board has approved a stock buyback program on Friday, January 19th that authorizes the company to repurchase 3,470,000 outstanding shares. This repurchase authorization authorizes the bank to reacquire shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

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.

Institutional Ownership by Quarter for Prosperity Bancshares (NYSE:PB)

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