Wealth Enhancement Advisory Services LLC Boosts Stock Position in Prosperity Bancshares, Inc. $PB

Wealth Enhancement Advisory Services LLC lifted its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 81.2% in the fourth quarter, HoldingsChannel reports. The fund owned 59,752 shares of the bank’s stock after acquiring an additional 26,774 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Prosperity Bancshares were worth $4,246,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. American Century Companies Inc. increased its stake in shares of Prosperity Bancshares by 48.7% in the third quarter. American Century Companies Inc. now owns 2,122,031 shares of the bank’s stock worth $140,797,000 after purchasing an additional 695,114 shares in the last quarter. Y Intercept Hong Kong Ltd lifted its stake in shares of Prosperity Bancshares by 231.1% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 53,875 shares of the bank’s stock valued at $3,575,000 after buying an additional 37,602 shares in the last quarter. Rafferty Asset Management LLC lifted its stake in shares of Prosperity Bancshares by 44.1% during the 3rd quarter. Rafferty Asset Management LLC now owns 159,871 shares of the bank’s stock valued at $10,607,000 after buying an additional 48,943 shares in the last quarter. SG Americas Securities LLC boosted its holdings in Prosperity Bancshares by 634.1% in the 3rd quarter. SG Americas Securities LLC now owns 16,371 shares of the bank’s stock worth $1,086,000 after buying an additional 14,141 shares during the period. Finally, Pacer Advisors Inc. bought a new position in Prosperity Bancshares in the 3rd quarter worth $1,488,000. Institutional investors own 80.69% of the company’s stock.

Insider Transactions at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 500 shares of the company’s stock in a transaction that occurred on Wednesday, March 25th. The stock was sold at an average price of $66.25, for a total transaction of $33,125.00. Following the sale, the director directly owned 79,415 shares of the company’s stock, valued at $5,261,243.75. This represents a 0.63% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last 90 days, insiders sold 13,200 shares of company stock valued at $922,415. Insiders own 3.96% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Raymond James Financial cut Prosperity Bancshares from an “outperform” rating to a “market perform” rating in a report on Wednesday, January 7th. Barclays lowered Prosperity Bancshares from an “equal weight” rating to an “underweight” rating and dropped their price objective for the stock from $75.00 to $68.00 in a research note on Monday, February 2nd. Cantor Fitzgerald increased their target price on Prosperity Bancshares from $81.00 to $83.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 3rd. Morgan Stanley lifted their target price on Prosperity Bancshares from $80.00 to $91.00 and gave the company an “overweight” rating in a research note on Monday, March 2nd. Finally, TD Cowen reissued a “buy” rating on shares of Prosperity Bancshares in a report on Wednesday, January 7th. Seven analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $78.92.

Prosperity Bancshares Stock Up 0.5%

Shares of PB stock opened at $65.68 on Tuesday. The company’s fifty day simple moving average is $69.92 and its two-hundred day simple moving average is $68.60. Prosperity Bancshares, Inc. has a 52 week low of $61.06 and a 52 week high of $77.20. The stock has a market cap of $6.67 billion, a P/E ratio of 11.46, a PEG ratio of 0.92 and a beta of 0.66.

Prosperity Bancshares (NYSE:PB) last issued its earnings results on Wednesday, January 28th. The bank reported $1.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.45 by $0.01. The firm had revenue of $317.73 million for the quarter, compared to analysts’ expectations of $319.30 million. Prosperity Bancshares had a return on equity of 7.11% and a net margin of 31.22%.The business’s revenue was down 5.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.37 earnings per share. On average, analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Friday, March 13th will be issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 3.7%. The ex-dividend date is Friday, March 13th. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 41.88%.

Prosperity Bancshares Profile

Prosperity Bancshares, Inc is a holding company for Prosperity Bank, offering a broad range of commercial and consumer banking services across Texas, Oklahoma, Arkansas and Louisiana. Through its network of branches and digital platforms, the company provides deposit products, business and real estate lending, treasury management, mortgage origination and servicing, as well as wealth management and trust services.

Originally chartered in 1911 as First National Bank in McKinney, Texas, the organization rebranded to Prosperity Bank in 2009 following a series of strategic acquisitions aimed at deepening its regional presence.