Envestnet Asset Management Inc. Buys 7,913 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

Envestnet Asset Management Inc. boosted its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 16.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 57,220 shares of the bank’s stock after purchasing an additional 7,913 shares during the quarter. Envestnet Asset Management Inc. owned about 0.06% of Prosperity Bancshares worth $4,312,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in PB. Smartleaf Asset Management LLC grew its stake in Prosperity Bancshares by 487.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 376 shares of the bank’s stock worth $28,000 after buying an additional 312 shares during the last quarter. Jones Financial Companies Lllp raised its stake in Prosperity Bancshares by 368.5% in the fourth quarter. Jones Financial Companies Lllp now owns 520 shares of the bank’s stock valued at $39,000 after buying an additional 409 shares during the last quarter. UMB Bank n.a. boosted its holdings in Prosperity Bancshares by 102.7% in the fourth quarter. UMB Bank n.a. now owns 592 shares of the bank’s stock worth $45,000 after acquiring an additional 300 shares in the last quarter. GAMMA Investing LLC grew its stake in shares of Prosperity Bancshares by 20.4% during the fourth quarter. GAMMA Investing LLC now owns 844 shares of the bank’s stock worth $64,000 after acquiring an additional 143 shares during the last quarter. Finally, Blue Trust Inc. raised its position in shares of Prosperity Bancshares by 14.9% in the 4th quarter. Blue Trust Inc. now owns 987 shares of the bank’s stock valued at $71,000 after purchasing an additional 128 shares during the last quarter. Institutional investors own 80.69% of the company’s stock.

Analyst Ratings Changes

Several research firms have weighed in on PB. Barclays dropped their target price on shares of Prosperity Bancshares from $88.00 to $86.00 and set an “equal weight” rating on the stock in a research report on Tuesday, April 8th. UBS Group cut their target price on Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating on the stock in a research report on Thursday, December 26th. StockNews.com raised Prosperity Bancshares from a “sell” rating to a “hold” rating in a research report on Thursday, April 10th. Stephens increased their price objective on Prosperity Bancshares from $93.00 to $94.00 and gave the company an “overweight” rating in a report on Thursday, January 30th. Finally, Bank of America upgraded Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $80.00 price objective for the company in a research note on Tuesday, January 7th. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, Prosperity Bancshares presently has a consensus rating of “Moderate Buy” and a consensus price target of $83.35.

Insider Activity

In other news, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $80.01, for a total value of $40,005.00. Following the sale, the director now owns 107,315 shares in the company, valued at $8,586,273.15. This trade represents a 0.46 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders sold 5,000 shares of company stock worth $362,910 over the last three months. 4.20% of the stock is currently owned by corporate insiders.

Prosperity Bancshares Stock Performance

Shares of NYSE PB opened at $67.29 on Thursday. The company has a market capitalization of $6.41 billion, a PE ratio of 13.30, a price-to-earnings-growth ratio of 0.94 and a beta of 0.82. The company’s fifty day moving average price is $70.64 and its 200 day moving average price is $75.33. Prosperity Bancshares, Inc. has a 1 year low of $57.16 and a 1 year high of $86.76.

Prosperity Bancshares (NYSE:PB) last posted its earnings results on Wednesday, April 23rd. The bank reported $1.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.35 by $0.02. Prosperity Bancshares had a net margin of 26.79% and a return on equity of 6.64%. The business had revenue of $306.68 million for the quarter, compared to analyst estimates of $307.17 million. On average, equities analysts expect that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Prosperity Bancshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be issued a $0.58 dividend. This represents a $2.32 annualized dividend and a yield of 3.45%. The ex-dividend date is Friday, June 13th. Prosperity Bancshares’s payout ratio is currently 45.85%.

About Prosperity Bancshares

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.