Wealth Enhancement Advisory Services LLC Has $512,000 Stock Position in Prosperity Bancshares, Inc. (NYSE:PB)

Wealth Enhancement Advisory Services LLC raised its holdings in Prosperity Bancshares, Inc. (NYSE:PB) by 9.8% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 6,801 shares of the bank’s stock after buying an additional 608 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Prosperity Bancshares were worth $512,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Smartleaf Asset Management LLC grew its holdings in Prosperity Bancshares by 487.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 376 shares of the bank’s stock valued at $28,000 after buying an additional 312 shares during the last quarter. Jones Financial Companies Lllp grew its holdings in shares of Prosperity Bancshares by 368.5% during the 4th quarter. Jones Financial Companies Lllp now owns 520 shares of the bank’s stock worth $39,000 after purchasing an additional 409 shares in the last quarter. Aster Capital Management DIFC Ltd grew its holdings in shares of Prosperity Bancshares by 349.5% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 917 shares of the bank’s stock worth $69,000 after purchasing an additional 713 shares in the last quarter. First Horizon Advisors Inc. grew its holdings in shares of Prosperity Bancshares by 23.9% during the 4th quarter. First Horizon Advisors Inc. now owns 1,010 shares of the bank’s stock worth $76,000 after purchasing an additional 195 shares in the last quarter. Finally, Quarry LP acquired a new stake in Prosperity Bancshares in the 4th quarter valued at $88,000. Institutional investors and hedge funds own 80.69% of the company’s stock.

Analyst Ratings Changes

Several analysts recently commented on the company. Royal Bank of Canada decreased their price target on Prosperity Bancshares from $85.00 to $78.00 and set a “sector perform” rating on the stock in a research note on Thursday, April 24th. Morgan Stanley decreased their price objective on Prosperity Bancshares from $102.00 to $94.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. Jefferies Financial Group initiated coverage on Prosperity Bancshares in a research note on Wednesday, May 21st. They issued a “buy” rating and a $85.00 target price for the company. Wall Street Zen raised Prosperity Bancshares from a “sell” rating to a “hold” rating in a research report on Tuesday, May 13th. Finally, Barclays dropped their target price on Prosperity Bancshares from $88.00 to $86.00 and set an “equal weight” rating on the stock in a report on Tuesday, April 8th. Seven equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, Prosperity Bancshares currently has an average rating of “Moderate Buy” and a consensus target price of $83.80.

Prosperity Bancshares Trading Down 1.4%

Shares of NYSE PB opened at $69.96 on Thursday. The firm has a market cap of $6.66 billion, a P/E ratio of 13.83, a price-to-earnings-growth ratio of 0.94 and a beta of 0.68. Prosperity Bancshares, Inc. has a 1-year low of $57.16 and a 1-year high of $86.76. The business’s 50 day moving average is $68.75 and its 200-day moving average is $73.88.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results on Wednesday, April 23rd. The bank reported $1.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.35 by $0.02. The business had revenue of $306.68 million for the quarter, compared to the consensus estimate of $307.17 million. Prosperity Bancshares had a return on equity of 6.64% and a net margin of 26.79%. The firm’s quarterly revenue was up 10.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.18 earnings per share. Analysts forecast that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Prosperity Bancshares Dividend Announcement

The firm also recently announced 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 dividend on an annualized basis and a dividend yield of 3.32%. The ex-dividend date of this dividend is Friday, June 13th. Prosperity Bancshares’s dividend payout ratio is presently 44.19%.

Insider Activity at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 600 shares of the firm’s stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $70.89, for a total transaction of $42,534.00. Following the completion of the transaction, the director now directly owns 45,700 shares of the company’s stock, valued at $3,239,673. This trade represents a 1.30% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold a total of 7,800 shares of company stock valued at $542,975 in the last 90 days. 4.20% of the stock is owned by corporate insiders.

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.