Wealth Enhancement Advisory Services LLC Boosts Holdings in Prosperity Bancshares, Inc. (NYSE:PB)

Wealth Enhancement Advisory Services LLC boosted its position in Prosperity Bancshares, Inc. (NYSE:PB) by 8.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,362 shares of the bank’s stock after purchasing an additional 561 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Prosperity Bancshares were worth $525,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of PB. Smartleaf Asset Management LLC increased its holdings in shares of Prosperity Bancshares by 487.5% in 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 increased its holdings in shares of Prosperity Bancshares by 368.5% in the 4th quarter. Jones Financial Companies Lllp now owns 520 shares of the bank’s stock worth $39,000 after buying an additional 409 shares during the last quarter. Aster Capital Management DIFC Ltd increased its holdings in shares of Prosperity Bancshares by 349.5% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 917 shares of the bank’s stock worth $69,000 after buying an additional 713 shares during the last quarter. Quarry LP bought a new position in shares of Prosperity Bancshares in the 4th quarter worth $88,000. Finally, Fifth Third Bancorp increased its holdings in shares of Prosperity Bancshares by 44.9% in the 1st quarter. Fifth Third Bancorp now owns 1,277 shares of the bank’s stock worth $91,000 after buying an additional 396 shares during the last quarter. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

Prosperity Bancshares Stock Up 0.2%

PB opened at $73.73 on Friday. The business’s fifty day simple moving average is $70.15 and its 200 day simple moving average is $72.39. Prosperity Bancshares, Inc. has a 52 week low of $58.66 and a 52 week high of $86.76. The firm has a market cap of $7.02 billion, a P/E ratio of 14.04, a PEG ratio of 0.92 and a beta of 0.68.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings data on Wednesday, April 23rd. The bank reported $1.37 EPS for the quarter, topping analysts’ consensus estimates of $1.35 by $0.02. Prosperity Bancshares had a return on equity of 6.81% and a net margin of 27.69%. The company had revenue of $306.68 million for the quarter, compared to the consensus estimate of $307.17 million. During the same period last year, the business posted $1.18 EPS. The company’s quarterly revenue was up 10.7% compared to the same quarter last year. As a group, equities analysts expect that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th were given a dividend of $0.58 per share. The ex-dividend date of this dividend was Friday, June 13th. This represents a $2.32 dividend on an annualized basis and a yield of 3.15%. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 44.19%.

Insider Transactions at Prosperity Bancshares

In other Prosperity Bancshares news, Director Ned S. Holmes sold 600 shares of the business’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 owned 45,700 shares in the company, valued at approximately $3,239,673. The trade was a 1.30% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last ninety days, insiders sold 9,600 shares of company stock worth $666,785. Insiders own 4.20% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently commented on PB shares. Morgan Stanley reduced their target price on shares of Prosperity Bancshares from $102.00 to $94.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Royal Bank Of Canada reduced their target price on shares of Prosperity Bancshares from $85.00 to $78.00 and set a “sector perform” rating on the stock in a report on Thursday, April 24th. Keefe, Bruyette & Woods reduced their target price on shares of Prosperity Bancshares from $95.00 to $90.00 and set an “outperform” rating on the stock in a report on Monday, May 5th. Jefferies Financial Group began coverage on shares of Prosperity Bancshares in a report on Wednesday, May 21st. They set a “buy” rating and a $85.00 target price on the stock. Finally, Barclays cut their price target on shares of 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 research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, Prosperity Bancshares presently has an average rating of “Moderate Buy” and a consensus price target of $83.80.

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.