Avantax Advisory Services Inc. Purchases 273 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

Avantax Advisory Services Inc. boosted its stake in Prosperity Bancshares, Inc. (NYSE:PB) by 3.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,554 shares of the bank’s stock after purchasing an additional 273 shares during the quarter. Avantax Advisory Services Inc.’s holdings in Prosperity Bancshares were worth $539,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently added to or reduced their stakes in the company. U.S. Capital Wealth Advisors LLC increased its stake in shares of Prosperity Bancshares by 4.9% in the 1st quarter. U.S. Capital Wealth Advisors LLC now owns 3,326 shares of the bank’s stock worth $237,000 after acquiring an additional 156 shares in the last quarter. Tectonic Advisors LLC lifted its holdings in Prosperity Bancshares by 2.0% in the first quarter. Tectonic Advisors LLC now owns 8,319 shares of the bank’s stock valued at $594,000 after acquiring an additional 165 shares during the period. State of Michigan Retirement System increased its holdings in Prosperity Bancshares by 0.9% during the first quarter. State of Michigan Retirement System now owns 22,797 shares of the bank’s stock valued at $1,627,000 after buying an additional 200 shares during the last quarter. Forum Financial Management LP grew its holdings in Prosperity Bancshares by 6.2% during the first quarter. Forum Financial Management LP now owns 3,407 shares of the bank’s stock valued at $243,000 after purchasing an additional 200 shares during the period. Finally, Xponance Inc. raised its position in shares of Prosperity Bancshares by 1.9% during the 1st quarter. Xponance Inc. now owns 10,834 shares of the bank’s stock valued at $773,000 after purchasing an additional 205 shares during the period. Institutional investors own 80.69% of the company’s stock.

Prosperity Bancshares Price Performance

Shares of PB opened at $66.32 on Wednesday. The firm’s 50 day moving average is $70.17 and its 200-day moving average is $71.63. Prosperity Bancshares, Inc. has a 12-month low of $61.57 and a 12-month high of $86.75. The stock has a market capitalization of $6.32 billion, a P/E ratio of 12.06, a P/E/G ratio of 0.99 and a beta of 0.71.

Prosperity Bancshares (NYSE:PB) last released its earnings results on Wednesday, July 23rd. The bank reported $1.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.40 by $0.02. The company had revenue of $310.70 million during the quarter, compared to analyst estimates of $315.66 million. Prosperity Bancshares had a return on equity of 6.99% and a net margin of 29.37%. During the same quarter in the prior year, the company earned $1.22 earnings per share. As a group, equities research analysts forecast that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be paid a $0.58 dividend. The ex-dividend date is Monday, September 15th. This represents a $2.32 dividend on an annualized basis and a yield of 3.5%. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 42.18%.

Insider Transactions at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 600 shares of Prosperity Bancshares stock in a transaction that occurred 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 sale, the director owned 45,700 shares of the company’s stock, valued at approximately $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 can be accessed through the SEC website. In the last quarter, insiders have sold 12,600 shares of company stock valued at $890,999. Company insiders own 4.20% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Keefe, Bruyette & Woods lowered their price target on Prosperity Bancshares from $95.00 to $90.00 and set an “outperform” rating for the company in a research report on Monday, May 5th. Barclays lowered their price objective on shares of Prosperity Bancshares from $88.00 to $86.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 8th. Hovde Group dropped their price objective on shares of Prosperity Bancshares from $85.00 to $83.00 and set an “outperform” rating on the stock in a report on Thursday, July 24th. Royal Bank Of Canada cut their target price on shares of Prosperity Bancshares from $85.00 to $78.00 and set a “sector perform” rating for the company in a report on Thursday, April 24th. Finally, Wall Street Zen upgraded Prosperity Bancshares from a “sell” rating to a “hold” rating in a research report on Tuesday, May 13th. Seven equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $84.57.

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.