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

Wealth Enhancement Advisory Services LLC boosted its position in Prosperity Bancshares, Inc. (NYSE:PB) by 211.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 22,928 shares of the bank’s stock after purchasing an additional 15,566 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Prosperity Bancshares were worth $1,693,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of the company. HWG Holdings LP purchased a new position in Prosperity Bancshares in the second quarter valued at approximately $251,000. Sivia Capital Partners LLC purchased a new position in Prosperity Bancshares in the second quarter valued at approximately $359,000. Pallas Capital Advisors LLC purchased a new position in Prosperity Bancshares in the second quarter valued at approximately $438,000. Harbor Capital Advisors Inc. lifted its stake in Prosperity Bancshares by 1.6% in the second quarter. Harbor Capital Advisors Inc. now owns 26,111 shares of the bank’s stock valued at $1,834,000 after purchasing an additional 414 shares during the last quarter. Finally, Parallel Advisors LLC lifted its stake in Prosperity Bancshares by 16.8% in the second quarter. Parallel Advisors LLC now owns 978 shares of the bank’s stock valued at $69,000 after purchasing an additional 141 shares during the last quarter. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on PB. Hovde Group dropped their target price on Prosperity Bancshares from $85.00 to $83.00 and set an “outperform” rating on the stock in a research report on Thursday, July 24th. Piper Sandler dropped their target price on Prosperity Bancshares from $86.00 to $84.00 and set an “overweight” rating on the stock in a research report on Thursday, July 24th. Citigroup restated a “neutral” rating and set a $68.00 target price (down previously from $78.00) on shares of Prosperity Bancshares in a research report on Monday, September 15th. TD Cowen began coverage on Prosperity Bancshares in a research report on Thursday, September 25th. They set a “buy” rating and a $79.00 target price on the stock. Finally, Cantor Fitzgerald began coverage on Prosperity Bancshares in a research report on Wednesday, September 10th. They set an “overweight” rating and a $78.00 target price on the stock. Twelve investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, Prosperity Bancshares currently has an average rating of “Moderate Buy” and a consensus target price of $83.13.

Prosperity Bancshares Stock Performance

Shares of PB stock opened at $65.95 on Tuesday. Prosperity Bancshares, Inc. has a 52-week low of $61.57 and a 52-week high of $86.75. The company has a market capitalization of $6.27 billion, a PE ratio of 11.99, a price-to-earnings-growth ratio of 1.00 and a beta of 0.74. The business’s fifty day moving average is $67.42 and its 200 day moving average is $68.96.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings data on Wednesday, July 23rd. The bank reported $1.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.40 by $0.02. Prosperity Bancshares had a return on equity of 6.99% and a net margin of 29.37%.The company had revenue of $310.70 million for the quarter, compared to the consensus estimate of $315.66 million. During the same quarter last year, the business posted $1.22 earnings per share. On average, sell-side 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. This represents a $2.32 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date of this dividend is Monday, September 15th. Prosperity Bancshares’s dividend payout ratio is currently 42.18%.

Insider Buying and Selling

In related news, Director Ned S. Holmes sold 600 shares of the stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $72.95, for a total value of $43,770.00. Following the transaction, the director owned 45,100 shares of the company’s stock, valued at $3,290,045. This represents a 1.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold a total of 15,400 shares of company stock valued at $1,063,189 over the last quarter. 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.