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

Wealth Enhancement Advisory Services LLC lifted its position in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 81.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 59,752 shares of the bank’s stock after acquiring an additional 26,774 shares during the period. Wealth Enhancement Advisory Services LLC owned approximately 0.06% of Prosperity Bancshares worth $4,246,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in PB. Mather Group LLC. bought a new position in Prosperity Bancshares in the 3rd quarter valued at approximately $26,000. Community Bank N.A. bought a new stake in shares of Prosperity Bancshares in the 3rd quarter worth $29,000. Danske Bank A S bought a new stake in shares of Prosperity Bancshares in the 3rd quarter worth $40,000. Annis Gardner Whiting Capital Advisors LLC purchased a new position in shares of Prosperity Bancshares in the third quarter worth $42,000. Finally, Osaic Holdings Inc. raised its stake in shares of Prosperity Bancshares by 34.9% in the second quarter. Osaic Holdings Inc. now owns 719 shares of the bank’s stock worth $51,000 after purchasing an additional 186 shares during the last quarter. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

Prosperity Bancshares Stock Up 0.5%

Shares of NYSE:PB opened at $65.68 on Tuesday. The stock has a market capitalization of $6.67 billion, a PE ratio of 11.46, a price-to-earnings-growth ratio of 0.92 and a beta of 0.66. The firm’s 50 day moving average price is $69.92 and its 200-day moving average price is $68.60. Prosperity Bancshares, Inc. has a twelve month low of $61.06 and a twelve month high of $77.20.

Prosperity Bancshares (NYSE:PB) last announced its earnings results on Wednesday, January 28th. The bank reported $1.46 EPS for the quarter, beating analysts’ consensus estimates of $1.45 by $0.01. Prosperity Bancshares had a net margin of 31.22% and a return on equity of 7.11%. The business had revenue of $317.73 million during the quarter, compared to analysts’ expectations of $319.30 million. During the same period in the prior year, the company earned $1.37 earnings per share. The firm’s revenue was down 5.9% on a year-over-year basis. Analysts expect that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current fiscal year.

Prosperity Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th will be paid a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 3.7%. The ex-dividend date is Friday, March 13th. Prosperity Bancshares’s dividend payout ratio is 41.88%.

Insider Buying and Selling

In related news, Director Ned S. Holmes sold 600 shares of the firm’s stock in a transaction on Wednesday, December 31st. The stock was sold at an average price of $69.38, for a total value of $41,628.00. Following the transaction, the director directly owned 42,500 shares of the company’s stock, valued at approximately $2,948,650. This trade represents a 1.39% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Over the last quarter, insiders sold 13,200 shares of company stock valued at $922,415. 3.96% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on PB shares. Citigroup reaffirmed a “neutral” rating on shares of Prosperity Bancshares in a research report on Monday, February 2nd. DA Davidson restated a “neutral” rating and set a $76.00 target price on shares of Prosperity Bancshares in a research note on Thursday, January 29th. Piper Sandler downgraded shares of Prosperity Bancshares from an “overweight” rating to a “neutral” rating and dropped their price target for the company from $77.00 to $74.00 in a report on Thursday, January 29th. Barclays lowered shares of Prosperity Bancshares from an “equal weight” rating to an “underweight” rating and reduced their price target for the stock from $75.00 to $68.00 in a research note on Monday, February 2nd. Finally, Cantor Fitzgerald boosted their price objective on shares of Prosperity Bancshares from $81.00 to $83.00 and gave the company an “overweight” rating in a report on Tuesday, March 3rd. Seven equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $78.92.

Prosperity Bancshares Company Profile

Prosperity Bancshares, Inc is a holding company for Prosperity Bank, offering a broad range of commercial and consumer banking services across Texas, Oklahoma, Arkansas and Louisiana. Through its network of branches and digital platforms, the company provides deposit products, business and real estate lending, treasury management, mortgage origination and servicing, as well as wealth management and trust services.

Originally chartered in 1911 as First National Bank in McKinney, Texas, the organization rebranded to Prosperity Bank in 2009 following a series of strategic acquisitions aimed at deepening its regional presence.