Envestnet Asset Management Inc. Grows Holdings in Prosperity Bancshares, Inc. $PB

by · The Cerbat Gem

Envestnet Asset Management Inc. boosted its position in shares of Prosperity Bancshares, Inc. (NYSE:PB – Free Report) by 37.3% during the second quarter, Holdings Channel.com reports. The fund owned 79,935 shares of the bank’s stock after acquiring an additional 21,699 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Prosperity Bancshares were worth $5,615,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Steph & Co. purchased a new stake in shares of Prosperity Bancshares in the second quarter worth $38,000. BI Asset Management Fondsmaeglerselskab A S bought a new position in Prosperity Bancshares in the 1st quarter worth $48,000. IFP Advisors Inc increased its stake in Prosperity Bancshares by 1,251.4% in the 2nd quarter. IFP Advisors Inc now owns 973 shares of the bank’s stock worth $68,000 after buying an additional 901 shares in the last quarter. Parallel Advisors LLC raised its holdings in Prosperity Bancshares by 16.8% during the second quarter. Parallel Advisors LLC now owns 978 shares of the bank’s stock valued at $69,000 after acquiring an additional 141 shares during the period. Finally, Signaturefd LLC raised its holdings in Prosperity Bancshares by 33.8% during the second quarter. Signaturefd LLC now owns 985 shares of the bank’s stock valued at $69,000 after acquiring an additional 249 shares during the period. 80.69% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

PB has been the subject of several research analyst reports. TD Cowen increased their target price on Prosperity Bancshares from $79.00 to $83.00 and gave the stock a “buy” rating in a research report on Friday, October 31st. Piper Sandler cut their price objective on shares of Prosperity Bancshares from $84.00 to $77.00 and set an “overweight” rating for the company in a report on Thursday, October 30th. Stephens lifted their price objective on shares of Prosperity Bancshares from $77.00 to $81.00 and gave the company an “overweight” rating in a research report on Thursday, October 30th. Raymond James Financial restated an “outperform” rating and set a $77.00 target price (up previously from $75.00) on shares of Prosperity Bancshares in a research report on Thursday, October 30th. Finally, Hovde Group reduced their price target on shares of Prosperity Bancshares from $83.00 to $80.00 and set an “outperform” rating on the stock in a report on Thursday, October 30th. Eleven equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, Prosperity Bancshares has an average rating of “Moderate Buy” and an average price target of $80.21.

Check Out Our Latest Report on PB

Insider Activity at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 600 shares of the company’s stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $67.36, for a total transaction of $40,416.00. Following the transaction, the director directly owned 44,400 shares in the company, valued at approximately $2,990,784. This represents a 1.33% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Over the last three months, insiders have sold 13,200 shares of company stock worth $876,360. 4.20% of the stock is currently owned by insiders.

Prosperity Bancshares Stock Performance

Shares of Prosperity Bancshares stock opened at $67.18 on Thursday. The stock has a market cap of $6.38 billion, a price-to-earnings ratio of 11.98, a price-to-earnings-growth ratio of 0.97 and a beta of 0.75. The stock has a 50 day moving average price of $65.67 and a 200-day moving average price of $68.34. Prosperity Bancshares, Inc. has a one year low of $61.06 and a one year high of $86.75.

Prosperity Bancshares (NYSE:PB – Get Free Report) last released its quarterly earnings results on Wednesday, October 29th. The bank reported $1.45 earnings per share for the quarter, meeting the consensus estimate of $1.45. The company had revenue of $314.67 million for the quarter, compared to analyst estimates of $317.94 million. Prosperity Bancshares had a return on equity of 7.06% and a net margin of 30.28%.Prosperity Bancshares’s quarterly revenue was up 3.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.34 EPS. Sell-side analysts predict that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current fiscal year.

Prosperity Bancshares Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Stockholders of record on Monday, December 15th will be issued a $0.60 dividend. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.58. The ex-dividend date is Monday, December 15th. This represents a $2.40 annualized dividend and a dividend yield of 3.6%. Prosperity Bancshares’s dividend payout ratio (DPR) is 42.78%.

Prosperity Bancshares Profile

(Free Report)

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.

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