Wealthspire Advisors LLC Purchases 5,000 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

Wealthspire Advisors LLC grew its holdings in Prosperity Bancshares, Inc. (NYSE:PB) by 41.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 17,000 shares of the bank’s stock after purchasing an additional 5,000 shares during the period. Wealthspire Advisors LLC’s holdings in Prosperity Bancshares were worth $1,151,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in PB. Victory Capital Management Inc. increased its position in shares of Prosperity Bancshares by 2.4% in the fourth quarter. Victory Capital Management Inc. now owns 5,928,697 shares of the bank’s stock valued at $401,551,000 after buying an additional 136,764 shares in the last quarter. Wellington Management Group LLP lifted its stake in shares of Prosperity Bancshares by 11.5% in the 3rd quarter. Wellington Management Group LLP now owns 2,213,472 shares of the bank’s stock valued at $120,811,000 after purchasing an additional 227,725 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Prosperity Bancshares by 4.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,095,628 shares of the bank’s stock valued at $74,207,000 after purchasing an additional 44,978 shares during the last quarter. Vaughan Nelson Investment Management L.P. purchased a new stake in shares of Prosperity Bancshares in the 4th quarter valued at $46,306,000. Finally, Private Management Group Inc. raised its holdings in shares of Prosperity Bancshares by 14.8% in the 3rd quarter. Private Management Group Inc. now owns 541,207 shares of the bank’s stock valued at $29,539,000 after buying an additional 69,970 shares during the period. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on PB. Royal Bank of Canada reissued a “sector perform” rating and issued a $70.00 target price on shares of Prosperity Bancshares in a research report on Tuesday, April 9th. Morgan Stanley raised Prosperity Bancshares from an “underweight” rating to an “equal weight” rating and set a $69.00 price target for the company in a research report on Wednesday, February 7th. Truist Financial restated a “buy” rating and set a $75.00 price objective on shares of Prosperity Bancshares in a report on Monday, April 1st. Finally, Barclays initiated coverage on Prosperity Bancshares in a research report on Friday, March 8th. They issued an “equal weight” rating and a $68.00 price objective for the company. One analyst has rated the stock with a sell rating, five have given a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Prosperity Bancshares has a consensus rating of “Hold” and an average target price of $68.86.

Prosperity Bancshares Stock Performance

NYSE PB traded up $0.26 during trading hours on Friday, hitting $63.75. The company had a trading volume of 4,975 shares, compared to its average volume of 556,316. The firm has a market capitalization of $5.96 billion, a price-to-earnings ratio of 14.63, a PEG ratio of 1.26 and a beta of 0.93. The firm has a 50 day simple moving average of $62.62 and a 200 day simple moving average of $62.35. Prosperity Bancshares, Inc. has a 52 week low of $49.60 and a 52 week high of $68.88.

Prosperity Bancshares (NYSE:PB) last announced its earnings results on Wednesday, April 24th. The bank reported $1.18 EPS for the quarter, beating analysts’ consensus estimates of $1.15 by $0.03. Prosperity Bancshares had a return on equity of 6.33% and a net margin of 24.50%. The company had revenue of $420.78 million during the quarter, compared to the consensus estimate of $274.88 million. During the same quarter in the prior year, the company earned $1.37 earnings per share. On average, research analysts forecast that Prosperity Bancshares, Inc. will post 4.99 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be given a $0.56 dividend. The ex-dividend date of this dividend is Friday, June 14th. This represents a $2.24 annualized dividend and a dividend yield of 3.51%. Prosperity Bancshares’s payout ratio is 51.61%.

Prosperity Bancshares 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.