Wealth Enhancement Advisory Services LLC Increases Holdings in Prosperity Bancshares, Inc. (NYSE:PB)

Wealth Enhancement Advisory Services LLC grew its holdings in Prosperity Bancshares, Inc. (NYSE:PB) by 10.9% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 6,193 shares of the bank’s stock after acquiring an additional 610 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Prosperity Bancshares were worth $446,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in PB. GAMMA Investing LLC increased its stake in Prosperity Bancshares by 59.6% in the second quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock valued at $29,000 after purchasing an additional 177 shares during the last quarter. Tectonic Advisors LLC boosted its holdings in shares of Prosperity Bancshares by 3.0% in the 3rd quarter. Tectonic Advisors LLC now owns 7,058 shares of the bank’s stock valued at $509,000 after buying an additional 206 shares in the last quarter. Inspire Investing LLC grew its position in shares of Prosperity Bancshares by 6.1% in the 2nd quarter. Inspire Investing LLC now owns 5,739 shares of the bank’s stock valued at $351,000 after buying an additional 328 shares during the last quarter. Fifth Third Bancorp raised its stake in Prosperity Bancshares by 47.6% during the 2nd quarter. Fifth Third Bancorp now owns 1,030 shares of the bank’s stock worth $63,000 after acquiring an additional 332 shares in the last quarter. Finally, Quarry LP lifted its position in Prosperity Bancshares by 533.3% in the second quarter. Quarry LP now owns 494 shares of the bank’s stock valued at $30,000 after acquiring an additional 416 shares during the last quarter. Institutional investors and hedge funds own 80.69% of the company’s stock.

Prosperity Bancshares Stock Performance

Shares of Prosperity Bancshares stock opened at $80.09 on Friday. The company has a market cap of $7.63 billion, a P/E ratio of 17.00, a PEG ratio of 1.21 and a beta of 0.89. The firm has a fifty day moving average of $72.83 and a two-hundred day moving average of $67.66. Prosperity Bancshares, Inc. has a one year low of $54.38 and a one year high of $81.11.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, beating analysts’ consensus estimates of $1.31 by $0.03. Prosperity Bancshares had a net margin of 25.39% and a return on equity of 6.46%. The firm had revenue of $459.00 million during the quarter, compared to the consensus estimate of $299.83 million. During the same quarter last year, the firm earned $1.20 earnings per share. As a group, equities analysts predict that Prosperity Bancshares, Inc. will post 5.05 earnings per share for the current year.

Prosperity Bancshares Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be issued a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a yield of 2.90%. The ex-dividend date of this dividend is Friday, December 13th. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.56. Prosperity Bancshares’s dividend payout ratio is currently 47.56%.

Analyst Ratings Changes

Several brokerages have issued reports on PB. Raymond James lowered Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price objective on the stock. in a report on Tuesday, September 17th. Wedbush restated an “outperform” rating and set a $90.00 price target on shares of Prosperity Bancshares in a research note on Thursday, October 24th. DA Davidson lowered Prosperity Bancshares from a “buy” rating to a “neutral” rating and cut their price target for the stock from $80.00 to $78.00 in a research report on Tuesday, October 15th. Piper Sandler increased their price objective on Prosperity Bancshares from $73.00 to $80.00 and gave the company an “overweight” rating in a report on Thursday, July 25th. Finally, Truist Financial cut shares of Prosperity Bancshares from a “buy” rating to a “hold” rating and cut their target price for the company from $81.00 to $79.00 in a report on Friday, September 20th. One analyst has rated the stock with a sell rating, four have given a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $78.96.

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.