17,100 Shares in Prosperity Bancshares, Inc. (NYSE:PB) Acquired by Wealthfront Advisers LLC

Wealthfront Advisers LLC acquired a new position in Prosperity Bancshares, Inc. (NYSE:PB) during the fourth quarter, Holdings Channel reports. The institutional investor acquired 17,100 shares of the bank’s stock, valued at approximately $1,288,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Smartleaf Asset Management LLC boosted its position in Prosperity Bancshares by 487.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 376 shares of the bank’s stock worth $28,000 after purchasing an additional 312 shares during the period. Jones Financial Companies Lllp boosted its position in Prosperity Bancshares by 368.5% during the fourth quarter. Jones Financial Companies Lllp now owns 520 shares of the bank’s stock worth $39,000 after purchasing an additional 409 shares during the period. UMB Bank n.a. boosted its position in Prosperity Bancshares by 102.7% during the fourth quarter. UMB Bank n.a. now owns 592 shares of the bank’s stock worth $45,000 after purchasing an additional 300 shares during the period. First Horizon Advisors Inc. boosted its position in Prosperity Bancshares by 190.0% during the third quarter. First Horizon Advisors Inc. now owns 815 shares of the bank’s stock worth $59,000 after purchasing an additional 534 shares during the period. Finally, GAMMA Investing LLC boosted its position in Prosperity Bancshares by 20.4% during the fourth quarter. GAMMA Investing LLC now owns 844 shares of the bank’s stock worth $64,000 after purchasing an additional 143 shares during the period. Institutional investors and hedge funds own 80.69% of the company’s stock.

Prosperity Bancshares Price Performance

Prosperity Bancshares stock opened at $70.97 on Friday. The stock has a fifty day moving average price of $76.79 and a two-hundred day moving average price of $76.26. Prosperity Bancshares, Inc. has a 52-week low of $57.16 and a 52-week high of $86.76. The firm has a market capitalization of $6.76 billion, a P/E ratio of 14.02, a P/E/G ratio of 0.94 and a beta of 0.94.

Prosperity Bancshares (NYSE:PB) last announced its earnings results on Wednesday, January 29th. The bank reported $1.37 earnings per share for the quarter, beating analysts’ consensus estimates of $1.33 by $0.04. Prosperity Bancshares had a return on equity of 6.64% and a net margin of 26.79%. On average, equities research analysts predict that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be paid a $0.58 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.27%. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 45.85%.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on PB shares. Morgan Stanley reduced their price objective on Prosperity Bancshares from $102.00 to $94.00 and set an “overweight” rating for the company in a research report on Thursday. StockNews.com raised Prosperity Bancshares from a “sell” rating to a “hold” rating in a research report on Tuesday, March 11th. Raymond James increased their price objective on Prosperity Bancshares from $82.00 to $87.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. Wolfe Research reaffirmed a “peer perform” rating on shares of Prosperity Bancshares in a research report on Thursday, December 5th. Finally, Barclays raised their target price on Prosperity Bancshares from $84.00 to $88.00 and gave the stock an “equal weight” rating in a research report on Friday, December 20th. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $83.50.

Insider Activity

In related news, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $78.48, for a total value of $39,240.00. Following the completion of the sale, the director now directly owns 110,815 shares in the company, valued at $8,696,761.20. This trade represents a 0.45 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last ninety days, insiders sold 5,500 shares of company stock worth $421,905. 4.28% of the stock is owned by corporate insiders.

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.