Focus Partners Advisor Solutions LLC Acquires Shares of 5,323 Prosperity Bancshares, Inc. $PB

Focus Partners Advisor Solutions LLC acquired a new stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 5,323 shares of the bank’s stock, valued at approximately $374,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Prosperity Bancshares by 8.2% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 7,362 shares of the bank’s stock worth $525,000 after buying an additional 561 shares during the period. Principal Financial Group Inc. raised its holdings in shares of Prosperity Bancshares by 0.4% in the first quarter. Principal Financial Group Inc. now owns 219,056 shares of the bank’s stock worth $15,634,000 after buying an additional 855 shares during the period. Envestnet Asset Management Inc. raised its holdings in shares of Prosperity Bancshares by 1.8% in the first quarter. Envestnet Asset Management Inc. now owns 58,236 shares of the bank’s stock worth $4,156,000 after buying an additional 1,016 shares during the period. Amundi purchased a new stake in shares of Prosperity Bancshares in the first quarter worth approximately $4,060,000. Finally, Teacher Retirement System of Texas raised its holdings in shares of Prosperity Bancshares by 23.1% in the first quarter. Teacher Retirement System of Texas now owns 21,818 shares of the bank’s stock worth $1,557,000 after buying an additional 4,098 shares during the period. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 500 shares of the stock in a transaction on Wednesday, October 22nd. The stock was sold at an average price of $63.44, for a total transaction of $31,720.00. Following the completion of the sale, the director owned 90,415 shares in the company, valued at approximately $5,735,927.60. This represents a 0.55% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last ninety days, insiders sold 13,200 shares of company stock worth $878,770. Corporate insiders own 4.20% of the company’s stock.

Prosperity Bancshares Trading Down 0.5%

Shares of NYSE PB opened at $64.78 on Friday. The stock has a market capitalization of $6.15 billion, a PE ratio of 11.55, a price-to-earnings-growth ratio of 0.97 and a beta of 0.73. The stock’s fifty day simple moving average is $66.13 and its two-hundred day simple moving average is $68.30. Prosperity Bancshares, Inc. has a 12-month low of $61.06 and a 12-month high of $86.75.

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

Prosperity Bancshares Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 2nd. Stockholders of record on Monday, December 15th will be issued a dividend of $0.60 per share. The ex-dividend date is Monday, December 15th. This represents a $2.40 annualized dividend and a dividend yield of 3.7%. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.58. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 42.18%.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. Cantor Fitzgerald assumed coverage on Prosperity Bancshares in a research note on Wednesday, September 10th. They issued an “overweight” rating and a $78.00 price objective on the stock. Weiss Ratings reissued a “hold (c)” rating on shares of Prosperity Bancshares in a research note on Wednesday, October 8th. Raymond James Financial reissued an “outperform” rating and issued a $77.00 price objective (up previously from $75.00) on shares of Prosperity Bancshares in a research note on Thursday. Hovde Group dropped their price objective on Prosperity Bancshares from $83.00 to $80.00 and set an “outperform” rating on the stock in a research note on Thursday. Finally, TD Cowen assumed coverage on Prosperity Bancshares in a research note on Thursday, September 25th. They issued a “buy” rating and a $79.00 price objective on the stock. Eleven equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $80.21.

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.