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

Wealthfront Advisers LLC purchased a new position in Prosperity Bancshares, Inc. (NYSE:PB) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 17,100 shares of the bank’s stock, valued at approximately $1,288,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in PB. Crossmark Global Holdings Inc. increased its stake in shares of Prosperity Bancshares by 26.6% in the third quarter. Crossmark Global Holdings Inc. now owns 6,485 shares of the bank’s stock worth $467,000 after buying an additional 1,364 shares during the last quarter. KBC Group NV increased its stake in Prosperity Bancshares by 15.4% during the third quarter. KBC Group NV now owns 2,824 shares of the bank’s stock valued at $204,000 after purchasing an additional 376 shares during the last quarter. Natixis Advisors LLC increased its stake in Prosperity Bancshares by 9.5% during the third quarter. Natixis Advisors LLC now owns 212,125 shares of the bank’s stock valued at $15,288,000 after purchasing an additional 18,424 shares during the last quarter. Vaughan Nelson Investment Management L.P. increased its stake in Prosperity Bancshares by 4.6% during the third quarter. Vaughan Nelson Investment Management L.P. now owns 835,565 shares of the bank’s stock valued at $60,219,000 after purchasing an additional 36,480 shares during the last quarter. Finally, Thrivent Financial for Lutherans increased its stake in Prosperity Bancshares by 0.9% during the third quarter. Thrivent Financial for Lutherans now owns 818,744 shares of the bank’s stock valued at $59,007,000 after purchasing an additional 6,972 shares during the last quarter. Institutional investors own 80.69% of the company’s stock.

Analysts Set New Price Targets

Several analysts have weighed in on PB shares. Bank of America upgraded shares of Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $80.00 target price for the company in a research note on Tuesday, January 7th. Stephens boosted their target price on shares of Prosperity Bancshares from $93.00 to $94.00 and gave the company an “overweight” rating in a research note on Thursday, January 30th. Raymond James boosted their target price on shares of Prosperity Bancshares from $82.00 to $87.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. Barclays upped their price target on shares of Prosperity Bancshares from $84.00 to $88.00 and gave the stock an “equal weight” rating in a research report on Friday, December 20th. Finally, Wolfe Research restated a “peer perform” rating on shares of Prosperity Bancshares in a research report on Thursday, December 5th. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Prosperity Bancshares currently has an average rating of “Moderate Buy” and an average target price of $83.50.

Insider Buying and Selling at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 500 shares of the company’s stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $76.04, for a total value of $38,020.00. Following the transaction, the director now owns 110,315 shares in the company, valued at $8,388,352.60. This represents a 0.45 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Over the last ninety days, insiders sold 5,500 shares of company stock valued at $421,905. 4.28% of the stock is currently owned by corporate insiders.

Prosperity Bancshares Trading Up 2.4 %

PB stock opened at $70.97 on Friday. Prosperity Bancshares, Inc. has a one year low of $57.16 and a one year high of $86.76. The firm has a market capitalization of $6.76 billion, a PE ratio of 14.02, a P/E/G ratio of 0.94 and a beta of 0.94. The firm has a 50-day moving average of $76.79 and a two-hundred day moving average of $76.26.

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

Prosperity Bancshares Announces Dividend

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

About Prosperity Bancshares

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.