Wealthfront Advisers LLC Makes New $1.29 Million Investment in Prosperity Bancshares, Inc. (NYSE:PB)

Wealthfront Advisers LLC acquired a new stake in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 17,100 shares of the bank's stock, valued at approximately $1,288,000.

A number of other large investors also recently modified their holdings of the company. Smartleaf Asset Management LLC increased its stake in Prosperity Bancshares by 487.5% in the 4th 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 increased its stake in Prosperity Bancshares by 368.5% in the 4th 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. increased its stake in Prosperity Bancshares by 102.7% in the 4th 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. increased its stake in Prosperity Bancshares by 190.0% in the 3rd 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 increased its stake in Prosperity Bancshares by 20.4% in the 4th 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. 80.69% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on PB. Wolfe Research reiterated a "peer perform" rating on shares of Prosperity Bancshares in a research report on Thursday, December 5th. StockNews.com upgraded Prosperity Bancshares from a "sell" rating to a "hold" rating in a research report on Tuesday, March 11th. Barclays lifted their price target on Prosperity Bancshares from $84.00 to $88.00 and gave the company an "equal weight" rating in a research report on Friday, December 20th. Stephens lifted their price target on Prosperity Bancshares from $93.00 to $94.00 and gave the company an "overweight" rating in a research report on Thursday, January 30th. Finally, Raymond James lifted their price target on Prosperity Bancshares from $82.00 to $87.00 and gave the company an "outperform" rating in a research report on Thursday, January 30th. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $83.50.

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Prosperity Bancshares Stock Performance

Shares of PB stock traded up $0.72 during mid-day trading on Wednesday, hitting $71.34. The company's stock had a trading volume of 866,925 shares, compared to its average volume of 523,370. Prosperity Bancshares, Inc. has a 52-week low of $57.16 and a 52-week high of $86.76. The business has a 50-day moving average price of $76.64 and a 200 day moving average price of $76.25. The stock has a market cap of $6.80 billion, a price-to-earnings ratio of 14.10, a PEG ratio of 0.94 and a beta of 0.94.

Prosperity Bancshares (NYSE:PB - Get Free Report) last posted its quarterly earnings results on Wednesday, January 29th. The bank reported $1.37 earnings per share for the quarter, topping the consensus estimate of $1.33 by $0.04. Prosperity Bancshares had a return on equity of 6.64% and a net margin of 26.79%. Equities research analysts predict that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The firm also recently declared 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. This represents a $2.32 annualized dividend and a dividend yield of 3.25%. The ex-dividend date is Friday, March 14th. Prosperity Bancshares's dividend payout ratio is currently 45.85%.

Insider Transactions at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 500 shares of the company's stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $70.63, for a total transaction of $35,315.00. Following the completion of the sale, the director now owns 104,815 shares in the company, valued at approximately $7,403,083.45. This represents a 0.47 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold 5,000 shares of company stock worth $382,665 over the last quarter. 4.28% of the stock is currently owned by insiders.

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.