Prosperity Bancshares, Inc. (NYSE:PB) Shares Acquired by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. raised its stake in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 16.0% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 57,220 shares of the bank's stock after acquiring an additional 7,913 shares during the period. Envestnet Asset Management Inc. owned approximately 0.06% of Prosperity Bancshares worth $4,312,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Smartleaf Asset Management LLC grew its position in Prosperity Bancshares by 487.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 376 shares of the bank's stock worth $28,000 after acquiring an additional 312 shares in the last quarter. Jones Financial Companies Lllp lifted its stake in shares of Prosperity Bancshares by 368.5% in the 4th quarter. Jones Financial Companies Lllp now owns 520 shares of the bank's stock valued at $39,000 after purchasing an additional 409 shares during the last quarter. UMB Bank n.a. boosted its holdings in shares of 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. GAMMA Investing LLC increased its position in shares of Prosperity Bancshares by 20.4% during the 4th quarter. GAMMA Investing LLC now owns 844 shares of the bank's stock valued at $64,000 after purchasing an additional 143 shares during the last quarter. Finally, Blue Trust Inc. raised its holdings in Prosperity Bancshares by 14.9% during the 4th quarter. Blue Trust Inc. now owns 987 shares of the bank's stock valued at $71,000 after buying an additional 128 shares during the period. Institutional investors own 80.69% of the company's stock.

Prosperity Bancshares Stock Performance

Prosperity Bancshares stock traded up $0.12 during mid-day trading on Monday, reaching $67.26. 101,535 shares of the company were exchanged, compared to its average volume of 571,086. The firm has a market cap of $6.41 billion, a P/E ratio of 13.29, a PEG ratio of 0.94 and a beta of 0.82. The business has a fifty day moving average of $70.21 and a 200 day moving average of $75.35. Prosperity Bancshares, Inc. has a 12-month low of $57.16 and a 12-month high of $86.76.

Prosperity Bancshares (NYSE:PB - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The bank reported $1.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.35 by $0.02. Prosperity Bancshares had a net margin of 26.79% and a return on equity of 6.64%. The business had revenue of $306.68 million for the quarter, compared to analyst estimates of $307.17 million. During the same period in the previous year, the company earned $1.18 earnings per share. The business's revenue for the quarter was up 10.7% on a year-over-year basis. Sell-side analysts predict that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Prosperity Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be paid a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a yield of 3.45%. The ex-dividend date is Friday, June 13th. Prosperity Bancshares's dividend payout ratio (DPR) is presently 44.19%.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on PB. Bank of America raised shares of Prosperity Bancshares from an "underperform" rating to a "neutral" rating and set a $80.00 price objective on the stock in a research report on Tuesday, January 7th. Hovde Group dropped their price objective on Prosperity Bancshares from $90.00 to $80.00 and set an "outperform" rating for the company in a report on Friday. Raymond James increased their target price on Prosperity Bancshares from $82.00 to $87.00 and gave the stock an "outperform" rating in a research note on Thursday, January 30th. Royal Bank of Canada lowered their target price on shares of Prosperity Bancshares from $85.00 to $78.00 and set a "sector perform" rating for the company in a research note on Thursday. Finally, StockNews.com downgraded shares of Prosperity Bancshares from a "hold" rating to a "sell" rating in a research note on Thursday. One investment analyst has rated the stock with a sell rating, six have given a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $83.23.

Insiders Place Their Bets

In other news, Director Ned S. Holmes sold 500 shares of the business's stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $80.01, for a total transaction of $40,005.00. Following the sale, the director now directly owns 107,315 shares of the company's stock, valued at $8,586,273.15. The trade was a 0.46 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last 90 days, insiders sold 5,500 shares of company stock valued at $396,700. 4.20% of the stock is currently owned by corporate 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.