FOCUS Wealth Advisors LLC bought a new position in shares of Prosperity Bancshares, Inc. (NYSE:PB – Free Report) during the third quarter, Holdings Channel.com reports. The firm bought 66,742 shares of the bank’s stock, valued at approximately $4,419,000. Prosperity Bancshares comprises 2.1% of FOCUS Wealth Advisors LLC’s investment portfolio, making the stock its 16th largest position.
Several other institutional investors have also recently made changes to their positions in PB. Parkside Financial Bank & Trust lifted its stake in shares of Prosperity Bancshares by 52.0% in the 2nd quarter. Parkside Financial Bank & Trust now owns 576 shares of the bank’s stock valued at $42,000 after purchasing an additional 197 shares during the period. Earned Wealth Advisors LLC boosted its position in shares of Prosperity Bancshares by 6.2% during the first quarter. Earned Wealth Advisors LLC now owns 3,639 shares of the bank’s stock valued at $244,000 after purchasing an additional 213 shares in the last quarter. Farther Finance Advisors LLC grew its stake in Prosperity Bancshares by 15.9% in the third quarter. Farther Finance Advisors LLC now owns 1,867 shares of the bank’s stock worth $124,000 after purchasing an additional 256 shares during the period. Versant Capital Management Inc grew its stake in Prosperity Bancshares by 3.3% in the second quarter. Versant Capital Management Inc now owns 10,921 shares of the bank’s stock worth $798,000 after purchasing an additional 348 shares during the period. Finally, GAMMA Investing LLC grew its stake in Prosperity Bancshares by 33.8% in the second quarter. GAMMA Investing LLC now owns 1,990 shares of the bank’s stock worth $145,000 after purchasing an additional 503 shares during the period. Institutional investors own 80.69% of the company’s stock.
Insider Transactions at Prosperity Bancshares
In other Prosperity Bancshares news, Director Ned Holmes sold 600 shares of the business’s stock in a transaction on Wednesday, July 29th. The stock was sold at an average price of $74.26, for a total value of $44,556.00. Following the sale, the director directly owned 39,500 shares of the company’s stock, valued at approximately $2,933,270. The trade was a 1.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders sold a total of 12,700 shares of company stock worth $902,833 in the last three months. 3.96% of the stock is currently owned by insiders.
Prosperity Bancshares Stock Up 0.6%
Prosperity Bancshares (NYSE:PB – Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The bank reported $1.62 EPS for the quarter, topping analysts’ consensus estimates of $1.50 by $0.12. The firm had revenue of $391.25 million for the quarter, compared to analysts’ expectations of $380.73 million. Prosperity Bancshares had a return on equity of 7.39% and a net margin of 29.95%. The business’s revenue for the quarter was up 25.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.42 EPS. On average, analysts expect that Prosperity Bancshares, Inc. will post 6.46 EPS for the current year.
Prosperity Bancshares Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th were paid a dividend of $0.60 per share. The ex-dividend date was Tuesday, September 15th. This represents a $2.40 dividend on an annualized basis and a yield of 3.6%. Prosperity Bancshares’s payout ratio is presently 41.59%.
Wall Street Analyst Weigh In
A number of research firms have issued reports on PB. Benchmark started coverage on Prosperity Bancshares in a report on Wednesday, June 24th. They issued a “hold” rating for the company. Wall Street Zen raised Prosperity Bancshares from a “sell” rating to a “hold” rating in a research report on Saturday, August 1st. Cantor Fitzgerald dropped their target price on shares of Prosperity Bancshares from $85.00 to $78.00 and set an “overweight” rating on the stock in a report on Wednesday. Barclays upped their target price on shares of Prosperity Bancshares from $68.00 to $70.00 and gave the stock an “underweight” rating in a research report on Monday, October 5th. Finally, Weiss Ratings raised shares of Prosperity Bancshares from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday. Six research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $77.55.
Check Out Our Latest Analysis on PB
About Prosperity Bancshares
Prosperity Bancshares, Inc is a bank holding company headquartered in Houston, Texas. Through its principal subsidiary, Prosperity Bank, the company provides a range of banking and financial services to individuals, businesses and institutional customers.
Prosperity Bank offers deposit accounts, commercial and consumer lending, mortgage and real estate loans, treasury management, cash management, online and mobile banking, and other related financial services. Its lending activities support businesses, agricultural customers, real estate projects and consumers.
Founded in 1983, Prosperity Bancshares has expanded through organic growth and acquisitions.
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