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

Envestnet Asset Management Inc. raised its stake in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 16.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 57,220 shares of the bank's stock after buying an additional 7,913 shares during the period. Envestnet Asset Management Inc. owned approximately 0.06% of Prosperity Bancshares worth $4,312,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in PB. Wells Fargo & Company MN increased its stake in shares of Prosperity Bancshares by 10.4% during the 4th quarter. Wells Fargo & Company MN now owns 150,935 shares of the bank's stock worth $11,373,000 after purchasing an additional 14,279 shares in the last quarter. Prudential PLC purchased a new position in shares of Prosperity Bancshares during the 4th quarter worth approximately $720,000. Uniting Wealth Partners LLC purchased a new position in shares of Prosperity Bancshares during the 4th quarter worth approximately $257,000. ExodusPoint Capital Management LP increased its stake in shares of Prosperity Bancshares by 462.3% during the 4th quarter. ExodusPoint Capital Management LP now owns 169,778 shares of the bank's stock worth $12,793,000 after purchasing an additional 139,585 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA increased its stake in shares of Prosperity Bancshares by 1.4% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,342,047 shares of the bank's stock worth $176,473,000 after purchasing an additional 32,917 shares in the last quarter. 80.69% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on PB shares. Stephens raised their price objective on shares of Prosperity Bancshares from $93.00 to $94.00 and gave the stock an "overweight" rating in a research note on Thursday, January 30th. Hovde Group decreased their target price on shares of Prosperity Bancshares from $90.00 to $80.00 and set an "outperform" rating on the stock in a research report on Friday. Morgan Stanley decreased their target price on shares of Prosperity Bancshares from $102.00 to $94.00 and set an "overweight" rating on the stock in a research report on Thursday, March 13th. Raymond James raised their target price on shares of Prosperity Bancshares from $82.00 to $87.00 and gave the stock an "outperform" rating in a research report on Thursday, January 30th. Finally, Royal Bank of Canada decreased their target price on shares of Prosperity Bancshares from $85.00 to $78.00 and set a "sector perform" rating on the stock in a research report on Thursday, April 24th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and eight have issued a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $83.23.

Prosperity Bancshares Price Performance

PB traded up $0.90 on Tuesday, reaching $68.63. The company's stock had a trading volume of 794,584 shares, compared to its average volume of 573,205. Prosperity Bancshares, Inc. has a 1 year low of $57.16 and a 1 year high of $86.76. The business's 50 day moving average is $69.82 and its 200 day moving average is $75.27. The stock has a market cap of $6.54 billion, a price-to-earnings ratio of 13.56, a price-to-earnings-growth ratio of 0.94 and a beta of 0.82.

Prosperity Bancshares (NYSE:PB - Get Free Report) last announced its quarterly earnings data 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 return on equity of 6.64% and a net margin of 26.79%. The firm had revenue of $306.68 million for the quarter, compared to analysts' expectations of $307.17 million. During the same period last year, the business posted $1.18 earnings per share. The firm's revenue for the quarter was up 10.7% on a year-over-year basis. As a group, research analysts forecast that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current fiscal year.

Prosperity Bancshares Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be given a $0.58 dividend. This represents a $2.32 annualized dividend and a yield of 3.38%. The ex-dividend date of this dividend is Friday, June 13th. Prosperity Bancshares's dividend payout ratio is presently 44.19%.

Insiders Place Their Bets

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the stock in a transaction on Wednesday, January 29th. The stock was sold at an average price of $79.92, for a total value of $39,960.00. Following the sale, the director now directly owns 107,815 shares of the company's stock, valued at $8,616,574.80. This trade represents 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 at this link. Insiders have sold 5,500 shares of company stock valued at $396,700 over the last three months. Company insiders own 4.20% of the company's stock.

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.