AE Wealth Management LLC Buys New Holdings in Prosperity Bancshares, Inc. (NYSE:PB)

AE Wealth Management LLC bought a new position in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 4,468 shares of the bank's stock, valued at approximately $319,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of PB. Norges Bank bought a new stake in shares of Prosperity Bancshares in the 4th quarter valued at about $68,986,000. North Reef Capital Management LP bought a new stake in shares of Prosperity Bancshares in the 4th quarter valued at about $29,211,000. Vaughan Nelson Investment Management L.P. boosted its holdings in shares of Prosperity Bancshares by 25.1% in the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 1,112,574 shares of the bank's stock valued at $79,404,000 after buying an additional 223,355 shares in the last quarter. Northern Trust Corp boosted its holdings in shares of Prosperity Bancshares by 25.5% in the 4th quarter. Northern Trust Corp now owns 937,108 shares of the bank's stock valued at $70,611,000 after buying an additional 190,449 shares in the last quarter. Finally, ExodusPoint Capital Management LP boosted its holdings in shares of Prosperity Bancshares by 462.3% in the 4th quarter. ExodusPoint Capital Management LP now owns 169,778 shares of the bank's stock valued at $12,793,000 after buying an additional 139,585 shares in the last quarter. Hedge funds and other institutional investors own 80.69% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on the stock. Wall Street Zen upgraded shares of Prosperity Bancshares from a "sell" rating to a "hold" rating in a research note on Tuesday, May 13th. Piper Sandler lowered their target price on shares of Prosperity Bancshares from $86.00 to $84.00 and set an "overweight" rating for the company in a research note on Thursday, July 24th. Keefe, Bruyette & Woods reduced their price target on shares of Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating for the company in a research report on Monday, May 5th. Jefferies Financial Group initiated coverage on shares of Prosperity Bancshares in a research report on Wednesday, May 21st. They set a "buy" rating and a $85.00 price target for the company. Finally, Royal Bank Of Canada reduced their price target on shares of Prosperity Bancshares from $85.00 to $78.00 and set a "sector perform" rating for the company in a research report on Thursday, April 24th. Seven research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, Prosperity Bancshares has an average rating of "Moderate Buy" and a consensus price target of $84.57.

Insiders Place Their Bets

In other Prosperity Bancshares news, Director Ned S. Holmes sold 600 shares of the stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $70.89, for a total transaction of $42,534.00. Following the completion of the transaction, the director owned 45,700 shares of the company's stock, valued at $3,239,673. This trade represents a 1.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders have sold a total of 13,100 shares of company stock worth $925,889 over the last ninety days. Company insiders own 4.20% of the company's stock.

Prosperity Bancshares Stock Down 1.1%

Shares of Prosperity Bancshares stock traded down $0.72 during trading hours on Friday, reaching $65.90. 1,225,944 shares of the company's stock were exchanged, compared to its average volume of 789,063. The business has a fifty day moving average of $70.33 and a two-hundred day moving average of $71.80. The company has a market capitalization of $6.28 billion, a P/E ratio of 11.98, a price-to-earnings-growth ratio of 0.99 and a beta of 0.71. Prosperity Bancshares, Inc. has a 1 year low of $61.57 and a 1 year high of $86.75.

Prosperity Bancshares (NYSE:PB - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The bank reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.40 by $0.02. The firm had revenue of $310.70 million for the quarter, compared to analysts' expectations of $315.66 million. Prosperity Bancshares had a net margin of 29.37% and a return on equity of 6.99%. During the same quarter in the previous year, the company posted $1.22 EPS. As a group, research analysts predict that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Prosperity Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be paid a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a yield of 3.5%. The ex-dividend date of this dividend is Monday, September 15th. Prosperity Bancshares's dividend payout ratio (DPR) is 42.18%.

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.