Financial Gravity Asset Management Inc. Invests $326,000 in Prosperity Bancshares, Inc. (NYSE:PB)

Financial Gravity Asset Management Inc. bought a new stake in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 4,561 shares of the bank's stock, valued at approximately $326,000.

Several other large investors also recently added to or reduced their stakes in the business. Smartleaf Asset Management LLC increased its holdings in Prosperity Bancshares by 487.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 376 shares of the bank's stock valued at $28,000 after buying an additional 312 shares during the last quarter. Jones Financial Companies Lllp increased its stake in shares of Prosperity Bancshares by 368.5% in the fourth quarter. Jones Financial Companies Lllp now owns 520 shares of the bank's stock worth $39,000 after purchasing an additional 409 shares in the last quarter. Aster Capital Management DIFC Ltd increased its stake in shares of Prosperity Bancshares by 349.5% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 917 shares of the bank's stock worth $69,000 after purchasing an additional 713 shares in the last quarter. Quarry LP purchased a new stake in shares of Prosperity Bancshares in the fourth quarter worth $88,000. Finally, Fifth Third Bancorp increased its stake in shares of Prosperity Bancshares by 44.9% in the first quarter. Fifth Third Bancorp now owns 1,277 shares of the bank's stock worth $91,000 after purchasing an additional 396 shares in the last quarter. 80.69% of the stock is currently owned by institutional investors.

Prosperity Bancshares Price Performance

Shares of Prosperity Bancshares stock traded down $0.62 during trading on Friday, hitting $74.10. The stock had a trading volume of 271,509 shares, compared to its average volume of 606,420. The firm's fifty day simple moving average is $70.64 and its 200-day simple moving average is $72.39. The stock has a market cap of $7.06 billion, a PE ratio of 14.11, a PEG ratio of 0.93 and a beta of 0.68. Prosperity Bancshares, Inc. has a 12 month low of $61.57 and a 12 month high of $86.76.

Prosperity Bancshares (NYSE:PB - Get Free Report) last posted its quarterly earnings results on Wednesday, April 23rd. The bank reported $1.37 EPS for the quarter, topping the consensus estimate of $1.35 by $0.02. The company had revenue of $306.68 million for the quarter, compared to the consensus estimate of $307.17 million. Prosperity Bancshares had a net margin of 27.69% and a return on equity of 6.81%. The firm's revenue was up 10.7% compared to the same quarter last year. During the same quarter last year, the firm posted $1.18 EPS. Analysts expect that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Friday, June 13th were paid a $0.58 dividend. This represents a $2.32 annualized dividend and a yield of 3.13%. The ex-dividend date was Friday, June 13th. Prosperity Bancshares's dividend payout ratio is presently 44.19%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on PB shares. Jefferies Financial Group started coverage on shares of Prosperity Bancshares in a research note on Wednesday, May 21st. They issued a "buy" rating and a $85.00 price objective for the company. Barclays reduced their price objective on shares of Prosperity Bancshares from $88.00 to $86.00 and set an "equal weight" rating for the company in a research note on Tuesday, April 8th. Morgan Stanley reduced their price objective on shares of Prosperity Bancshares from $102.00 to $94.00 and set an "overweight" rating for the company in a research note on Thursday, March 13th. Keefe, Bruyette & Woods reduced their price objective on shares of Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating for the company in a research note on Monday, May 5th. Finally, Royal Bank Of Canada dropped 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 report on Thursday, April 24th. Seven investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, Prosperity Bancshares presently has an average rating of "Moderate Buy" and a consensus price target of $83.80.

Insider Buying and Selling

In other Prosperity Bancshares news, Director Ned S. Holmes sold 600 shares of the firm's 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 transaction, the director owned 45,700 shares of the company's stock, valued at approximately $3,239,673. This trade represents a 1.30% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Over the last quarter, insiders have sold 10,200 shares of company stock valued at $716,512. Company insiders own 4.20% of the company's stock.

Prosperity Bancshares Company Profile

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.