Wealthquest Corp Invests $811,000 in Prosperity Bancshares, Inc. (NYSE:PB)

Wealthquest Corp acquired a new position in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 11,362 shares of the bank's stock, valued at approximately $811,000.

Other institutional investors have also added to or reduced their stakes in the company. Avantax Advisory Services Inc. lifted its stake in Prosperity Bancshares by 45.1% in the fourth quarter. Avantax Advisory Services Inc. now owns 7,281 shares of the bank's stock worth $549,000 after purchasing an additional 2,263 shares during the last quarter. Cetera Investment Advisers lifted its stake in Prosperity Bancshares by 5.9% in the fourth quarter. Cetera Investment Advisers now owns 7,675 shares of the bank's stock worth $578,000 after purchasing an additional 427 shares during the last quarter. GAMMA Investing LLC lifted its stake in Prosperity Bancshares by 8,212.4% in the first quarter. GAMMA Investing LLC now owns 70,157 shares of the bank's stock worth $5,007,000 after purchasing an additional 69,313 shares during the last quarter. Deutsche Bank AG lifted its stake in Prosperity Bancshares by 10.6% in the fourth quarter. Deutsche Bank AG now owns 6,194 shares of the bank's stock worth $467,000 after purchasing an additional 592 shares during the last quarter. Finally, O Shaughnessy Asset Management LLC lifted its stake in Prosperity Bancshares by 20.1% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 3,784 shares of the bank's stock worth $285,000 after purchasing an additional 632 shares during the last quarter. Institutional investors own 80.69% of the company's stock.

Prosperity Bancshares Stock Up 2.4%

PB stock traded up $1.68 during trading on Thursday, hitting $70.82. 675,017 shares of the company's stock traded hands, compared to its average volume of 597,969. The firm has a market capitalization of $6.75 billion, a P/E ratio of 13.49, a PEG ratio of 0.87 and a beta of 0.68. The business has a fifty day simple moving average of $69.37 and a two-hundred day simple moving average of $72.82. Prosperity Bancshares, Inc. has a 1 year low of $58.66 and a 1 year 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 27.69% and a return on equity of 6.81%. 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. On average, equities research analysts predict that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be issued a $0.58 dividend. This represents a $2.32 annualized dividend and a yield of 3.28%. The ex-dividend date is Friday, June 13th. Prosperity Bancshares's dividend payout ratio is currently 44.19%.

Insiders Place Their Bets

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $69.09, for a total value of $34,545.00. Following the transaction, the director now directly owns 98,915 shares of the company's stock, valued at approximately $6,834,037.35. The trade was a 0.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last three months, insiders have sold 9,000 shares of company stock valued at $621,965. 4.20% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Keefe, Bruyette & Woods reduced their target price on shares of Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating on the stock in a research report on Monday, May 5th. Barclays reduced their target price on shares of Prosperity Bancshares from $88.00 to $86.00 and set an "equal weight" rating on the stock in a research report on Tuesday, April 8th. Jefferies Financial Group assumed coverage on shares of Prosperity Bancshares in a research report on Wednesday, May 21st. They set a "buy" rating and a $85.00 target price on the stock. Morgan Stanley reduced 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. Finally, Royal Bank Of Canada reduced 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. Seven research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $83.80.

Prosperity Bancshares 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.