World Investment Advisors Increases Stock Holdings in Prosperity Bancshares, Inc. $PB

World Investment Advisors increased its holdings in Prosperity Bancshares, Inc. (NYSE:PB) by 5.6% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 28,233 shares of the bank’s stock after acquiring an additional 1,500 shares during the quarter. World Investment Advisors’ holdings in Prosperity Bancshares were worth $1,983,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PB. Wealth Enhancement Advisory Services LLC lifted its stake in Prosperity Bancshares by 8.2% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 7,362 shares of the bank’s stock worth $525,000 after acquiring an additional 561 shares during the period. New York State Teachers Retirement System raised its holdings in Prosperity Bancshares by 0.9% in the first quarter. New York State Teachers Retirement System now owns 109,655 shares of the bank’s stock worth $7,826,000 after purchasing an additional 984 shares in the last quarter. Teacher Retirement System of Texas raised its holdings in Prosperity Bancshares by 23.1% in the first quarter. Teacher Retirement System of Texas now owns 21,818 shares of the bank’s stock worth $1,557,000 after purchasing an additional 4,098 shares in the last quarter. Principal Financial Group Inc. raised its holdings in Prosperity Bancshares by 0.4% in the first quarter. Principal Financial Group Inc. now owns 219,056 shares of the bank’s stock worth $15,634,000 after purchasing an additional 855 shares in the last quarter. Finally, Chilton Capital Management LLC bought a new position in Prosperity Bancshares in the first quarter worth $105,000. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Prosperity Bancshares Price Performance

Shares of NYSE:PB opened at $65.93 on Friday. Prosperity Bancshares, Inc. has a 1-year low of $61.06 and a 1-year high of $86.75. The business has a fifty day moving average price of $66.05 and a 200-day moving average price of $68.30. The company has a market capitalization of $6.26 billion, a PE ratio of 11.75, a PEG ratio of 0.97 and a beta of 0.73.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results on Wednesday, October 29th. The bank reported $1.45 earnings per share for the quarter, meeting the consensus estimate of $1.45. Prosperity Bancshares had a return on equity of 7.06% and a net margin of 30.28%.The firm had revenue of $314.67 million during the quarter, compared to the consensus estimate of $317.94 million. During the same period last year, the company earned $1.34 earnings per share. The company’s revenue was up 3.9% on a year-over-year basis. On average, sell-side analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current fiscal year.

Prosperity Bancshares Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 2nd. Investors of record on Monday, December 15th will be given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 3.6%. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.58. The ex-dividend date of this dividend is Monday, December 15th. Prosperity Bancshares’s payout ratio is 42.78%.

Insider Activity at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 500 shares of the stock in a transaction on Wednesday, October 29th. The stock was sold at an average price of $65.20, for a total transaction of $32,600.00. Following the sale, the director directly owned 89,915 shares of the company’s stock, valued at $5,862,458. This trade represents a 0.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders sold 14,300 shares of company stock worth $950,496 over the last 90 days. Company insiders own 4.20% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on PB shares. Piper Sandler decreased their price objective on Prosperity Bancshares from $84.00 to $77.00 and set an “overweight” rating for the company in a report on Thursday. Stephens increased their price objective on Prosperity Bancshares from $77.00 to $81.00 and gave the stock an “overweight” rating in a report on Thursday. Cantor Fitzgerald started coverage on Prosperity Bancshares in a report on Wednesday, September 10th. They issued an “overweight” rating and a $78.00 price objective for the company. TD Cowen increased their price objective on Prosperity Bancshares from $79.00 to $83.00 and gave the stock a “buy” rating in a report on Friday. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Prosperity Bancshares in a report on Wednesday, October 8th. Eleven research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $80.50.

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.