ORG Wealth Partners LLC Invests $389,000 in Prosperity Bancshares, Inc. (NYSE:PB)

ORG Wealth Partners LLC purchased a new position in shares of Prosperity Bancshares, Inc. (NYSE:PB) during the first quarter, HoldingsChannel reports. The firm purchased 5,500 shares of the bank’s stock, valued at approximately $389,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. CIBC Private Wealth Group LLC lifted its holdings in shares of Prosperity Bancshares by 4.4% in the fourth quarter. CIBC Private Wealth Group LLC now owns 3,069 shares of the bank’s stock valued at $229,000 after purchasing an additional 128 shares in the last quarter. Sanctuary Advisors LLC lifted its holdings in shares of Prosperity Bancshares by 3.8% in the fourth quarter. Sanctuary Advisors LLC now owns 5,359 shares of the bank’s stock valued at $430,000 after purchasing an additional 194 shares in the last quarter. First Horizon Advisors Inc. lifted its holdings in shares of Prosperity Bancshares by 23.9% in the fourth quarter. First Horizon Advisors Inc. now owns 1,010 shares of the bank’s stock valued at $76,000 after purchasing an additional 195 shares in the last quarter. American Century Companies Inc. lifted its holdings in shares of Prosperity Bancshares by 0.8% in the fourth quarter. American Century Companies Inc. now owns 31,013 shares of the bank’s stock valued at $2,337,000 after purchasing an additional 255 shares in the last quarter. Finally, State of Alaska Department of Revenue lifted its holdings in shares of Prosperity Bancshares by 2.7% in the first quarter. State of Alaska Department of Revenue now owns 11,157 shares of the bank’s stock valued at $796,000 after purchasing an additional 295 shares in the last quarter. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Prosperity Bancshares Price Performance

Shares of PB opened at $67.64 on Thursday. The firm’s 50 day moving average is $69.03 and its 200-day moving average is $73.31. The stock has a market capitalization of $6.44 billion, a P/E ratio of 12.88, a P/E/G ratio of 0.84 and a beta of 0.68. Prosperity Bancshares, Inc. has a 12-month low of $58.44 and a 12-month high of $86.76.

Prosperity Bancshares (NYSE:PB) 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. The company had revenue of $306.68 million for the quarter, compared to analysts’ expectations of $307.17 million. Prosperity Bancshares had a net margin of 27.69% and a return on equity of 6.81%. The business’s revenue was up 10.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.18 EPS. As a group, equities research analysts forecast that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The company also recently announced 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 dividend yield of 3.43%. The ex-dividend date is Friday, June 13th. Prosperity Bancshares’s payout ratio is 44.19%.

Analyst Ratings Changes

Several analysts have issued reports on PB shares. Wall Street Zen raised shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a report on Tuesday, May 13th. Royal Bank Of Canada dropped their price objective 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. Jefferies Financial Group began coverage on shares of Prosperity Bancshares in a research report on Wednesday, May 21st. They issued a “buy” rating and a $85.00 price objective for the company. Barclays reduced their price target 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. Finally, Keefe, Bruyette & Woods reduced their price target 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. Seven equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, Prosperity Bancshares currently has an average rating of “Moderate Buy” and a consensus target price of $83.80.

Insiders Place Their Bets

In related news, Director Ned S. Holmes sold 500 shares of the firm’s stock in a transaction that occurred on Wednesday, April 9th. The shares were sold at an average price of $63.62, for a total transaction of $31,810.00. Following the completion of the sale, the director now directly owns 102,815 shares in the company, valued at approximately $6,541,090.30. This trade represents a 0.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders sold a total of 8,400 shares of company stock worth $582,026 over the last ninety days. 4.20% of the stock is currently owned by company insiders.

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.