Canvas Wealth Advisors LLC Has $281,000 Position in Prosperity Bancshares, Inc. $PB

Canvas Wealth Advisors LLC lessened its holdings in Prosperity Bancshares, Inc. (NYSE:PB) by 5.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,150 shares of the bank’s stock after selling 250 shares during the period. Canvas Wealth Advisors LLC’s holdings in Prosperity Bancshares were worth $281,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Wealth Enhancement Advisory Services LLC boosted its position in Prosperity Bancshares by 8.2% during the 1st 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. Principal Financial Group Inc. lifted its position in shares of 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. Envestnet Asset Management Inc. boosted its holdings in shares of Prosperity Bancshares by 1.8% during the first quarter. Envestnet Asset Management Inc. now owns 58,236 shares of the bank’s stock worth $4,156,000 after purchasing an additional 1,016 shares during the period. Amundi purchased a new position in Prosperity Bancshares during the first quarter valued at approximately $4,060,000. Finally, Teacher Retirement System of Texas increased its stake in Prosperity Bancshares by 23.1% in the 1st quarter. Teacher Retirement System of Texas now owns 21,818 shares of the bank’s stock valued at $1,557,000 after buying an additional 4,098 shares during the period. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Wall Street Analyst Weigh In

PB has been the topic of several research analyst reports. Piper Sandler lowered their price target on shares of Prosperity Bancshares from $86.00 to $84.00 and set an “overweight” rating on the stock in a report on Thursday, July 24th. Raymond James Financial set a $75.00 target price on Prosperity Bancshares in a research note on Tuesday, October 7th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Prosperity Bancshares in a research report on Wednesday, October 8th. Royal Bank Of Canada reduced their price target on Prosperity Bancshares from $78.00 to $72.00 and set a “sector perform” rating for the company in a report on Friday, October 10th. Finally, Cowen began coverage on Prosperity Bancshares in a research note on Wednesday, September 24th. They issued a “buy” rating for the company. Twelve equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $82.27.

Insider Activity

In related news, Director Ned S. Holmes sold 500 shares of the firm’s stock in a transaction on Wednesday, October 15th. The shares were sold at an average price of $65.24, for a total value of $32,620.00. Following the transaction, the director directly owned 90,915 shares in the company, valued at approximately $5,931,294.60. This trade represents a 0.55% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Over the last ninety days, insiders have sold 14,300 shares of company stock worth $960,266. 4.20% of the stock is currently owned by corporate insiders.

Prosperity Bancshares Stock Performance

PB opened at $64.17 on Tuesday. The company has a market cap of $6.10 billion, a PE ratio of 11.67, a price-to-earnings-growth ratio of 0.94 and a beta of 0.73. The stock has a 50-day moving average of $66.76 and a 200-day moving average of $68.40. Prosperity Bancshares, Inc. has a 52-week low of $61.06 and a 52-week high of $86.75.

Prosperity Bancshares (NYSE:PB) last posted its earnings results on Wednesday, July 23rd. The bank reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.40 by $0.02. The firm had revenue of $310.70 million during the quarter, compared to analyst estimates of $315.66 million. Prosperity Bancshares had a return on equity of 6.99% and a net margin of 29.37%.During the same period in the previous year, the company earned $1.22 EPS. On average, research analysts predict that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

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.