Leah Henderson Sells 1,100 Shares of Prosperity Bancshares, Inc. (NYSE:PB) Stock

Prosperity Bancshares, Inc. (NYSE:PB) Director Leah Henderson sold 1,100 shares of Prosperity Bancshares stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $83.24, for a total value of $91,564.00. Following the transaction, the director now owns 7,525 shares in the company, valued at $626,381. This trade represents a 12.75 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link.

Prosperity Bancshares Stock Up 0.9 %

Prosperity Bancshares stock opened at $85.07 on Tuesday. Prosperity Bancshares, Inc. has a 52-week low of $57.16 and a 52-week high of $86.75. The firm’s fifty day moving average is $74.83 and its 200 day moving average is $69.08. The company has a market cap of $8.10 billion, a price-to-earnings ratio of 18.06, a PEG ratio of 1.26 and a beta of 0.89.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, beating analysts’ consensus estimates of $1.31 by $0.03. Prosperity Bancshares had a net margin of 25.39% and a return on equity of 6.46%. The firm had revenue of $459.00 million during the quarter, compared to the consensus estimate of $299.83 million. During the same quarter last year, the firm earned $1.20 EPS. On average, equities research analysts anticipate that Prosperity Bancshares, Inc. will post 5.05 earnings per share for the current fiscal year.

Prosperity Bancshares Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be issued a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a yield of 2.73%. The ex-dividend date is Friday, December 13th. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.56. Prosperity Bancshares’s dividend payout ratio is presently 47.56%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on PB. StockNews.com downgraded Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Wednesday, November 20th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $77.00 price target on shares of Prosperity Bancshares in a research report on Thursday, October 24th. Raymond James downgraded shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price objective on the stock. in a research report on Tuesday, September 17th. Wedbush reiterated an “outperform” rating and issued a $90.00 price target on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Finally, Hovde Group boosted their price objective on Prosperity Bancshares from $80.50 to $82.50 and gave the company an “outperform” rating in a research report on Monday, August 26th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, Prosperity Bancshares currently has an average rating of “Moderate Buy” and a consensus price target of $78.96.

Institutional Trading of Prosperity Bancshares

Institutional investors have recently bought and sold shares of the stock. Victory Capital Management Inc. raised its stake in shares of Prosperity Bancshares by 3.0% in the second quarter. Victory Capital Management Inc. now owns 6,359,165 shares of the bank’s stock valued at $388,799,000 after acquiring an additional 184,453 shares during the period. Dimensional Fund Advisors LP grew its holdings in Prosperity Bancshares by 14.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,287,615 shares of the bank’s stock valued at $262,141,000 after purchasing an additional 532,241 shares during the last quarter. Geode Capital Management LLC raised its position in Prosperity Bancshares by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 1,708,509 shares of the bank’s stock worth $123,162,000 after purchasing an additional 15,309 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in Prosperity Bancshares by 0.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,183,295 shares of the bank’s stock worth $85,280,000 after purchasing an additional 6,518 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its position in shares of Prosperity Bancshares by 2.1% during the second quarter. Bank of New York Mellon Corp now owns 935,420 shares of the bank’s stock valued at $57,192,000 after buying an additional 19,224 shares during the period. 80.69% of the stock is currently owned by institutional investors.

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.