H E. Timanus, Jr. Sells 4,000 Shares of Prosperity Bancshares, Inc. (NYSE:PB) Stock

Prosperity Bancshares, Inc. (NYSE:PB) Chairman H E. Timanus, Jr. sold 4,000 shares of Prosperity Bancshares stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $86.50, for a total transaction of $346,000.00. Following the completion of the sale, the chairman now directly owns 229,953 shares in the company, valued at approximately $19,890,934.50. This represents a 1.71 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.

Prosperity Bancshares Trading Down 0.7 %

PB opened at $84.17 on Friday. The stock has a market capitalization of $8.02 billion, a P/E ratio of 17.87, a PEG ratio of 1.25 and a beta of 0.89. Prosperity Bancshares, Inc. has a 12-month low of $57.16 and a 12-month high of $86.75. The stock has a 50-day moving average price of $75.54 and a 200-day moving average price of $69.49.

Prosperity Bancshares (NYSE:PB) last issued 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. The business had revenue of $459.00 million for the quarter, compared to analysts’ expectations of $299.83 million. Prosperity Bancshares had a net margin of 25.39% and a return on equity of 6.46%. During the same period last year, the business earned $1.20 earnings per share. On average, equities research analysts predict that Prosperity Bancshares, Inc. will post 5.05 EPS for the current year.

Prosperity Bancshares Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be given a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a yield of 2.76%. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.56. The ex-dividend date is Friday, December 13th. Prosperity Bancshares’s dividend payout ratio is presently 47.56%.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of PB. Amica Mutual Insurance Co. increased its stake in Prosperity Bancshares by 41.9% in the 2nd quarter. Amica Mutual Insurance Co. now owns 157,770 shares of the bank’s stock worth $9,646,000 after purchasing an additional 46,593 shares during the period. Los Angeles Capital Management LLC purchased a new position in shares of Prosperity Bancshares in the third quarter valued at about $4,804,000. Prospector Partners LLC boosted its holdings in shares of Prosperity Bancshares by 24.6% during the third quarter. Prospector Partners LLC now owns 228,992 shares of the bank’s stock worth $16,503,000 after purchasing an additional 45,177 shares during the period. Harbor Capital Advisors Inc. increased its holdings in Prosperity Bancshares by 394.8% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 11,465 shares of the bank’s stock valued at $701,000 after purchasing an additional 9,148 shares during the period. Finally, Thrivent Financial for Lutherans raised its position in Prosperity Bancshares by 16.0% during the 2nd quarter. Thrivent Financial for Lutherans now owns 811,772 shares of the bank’s stock valued at $49,632,000 after purchasing an additional 112,101 shares during the last quarter. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently commented on PB shares. DA Davidson downgraded Prosperity Bancshares from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $80.00 to $78.00 in a research note on Tuesday, October 15th. Morgan Stanley raised Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $75.00 to $86.00 in a report on Monday, August 5th. Truist Financial lowered shares of Prosperity Bancshares from a “buy” rating to a “hold” rating and cut their target price for the stock from $81.00 to $79.00 in a research report on Friday, September 20th. Wedbush reissued an “outperform” rating and issued a $90.00 price target on shares of Prosperity Bancshares in a research report on Thursday, October 24th. Finally, StockNews.com downgraded shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Wednesday, November 20th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, Prosperity Bancshares has an average rating of “Moderate Buy” and a consensus target price of $78.96.

About Prosperity Bancshares

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.