Insider Selling: Prosperity Bancshares, Inc. (NYSE:PB) Director Sells 500 Shares of Stock

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned S. Holmes sold 500 shares of the stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $84.66, for a total value of $42,330.00. Following the sale, the director now owns 113,315 shares in the company, valued at $9,593,247.90. The trade was a 0.44 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Prosperity Bancshares Trading Down 0.4 %

Shares of PB stock traded down $0.35 during trading hours on Monday, hitting $83.38. 10,138 shares of the company were exchanged, compared to its average volume of 567,822. Prosperity Bancshares, Inc. has a 52 week low of $57.16 and a 52 week high of $86.75. The business has a 50 day moving average of $75.96 and a two-hundred day moving average of $69.82. The company has a market capitalization of $7.94 billion, a PE ratio of 17.78, a PEG ratio of 1.25 and a beta of 0.89.

Prosperity Bancshares (NYSE:PB) last announced its earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share for the quarter, topping 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 analyst estimates of $299.83 million. During the same period in the prior year, the business earned $1.20 EPS. On average, research analysts forecast that Prosperity Bancshares, Inc. will post 5.05 EPS for the current year.

Prosperity Bancshares Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be paid a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.78%. This is an increase 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 currently 49.26%.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD increased its holdings in Prosperity Bancshares by 5.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 50,602 shares of the bank’s stock worth $3,329,000 after buying an additional 2,706 shares during the last quarter. GAMMA Investing LLC lifted its stake in Prosperity Bancshares by 59.6% in the second quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock valued at $29,000 after acquiring an additional 177 shares during the last quarter. Harbor Capital Advisors Inc. grew its position in shares of Prosperity Bancshares by 394.8% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 11,465 shares of the bank’s stock valued at $701,000 after acquiring an additional 9,148 shares during the period. Olistico Wealth LLC acquired a new position in shares of Prosperity Bancshares during the 2nd quarter worth about $91,000. Finally, Amarillo National Bank bought a new stake in shares of Prosperity Bancshares in the 2nd quarter valued at about $8,520,000. 80.69% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have weighed in on PB. Raymond James cut shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price objective for the company. in a research report on Tuesday, September 17th. StockNews.com cut shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Friday. Morgan Stanley raised Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $75.00 to $86.00 in a research note on Monday, August 5th. Wedbush reiterated an “outperform” rating and issued a $90.00 price objective on shares of Prosperity Bancshares in a research report on Thursday, October 24th. Finally, Truist Financial lowered shares of Prosperity Bancshares from a “buy” rating to a “hold” rating and reduced their target price for the company from $81.00 to $79.00 in a research note on Friday, September 20th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $79.95.

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.