Prosperity Bancshares, Inc. (NYSE:PB) Director Sells $37,060.00 in Stock

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned S. Holmes sold 500 shares of the stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $74.12, for a total value of $37,060.00. Following the sale, the director now owns 109,315 shares in the company, valued at approximately $8,102,427.80. This trade represents a 0.46 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link.

Prosperity Bancshares Trading Down 1.7 %

Shares of PB opened at $73.39 on Friday. The firm has a market capitalization of $6.99 billion, a P/E ratio of 15.58, a price-to-earnings-growth ratio of 1.19 and a beta of 0.93. The stock’s fifty day simple moving average is $79.25 and its 200 day simple moving average is $73.12. Prosperity Bancshares, Inc. has a twelve month low of $57.16 and a twelve month high of $86.75.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, beating the consensus estimate of $1.31 by $0.03. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%. The company had revenue of $459.00 million for the quarter, compared to analyst estimates of $299.83 million. During the same period last year, the company posted $1.20 earnings per share. Sell-side analysts predict that Prosperity Bancshares, Inc. will post 5.05 earnings per share for the current year.

Prosperity Bancshares Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th were given a $0.58 dividend. The ex-dividend date of this dividend was Friday, December 13th. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.56. This represents a $2.32 annualized dividend and a yield of 3.16%. Prosperity Bancshares’s dividend payout ratio (DPR) is 49.26%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on PB. Wedbush reiterated an “outperform” rating and set a $90.00 target price on shares of Prosperity Bancshares in a report on Thursday, October 24th. Royal Bank of Canada reiterated a “sector perform” rating and set a $77.00 target price on shares of Prosperity Bancshares in a report on Thursday, October 24th. Barclays increased their target price on Prosperity Bancshares from $84.00 to $88.00 and gave the company an “equal weight” rating in a report on Friday, December 20th. Truist Financial cut Prosperity Bancshares from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $81.00 to $79.00 in a report on Friday, September 20th. Finally, Raymond James cut Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price objective on the stock. in a report on Tuesday, September 17th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $81.38.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. TD Asset Management Inc increased its position in shares of Prosperity Bancshares by 9.5% during the second quarter. TD Asset Management Inc now owns 35,600 shares of the bank’s stock worth $2,177,000 after acquiring an additional 3,086 shares during the last quarter. Arizona State Retirement System increased its position in shares of Prosperity Bancshares by 1.7% during the second quarter. Arizona State Retirement System now owns 26,184 shares of the bank’s stock worth $1,601,000 after acquiring an additional 429 shares during the last quarter. Strategic Financial Concepts LLC purchased a new stake in shares of Prosperity Bancshares during the second quarter worth about $43,000. Quest Partners LLC increased its position in shares of Prosperity Bancshares by 3,147.1% during the second quarter. Quest Partners LLC now owns 552 shares of the bank’s stock worth $34,000 after acquiring an additional 535 shares during the last quarter. Finally, Headlands Technologies LLC acquired a new position in Prosperity Bancshares in the second quarter worth about $46,000. 80.69% of the stock is owned by hedge funds and other 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.