Prosperity Bancshares, Inc. (NYSE:PB) Short Interest Update

by · The Cerbat Gem

Prosperity Bancshares, Inc. (NYSE:PB – Get Free Report) saw a significant decrease in short interest in March. As of March 31st, there was short interest totalling 1,400,000 shares, a decrease of 19.1% from the March 15th total of 1,730,000 shares. Based on an average trading volume of 583,800 shares, the short-interest ratio is presently 2.4 days. Approximately 1.5% of the company’s shares are short sold.

Prosperity Bancshares Price Performance

NYSE:PB traded down $0.36 during midday trading on Monday, reaching $65.44. The stock had a trading volume of 689,235 shares, compared to its average volume of 568,198. The stock has a market capitalization of $6.23 billion, a P/E ratio of 12.93, a PEG ratio of 0.94 and a beta of 0.82. Prosperity Bancshares has a 1-year low of $57.16 and a 1-year high of $86.76. The firm’s fifty day simple moving average is $71.06 and its 200-day simple moving average is $75.45.

Prosperity Bancshares (NYSE:PB – Get Free Report) last released its earnings results on Wednesday, January 29th. The bank reported $1.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.33 by $0.04. Prosperity Bancshares had a return on equity of 6.64% and a net margin of 26.79%. On average, equities research analysts anticipate that Prosperity Bancshares will post 5.83 earnings per share for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be issued a dividend of $0.58 per share. The ex-dividend date is Friday, June 13th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.55%. Prosperity Bancshares’s payout ratio is presently 45.85%.

Wall Street Analysts Forecast Growth

PB has been the topic of several research reports. Morgan Stanley dropped their price target on Prosperity Bancshares from $102.00 to $94.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. Raymond James lifted their target price on Prosperity Bancshares from $82.00 to $87.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. UBS Group dropped their target price on Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating on the stock in a research report on Thursday, December 26th. Barclays decreased their price objective on Prosperity Bancshares from $88.00 to $86.00 and set an “equal weight” rating for the company in a report on Tuesday, April 8th. Finally, Stephens raised their target price on shares of Prosperity Bancshares from $93.00 to $94.00 and gave the company an “overweight” rating in a research note on Thursday, January 30th. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $83.35.

Get Our Latest Research Report on Prosperity Bancshares

Insider Transactions at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $79.92, for a total transaction of $39,960.00. Following the sale, the director now owns 107,815 shares in the company, valued at $8,616,574.80. This trade represents a 0.46 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders sold 5,500 shares of company stock valued at $402,415 over the last 90 days. Corporate insiders own 4.20% of the company’s stock.

Institutional Investors Weigh In On Prosperity Bancshares

Hedge funds and other institutional investors have recently bought and sold shares of the business. Blue Trust Inc. lifted its position in shares of Prosperity Bancshares by 14.9% during the fourth quarter. Blue Trust Inc. now owns 987 shares of the bank’s stock worth $71,000 after purchasing an additional 128 shares in the last quarter. CIBC Private Wealth Group LLC raised its position in shares of Prosperity Bancshares by 4.4% during the fourth quarter. CIBC Private Wealth Group LLC now owns 3,069 shares of the bank’s stock worth $229,000 after acquiring an additional 128 shares during the last quarter. GAMMA Investing LLC increased its position in Prosperity Bancshares by 20.4% in the fourth quarter. GAMMA Investing LLC now owns 844 shares of the bank’s stock worth $64,000 after purchasing an additional 143 shares during the period. Sanctuary Advisors LLC boosted its stake in shares of Prosperity Bancshares by 3.8% in the 4th quarter. Sanctuary Advisors LLC now owns 5,359 shares of the bank’s stock valued at $430,000 after purchasing an additional 194 shares during the last quarter. Finally, First Horizon Advisors Inc. boosted its stake in Prosperity Bancshares by 23.9% in the fourth quarter. First Horizon Advisors Inc. now owns 1,010 shares of the bank’s stock valued at $76,000 after acquiring an additional 195 shares during the last quarter. 80.69% of the stock is owned by institutional investors and hedge funds.

Prosperity Bancshares Company Profile

(Get Free Report)

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.

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