Prosperity Bancshares, Inc. (NYSE:PB) Director Sells $41,980.00 in Stock

by · The Markets Daily

Prosperity Bancshares, Inc. (NYSE:PB – Get Free Report) Director Ned S. Holmes sold 500 shares of the company’s stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $83.96, for a total value of $41,980.00. Following the sale, the director now directly owns 114,315 shares in the company, valued at $9,597,887.40. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Prosperity Bancshares Trading Down 0.4 %

Shares of PB traded down $0.36 during trading hours on Thursday, reaching $82.59. 216,038 shares of the company traded hands, compared to its average volume of 573,045. The stock’s fifty day moving average price is $73.40 and its 200 day moving average price is $68.08. The firm has a market cap of $7.87 billion, a price-to-earnings ratio of 17.61, a PEG ratio of 1.24 and a beta of 0.89. Prosperity Bancshares, Inc. has a 12-month low of $57.16 and a 12-month high of $85.13.

Prosperity Bancshares (NYSE:PB – Get Free Report) last issued its earnings results on Wednesday, October 23rd. The bank reported $1.34 EPS 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 business had revenue of $459.00 million for the quarter, compared to the consensus estimate of $299.83 million. During the same period in the prior year, the firm earned $1.20 EPS. On average, research analysts forecast that Prosperity Bancshares, Inc. will post 5.05 earnings per share for the current year.

Prosperity Bancshares Increases Dividend

The company also recently announced 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. The ex-dividend date of this dividend is Friday, December 13th. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.56. This represents a $2.32 dividend on an annualized basis and a yield of 2.81%. Prosperity Bancshares’s payout ratio is 47.56%.

Hedge Funds Weigh In On Prosperity Bancshares

Hedge funds and other institutional investors have recently made changes to their positions in the company. GAMMA Investing LLC boosted its stake in shares of Prosperity Bancshares by 59.6% during the second quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock valued at $29,000 after purchasing an additional 177 shares in the last quarter. Quarry LP boosted its position in Prosperity Bancshares by 533.3% during the 2nd quarter. Quarry LP now owns 494 shares of the bank’s stock valued at $30,000 after acquiring an additional 416 shares in the last quarter. Quest Partners LLC increased its holdings in shares of Prosperity Bancshares by 3,147.1% in the 2nd quarter. Quest Partners LLC now owns 552 shares of the bank’s stock valued at $34,000 after acquiring an additional 535 shares during the period. Abich Financial Wealth Management LLC raised its position in shares of Prosperity Bancshares by 12,433.3% in the 1st quarter. Abich Financial Wealth Management LLC now owns 752 shares of the bank’s stock worth $49,000 after acquiring an additional 746 shares in the last quarter. Finally, Headlands Technologies LLC purchased a new stake in shares of Prosperity Bancshares during the 2nd quarter worth $46,000. Institutional investors own 80.69% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have commented on PB shares. Morgan Stanley upgraded shares of Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $75.00 to $86.00 in a research report on Monday, August 5th. Piper Sandler increased their price target on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the company an “overweight” rating in a report on Thursday, July 25th. Royal Bank of Canada reissued a “sector perform” rating and set a $77.00 price objective on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Barclays raised their price objective on Prosperity Bancshares from $75.00 to $76.00 and gave the company an “equal weight” rating in a research note on Thursday, October 24th. Finally, Compass Point boosted their target price on Prosperity Bancshares from $73.00 to $80.00 and gave the company a “buy” rating in a research report on Friday, July 26th. Five analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, Prosperity Bancshares currently has a consensus rating of “Moderate Buy” and a consensus price target of $78.96.

Read Our Latest Analysis on PB

About Prosperity Bancshares

(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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