Short Interest in Prosperity Bancshares, Inc. (NYSE:PB) Expands By 27.9%

Prosperity Bancshares, Inc. (NYSE:PB) saw a significant growth in short interest in the month of June. As of June 15th, there was short interest totalling 2,800,000 shares, a growth of 27.9% from the May 31st total of 2,190,000 shares. Based on an average daily volume of 492,300 shares, the days-to-cover ratio is currently 5.7 days. Approximately 3.1% of the shares of the company are sold short.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Royal Bank of Canada reissued a “sector perform” rating and issued a $70.00 price objective on shares of Prosperity Bancshares in a research report on Tuesday, April 9th. Barclays assumed coverage on shares of Prosperity Bancshares in a research report on Friday, March 8th. They issued an “equal weight” rating and a $68.00 price objective on the stock. Stephens raised shares of Prosperity Bancshares from an “equal weight” rating to an “overweight” rating in a research report on Wednesday. Finally, Truist Financial reissued a “buy” rating and issued a $75.00 price objective on shares of Prosperity Bancshares in a research report on Monday, April 1st. One analyst has rated the stock with a sell rating, four have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $68.86.

Prosperity Bancshares Stock Up 1.5 %

Shares of Prosperity Bancshares stock opened at $61.14 on Friday. The company has a market capitalization of $5.87 billion, a price-to-earnings ratio of 14.09, a PEG ratio of 1.31 and a beta of 0.90. Prosperity Bancshares has a 12-month low of $49.60 and a 12-month high of $68.88. The firm’s 50-day moving average price is $61.54 and its two-hundred day moving average price is $63.12.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, April 24th. The bank reported $1.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.15 by $0.03. The firm had revenue of $420.78 million for the quarter, compared to the consensus estimate of $274.88 million. Prosperity Bancshares had a net margin of 24.50% and a return on equity of 6.33%. During the same period in the prior year, the company posted $1.37 earnings per share. On average, sell-side analysts expect that Prosperity Bancshares will post 4.99 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be paid a dividend of $0.56 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $2.24 dividend on an annualized basis and a yield of 3.66%. Prosperity Bancshares’s payout ratio is 51.61%.

Institutional Investors Weigh In On Prosperity Bancshares

A number of large investors have recently bought and sold shares of the company. Abich Financial Wealth Management LLC boosted its stake 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 valued at $49,000 after purchasing an additional 746 shares in the last quarter. Westwood Holdings Group Inc. boosted its stake in shares of Prosperity Bancshares by 68.2% in the 1st quarter. Westwood Holdings Group Inc. now owns 6,726 shares of the bank’s stock valued at $442,000 after purchasing an additional 2,726 shares in the last quarter. Interval Partners LP boosted its stake in shares of Prosperity Bancshares by 2.5% in the 1st quarter. Interval Partners LP now owns 118,368 shares of the bank’s stock valued at $7,786,000 after purchasing an additional 2,833 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Prosperity Bancshares by 5.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 50,602 shares of the bank’s stock valued at $3,329,000 after purchasing an additional 2,706 shares in the last quarter. Finally, BOKF NA boosted its stake in shares of Prosperity Bancshares by 3.8% in the 1st quarter. BOKF NA now owns 20,750 shares of the bank’s stock valued at $1,336,000 after purchasing an additional 750 shares in the last quarter. 80.69% of the stock is currently owned by institutional investors and hedge funds.

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.