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 firm’s stock in a transaction that occurred on Wednesday, January 8th. The stock was sold at an average price of $74.12, for a total transaction of $37,060.00. Following the transaction, the director now directly owns 109,315 shares of the company’s stock, valued at $8,102,427.80. This represents a 0.46 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

Prosperity Bancshares Stock Performance

Shares of NYSE PB opened at $73.39 on Monday. The firm has a fifty day moving average of $79.25 and a 200 day moving average of $73.32. The firm has a market cap of $6.99 billion, a PE ratio of 15.58, a PEG ratio of 1.19 and a beta of 0.93. Prosperity Bancshares, Inc. has a one year low of $57.16 and a one year high of $86.75.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share for the quarter, topping the consensus estimate 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 the consensus estimate of $299.83 million. During the same quarter in the prior year, the firm earned $1.20 EPS. On average, equities analysts predict that Prosperity Bancshares, Inc. will post 5.05 EPS for the current fiscal year.

Prosperity Bancshares Increases Dividend

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

Institutional Trading of Prosperity Bancshares

Several large investors have recently made changes to their positions in PB. Dimensional Fund Advisors LP boosted its stake in Prosperity Bancshares by 14.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,287,615 shares of the bank’s stock worth $262,141,000 after purchasing an additional 532,241 shares during the last quarter. Geode Capital Management LLC boosted its position in Prosperity Bancshares by 0.9% during the third quarter. Geode Capital Management LLC now owns 1,708,509 shares of the bank’s stock worth $123,162,000 after acquiring an additional 15,309 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in Prosperity Bancshares by 0.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,183,295 shares of the bank’s stock worth $85,280,000 after acquiring an additional 6,518 shares during the last quarter. Vaughan Nelson Investment Management L.P. grew its stake in Prosperity Bancshares by 4.6% during the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 835,565 shares of the bank’s stock valued at $60,219,000 after acquiring an additional 36,480 shares in the last quarter. Finally, Verition Fund Management LLC raised its holdings in Prosperity Bancshares by 0.5% in the 3rd quarter. Verition Fund Management LLC now owns 834,701 shares of the bank’s stock valued at $60,157,000 after acquiring an additional 3,978 shares during the last quarter. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on PB shares. Wedbush reissued an “outperform” rating and set a $90.00 target price on shares of Prosperity Bancshares in a report on Thursday, October 24th. Truist Financial cut Prosperity Bancshares from a “buy” rating to a “hold” rating and decreased their price objective for the company from $81.00 to $79.00 in a report on Friday, September 20th. Royal Bank of Canada restated a “sector perform” rating and issued a $77.00 target price on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Bank of America upgraded Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $80.00 price target for the company in a research report on Tuesday, January 7th. Finally, StockNews.com lowered Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Wednesday, January 8th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, Prosperity Bancshares currently has a consensus rating of “Hold” and an average price target of $81.38.

About Prosperity Bancshares

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.