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 that occurred 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 transaction, 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 Securities & Exchange Commission, which is available at the SEC website.

Prosperity Bancshares Stock Down 1.7 %

NYSE:PB opened at $73.39 on Friday. The firm has a 50-day moving average price of $79.25 and a 200 day moving average price of $73.32. The firm has a market capitalization of $6.99 billion, a PE ratio of 15.58, a price-to-earnings-growth ratio of 1.19 and a beta of 0.93. Prosperity Bancshares, Inc. has a 12-month low of $57.16 and a 12-month high of $86.75.

Prosperity Bancshares (NYSE:PB) last posted its earnings results on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, topping 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 business had revenue of $459.00 million during the quarter, compared to the consensus estimate of $299.83 million. During the same quarter last year, the company earned $1.20 EPS. On average, research analysts expect that Prosperity Bancshares, Inc. will post 5.05 EPS for the current 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 issued a $0.58 dividend. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.56. The ex-dividend date was Friday, December 13th. This represents a $2.32 annualized dividend and a dividend yield of 3.16%. Prosperity Bancshares’s dividend payout ratio is presently 49.26%.

Hedge Funds Weigh In On Prosperity Bancshares

Several institutional investors have recently added to or reduced their stakes in PB. Dimensional Fund Advisors LP grew its stake in Prosperity Bancshares by 14.2% during the second quarter. Dimensional Fund Advisors LP now owns 4,287,615 shares of the bank’s stock worth $262,141,000 after buying an additional 532,241 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Prosperity Bancshares by 0.9% in the third quarter. Geode Capital Management LLC now owns 1,708,509 shares of the bank’s stock valued at $123,162,000 after acquiring an additional 15,309 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in Prosperity Bancshares by 0.6% during the 3rd 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. increased its holdings 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 purchasing an additional 36,480 shares in the last quarter. Finally, Verition Fund Management LLC increased its holdings in Prosperity Bancshares by 0.5% during the 3rd quarter. Verition Fund Management LLC now owns 834,701 shares of the bank’s stock valued at $60,157,000 after purchasing an additional 3,978 shares in the last quarter. 80.69% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. UBS Group lowered their target price on shares of Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating on the stock in a research note on Thursday, December 26th. Bank of America upgraded Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $80.00 price objective on the stock in a research note on Tuesday, January 7th. Truist Financial downgraded Prosperity Bancshares from a “buy” rating to a “hold” rating and decreased their target price for the company from $81.00 to $79.00 in a research note on Friday, September 20th. DA Davidson downgraded Prosperity Bancshares from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $80.00 to $78.00 in a research report on Tuesday, October 15th. Finally, Barclays increased their price objective on Prosperity Bancshares from $84.00 to $88.00 and gave the company an “equal weight” rating in a research report on Friday, December 20th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus 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.