Insider Selling: Prosperity Bancshares, Inc. (NYSE:PB) Director Sells 500 Shares of Stock

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned S. Holmes sold 500 shares of the company’s stock in a transaction 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 completion of the sale, the director now owns 114,315 shares of the company’s stock, valued at $9,597,887.40. This represents a 0.44 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Prosperity Bancshares Price Performance

Shares of PB stock opened at $82.50 on Friday. The stock’s fifty day moving average price is $73.79 and its 200 day moving average price is $68.36. Prosperity Bancshares, Inc. has a 1-year low of $57.16 and a 1-year high of $85.13. The company has a market cap of $7.86 billion, a price-to-earnings ratio of 17.52, a price-to-earnings-growth ratio of 1.23 and a beta of 0.89.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $299.83 million. During the same quarter in the previous year, the firm earned $1.20 earnings per share. As a group, equities research analysts anticipate that Prosperity Bancshares, Inc. will post 5.05 earnings per share for the current year.

Prosperity Bancshares Increases Dividend

The business 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. This represents a $2.32 annualized dividend and a yield of 2.81%. The ex-dividend date is Friday, December 13th. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.56. Prosperity Bancshares’s payout ratio is currently 47.56%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in PB. Victory Capital Management Inc. grew its holdings in shares of Prosperity Bancshares by 3.0% during the second quarter. Victory Capital Management Inc. now owns 6,359,165 shares of the bank’s stock valued at $388,799,000 after buying an additional 184,453 shares during the last quarter. Dimensional Fund Advisors LP lifted its position 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 acquiring an additional 532,241 shares during the period. Geode Capital Management LLC lifted its position in Prosperity Bancshares by 0.9% during the 3rd 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 period. Charles Schwab Investment Management Inc. grew its stake 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 valued at $85,280,000 after purchasing an additional 6,518 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in shares of Prosperity Bancshares by 2.1% in the second quarter. Bank of New York Mellon Corp now owns 935,420 shares of the bank’s stock valued at $57,192,000 after purchasing an additional 19,224 shares during the period. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Raymond James downgraded Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price objective for the company. in a report on Tuesday, September 17th. Truist Financial lowered shares of Prosperity Bancshares from a “buy” rating to a “hold” rating and reduced their price target for the company from $81.00 to $79.00 in a report on Friday, September 20th. Compass Point increased their price objective on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the company a “buy” rating in a research note on Friday, July 26th. Royal Bank of Canada restated a “sector perform” rating and set a $77.00 target price on shares of Prosperity Bancshares in a report on Thursday, October 24th. Finally, Barclays increased their target price on Prosperity Bancshares from $75.00 to $76.00 and gave the company an “equal weight” rating in a research report on Thursday, October 24th. Five investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, Prosperity Bancshares currently has a consensus rating of “Moderate Buy” and an average target price of $78.96.

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.