Prosperity Bancshares, Inc. (NYSE:PB) Director Sells $320,280.00 in Stock

Prosperity Bancshares, Inc. (NYSE:PB) Director Harrison Stafford II sold 4,000 shares of the firm’s stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $80.07, for a total transaction of $320,280.00. Following the completion of the transaction, the director now directly owns 107,137 shares in the company, valued at approximately $8,578,459.59. This represents a 3.60 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

Prosperity Bancshares Trading Down 4.0 %

Shares of PB opened at $75.30 on Thursday. The company’s 50-day moving average price is $78.49 and its 200 day moving average price is $71.40. Prosperity Bancshares, Inc. has a 12-month low of $57.16 and a 12-month high of $86.75. The firm has a market cap of $7.17 billion, a P/E ratio of 15.99, a price-to-earnings-growth ratio of 1.19 and a beta of 0.92.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share for the quarter, beating 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 during the quarter, compared to analysts’ expectations of $299.83 million. During the same period last year, the business earned $1.20 earnings per share. Equities 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 declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be paid a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a yield of 3.08%. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.56. The ex-dividend date of this dividend is Friday, December 13th. Prosperity Bancshares’s dividend payout ratio is 49.26%.

Wall Street Analyst Weigh In

A number of research firms have commented on PB. Wolfe Research reiterated a “peer perform” rating on shares of Prosperity Bancshares in a report on Thursday, December 5th. Hovde Group lifted their price objective on Prosperity Bancshares from $80.50 to $82.50 and gave the stock an “outperform” rating in a research report on Monday, August 26th. Barclays upped their target price on Prosperity Bancshares from $76.00 to $84.00 and gave the company an “equal weight” rating in a report on Thursday, December 5th. Royal Bank of Canada reiterated a “sector perform” rating and set a $77.00 price target on shares of Prosperity Bancshares in a report on Thursday, October 24th. Finally, Truist Financial cut shares of Prosperity Bancshares from a “buy” rating to a “hold” rating and lowered their price target for the company from $81.00 to $79.00 in a research report on Friday, September 20th. One analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $81.65.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. Raymond James & Associates lifted its stake in Prosperity Bancshares by 8.0% during the 2nd quarter. Raymond James & Associates now owns 29,860 shares of the bank’s stock worth $1,826,000 after acquiring an additional 2,223 shares in the last quarter. Fifth Third Bancorp grew its position in Prosperity Bancshares by 47.6% in the 2nd quarter. Fifth Third Bancorp now owns 1,030 shares of the bank’s stock valued at $63,000 after acquiring an additional 332 shares in the last quarter. Retirement Systems of Alabama increased its stake in Prosperity Bancshares by 0.6% during the second quarter. Retirement Systems of Alabama now owns 118,411 shares of the bank’s stock worth $7,240,000 after purchasing an additional 719 shares during the period. Ceredex Value Advisors LLC lifted its position in shares of Prosperity Bancshares by 2.4% during the second quarter. Ceredex Value Advisors LLC now owns 218,446 shares of the bank’s stock worth $13,473,000 after purchasing an additional 5,100 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake 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. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

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.