Insider Selling: Prosperity Bancshares, Inc. (NYSE:PB) Director Sells $38,020.00 in Stock

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $76.04, for a total transaction of $38,020.00. Following the transaction, the director now owns 110,315 shares in the company, valued at $8,388,352.60. This represents a 0.45 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Prosperity Bancshares Price Performance

NYSE PB opened at $75.35 on Thursday. Prosperity Bancshares, Inc. has a 1-year low of $57.16 and a 1-year high of $86.75. The business has a 50 day simple moving average of $79.10 and a two-hundred day simple moving average of $72.56. The stock has a market capitalization of $7.18 billion, a PE ratio of 16.00, a P/E/G ratio of 1.19 and a beta of 0.92.

Prosperity Bancshares (NYSE:PB) last posted its 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. The firm had revenue of $459.00 million during the quarter, compared to analyst estimates of $299.83 million. Prosperity Bancshares had a net margin of 25.39% and a return on equity of 6.46%. During the same period last year, the firm posted $1.20 earnings per share. On average, analysts anticipate that Prosperity Bancshares, Inc. will post 5.05 EPS for the current fiscal year.

Prosperity Bancshares Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders 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 dividend yield of 3.08%. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.56. The ex-dividend date is Friday, December 13th. Prosperity Bancshares’s dividend payout ratio is currently 49.26%.

Analysts Set New Price Targets

Several research firms recently weighed in on PB. Royal Bank of Canada reiterated a “sector perform” rating and set a $77.00 target price on shares of Prosperity Bancshares in a research report on Thursday, October 24th. DA Davidson cut Prosperity Bancshares from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $80.00 to $78.00 in a research report on Tuesday, October 15th. Wolfe Research reiterated a “peer perform” rating on shares of Prosperity Bancshares in a research report on Thursday, December 5th. StockNews.com raised shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a research note on Tuesday. Finally, Truist Financial cut shares of Prosperity Bancshares from a “buy” rating to a “hold” rating and lowered their target price for the company from $81.00 to $79.00 in a research note on Friday, September 20th. Six investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, Prosperity Bancshares has a consensus rating of “Moderate Buy” and an average price target of $81.50.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Franklin Resources Inc. lifted its position in Prosperity Bancshares by 40.6% in the third quarter. Franklin Resources Inc. now owns 34,411 shares of the bank’s stock worth $2,509,000 after buying an additional 9,935 shares during the last quarter. Tidal Investments LLC lifted its holdings in shares of Prosperity Bancshares by 5.7% in the 3rd quarter. Tidal Investments LLC now owns 3,875 shares of the bank’s stock worth $279,000 after acquiring an additional 209 shares during the last quarter. Sanctuary Advisors LLC purchased a new position in shares of Prosperity Bancshares during the 3rd quarter worth about $372,000. Sunbelt Securities Inc. grew its holdings in Prosperity Bancshares by 31.0% during the 3rd quarter. Sunbelt Securities Inc. now owns 981 shares of the bank’s stock valued at $71,000 after purchasing an additional 232 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in Prosperity Bancshares by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 1,708,509 shares of the bank’s stock worth $123,162,000 after purchasing an additional 15,309 shares during the period. Hedge funds and other institutional investors own 80.69% of the company’s stock.

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.