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 dated Wednesday, November 13th. The stock was sold at an average price of $83.96, for a total transaction of $41,980.00. Following the completion of the transaction, the director now owns 114,315 shares in the company, valued at approximately $9,597,887.40. The trade was a 0.44 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Prosperity Bancshares Price Performance

PB traded down $1.00 during trading hours on Friday, hitting $81.09. 127,173 shares of the stock were exchanged, compared to its average volume of 572,277. The stock has a market cap of $7.72 billion, a price-to-earnings ratio of 17.43, a price-to-earnings-growth ratio of 1.24 and a beta of 0.89. Prosperity Bancshares, Inc. has a 12 month low of $57.16 and a 12 month high of $85.13. The stock has a 50-day simple moving average of $73.58 and a 200-day simple moving average of $68.18.

Prosperity Bancshares (NYSE:PB) last announced 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. The company had revenue of $459.00 million during the quarter, compared to analysts’ expectations 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 company posted $1.20 earnings per share. Sell-side analysts expect that Prosperity Bancshares, Inc. will post 5.05 EPS for the current year.

Prosperity Bancshares Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be issued a $0.58 dividend. The ex-dividend date of this dividend is Friday, December 13th. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.56. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.86%. Prosperity Bancshares’s dividend payout ratio is presently 47.56%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on PB. Piper Sandler raised their target price on Prosperity Bancshares from $73.00 to $80.00 and gave the stock an “overweight” rating in a research note on Thursday, July 25th. Barclays lifted their price objective on Prosperity Bancshares from $75.00 to $76.00 and gave the stock an “equal weight” rating in a report on Thursday, October 24th. Raymond James lowered Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price objective on the stock. in a report on Tuesday, September 17th. DA Davidson cut shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating and decreased their target price for the company from $80.00 to $78.00 in a research report on Tuesday, October 15th. Finally, Compass Point increased their price objective on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. Five investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Prosperity Bancshares currently has a consensus rating of “Moderate Buy” and an average price target of $78.96.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in PB. HighTower Advisors LLC increased its stake in Prosperity Bancshares by 5.0% in the third quarter. HighTower Advisors LLC now owns 21,660 shares of the bank’s stock valued at $1,562,000 after purchasing an additional 1,039 shares in the last quarter. Atom Investors LP raised its holdings in Prosperity Bancshares by 60.1% during the third quarter. Atom Investors LP now owns 47,573 shares of the bank’s stock worth $3,429,000 after acquiring an additional 17,857 shares in the last quarter. Paloma Partners Management Co acquired a new stake in shares of Prosperity Bancshares in the 3rd quarter valued at approximately $252,000. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Prosperity Bancshares in the 3rd quarter valued at about $370,000. 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 period. 80.69% of the stock is owned by institutional investors.

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.