Prosperity Bancshares, Inc. (PB) Sees Large Volume Increase
Prosperity Bancshares, Inc. (NYSE:PB) shares saw strong trading volume on Wednesday . 545,749 shares traded hands during trading, an increase of 13% from the previous session’s volume of 481,429 shares.The stock last traded at $47.64 and had previously closed at $47.81.
PB has been the subject of a number of recent research reports. Deutsche Bank AG reiterated a “hold” rating on shares of Prosperity Bancshares in a research report on Sunday, March 20th. Royal Bank Of Canada increased their target price on shares of Prosperity Bancshares from $48.00 to $52.00 and gave the company a “sector perform” rating in a research report on Thursday, April 28th. Zacks Investment Research cut shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Tuesday, April 26th. FIG Partners cut shares of Prosperity Bancshares from an “outperform” rating to a “market perform” rating in a research report on Wednesday, April 27th. Finally, Evercore ISI upgraded shares of Prosperity Bancshares from a “hold” rating to a “buy” rating and set a $60.00 target price for the company in a research report on Thursday, June 9th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the stock. Prosperity Bancshares currently has an average rating of “Hold” and a consensus target price of $51.31.
The company has a market capitalization of $3.32 billion and a P/E ratio of 11.86. The firm has a 50-day moving average of $51.36 and a 200 day moving average of $46.55.
Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, April 27th. The company reported $0.98 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.96 by $0.02. During the same period in the previous year, the firm posted $1.05 earnings per share. On average, equities research analysts forecast that Prosperity Bancshares, Inc. will post $4.00 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, July 1st. Shareholders of record on Friday, June 17th were issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 2.52%. The ex-dividend date was Wednesday, June 15th.
In related news, Vice Chairman H E. Timanus, Jr. purchased 6,500 shares of the firm’s stock in a transaction on Monday, June 27th. The stock was purchased at an average price of $45.09 per share, for a total transaction of $293,085.00. Following the acquisition, the insider now directly owns 120,273 shares in the company, valued at $5,423,109.57. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.
A number of institutional investors recently added to or reduced their stakes in PB. Barrow Hanley Mewhinney & Strauss LLC boosted its position in Prosperity Bancshares by 18.3% in the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,443,479 shares of the company’s stock worth $69,085,000 after buying an additional 222,792 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Prosperity Bancshares by 14.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,178,775 shares of the company’s stock valued at $56,420,000 after buying an additional 153,057 shares during the period. Brown Advisory Inc. boosted its position in Prosperity Bancshares by 4.7% in the fourth quarter. Brown Advisory Inc. now owns 669,582 shares of the company’s stock valued at $32,046,000 after buying an additional 29,879 shares during the period. Jennison Associates LLC boosted its position in Prosperity Bancshares by 6.8% in the fourth quarter. Jennison Associates LLC now owns 454,700 shares of the company’s stock valued at $21,762,000 after buying an additional 29,086 shares during the period. Finally, State of Wisconsin Investment Board boosted its position in Prosperity Bancshares by 9.9% in the fourth quarter. State of Wisconsin Investment Board now owns 248,422 shares of the company’s stock valued at $11,889,000 after buying an additional 22,280 shares during the period.
Prosperity Bancshares, Inc is a financial holding company. The Company operates through its bank subsidiary, Prosperity Bank (the Bank). The Bank provides a range of financial products and services to small and medium-sized businesses and consumers. The Company’s additional products and services include trust services, brokerage, mortgage lending, credit card and independent sales organization (ISO) sponsorship operations.