Prosperity Bancshares (NYSE:PB) Director Sells $56,608.00 in Stock

Prosperity Bancshares, Inc. (NYSE:PB) Director Harrison Stafford II sold 800 shares of Prosperity Bancshares stock in a transaction dated Thursday, December 4th. The shares were sold at an average price of $70.76, for a total value of $56,608.00. Following the completion of the sale, the director owned 107,937 shares of the company’s stock, valued at $7,637,622.12. This trade represents a 0.74% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Prosperity Bancshares Stock Up 0.3%

Shares of PB stock traded up $0.18 during trading hours on Thursday, hitting $70.23. 997,779 shares of the company were exchanged, compared to its average volume of 798,718. Prosperity Bancshares, Inc. has a 1 year low of $61.06 and a 1 year high of $83.77. The firm has a fifty day moving average of $66.00 and a 200 day moving average of $68.05. The firm has a market cap of $6.67 billion, a PE ratio of 12.52, a PEG ratio of 1.03 and a beta of 0.70.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings results on Wednesday, October 29th. The bank reported $1.45 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.45. The company had revenue of $314.67 million for the quarter, compared to analyst estimates of $317.94 million. Prosperity Bancshares had a net margin of 30.28% and a return on equity of 7.06%. Prosperity Bancshares’s revenue for the quarter was up 3.9% on a year-over-year basis. During the same quarter last year, the business earned $1.34 EPS. Analysts expect that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Investors of record on Monday, December 15th will be given a dividend of $0.60 per share. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.58. The ex-dividend date of this dividend is Monday, December 15th. This represents a $2.40 dividend on an annualized basis and a yield of 3.4%. Prosperity Bancshares’s dividend payout ratio is currently 42.78%.

Institutional Trading of Prosperity Bancshares

Several large investors have recently added to or reduced their stakes in PB. Vanguard Group Inc. lifted its holdings in shares of Prosperity Bancshares by 4.8% during the 3rd quarter. Vanguard Group Inc. now owns 10,116,892 shares of the bank’s stock worth $671,256,000 after acquiring an additional 465,227 shares during the period. State Street Corp raised its position in Prosperity Bancshares by 6.6% in the third quarter. State Street Corp now owns 5,580,039 shares of the bank’s stock worth $373,231,000 after purchasing an additional 343,062 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Prosperity Bancshares by 0.6% during the third quarter. Dimensional Fund Advisors LP now owns 4,784,022 shares of the bank’s stock valued at $317,416,000 after purchasing an additional 28,994 shares in the last quarter. AQR Capital Management LLC grew its stake in shares of Prosperity Bancshares by 43.6% in the 3rd quarter. AQR Capital Management LLC now owns 3,421,408 shares of the bank’s stock valued at $226,531,000 after purchasing an additional 1,038,246 shares during the period. Finally, T. Rowe Price Investment Management Inc. raised its holdings in shares of Prosperity Bancshares by 14.6% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 3,232,995 shares of the bank’s stock worth $230,739,000 after buying an additional 412,283 shares in the last quarter. 80.69% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PB has been the topic of several recent research reports. Weiss Ratings restated a “hold (c)” rating on shares of Prosperity Bancshares in a report on Wednesday, October 8th. TD Cowen upped their price target on Prosperity Bancshares from $79.00 to $83.00 and gave the stock a “buy” rating in a report on Friday, October 31st. Piper Sandler lowered their price objective on shares of Prosperity Bancshares from $84.00 to $77.00 and set an “overweight” rating for the company in a research report on Thursday, October 30th. Stephens raised their price target on shares of Prosperity Bancshares from $77.00 to $81.00 and gave the company an “overweight” rating in a report on Thursday, October 30th. Finally, Hovde Group cut shares of Prosperity Bancshares from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 26th. Ten equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $80.21.

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.