Leah Henderson Sells 1,050 Shares of Prosperity Bancshares (NYSE:PB) Stock

Prosperity Bancshares, Inc. (NYSE:PB) Director Leah Henderson sold 1,050 shares of the business’s stock in a transaction that occurred on Thursday, December 11th. The shares were sold at an average price of $73.00, for a total value of $76,650.00. Following the transaction, the director directly owned 8,075 shares in the company, valued at approximately $589,475. This represents a 11.51% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.

Prosperity Bancshares Price Performance

Shares of PB traded up $0.44 during mid-day trading on Thursday, reaching $73.40. 507,878 shares of the company’s stock traded hands, compared to its average volume of 800,899. The stock’s 50-day moving average is $66.46 and its two-hundred day moving average is $68.06. The stock has a market cap of $6.97 billion, a P/E ratio of 13.08, a P/E/G ratio of 1.04 and a beta of 0.70. Prosperity Bancshares, Inc. has a 12 month low of $61.06 and a 12 month high of $82.75.

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

Prosperity Bancshares Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 2nd. Stockholders of record on Monday, December 15th will be issued a dividend of $0.60 per share. The ex-dividend date is Monday, December 15th. This represents a $2.40 annualized dividend and a dividend yield of 3.3%. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.58. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 41.35%.

Institutional Investors Weigh In On Prosperity Bancshares

Large investors have recently bought and sold shares of the stock. Amundi purchased a new stake in Prosperity Bancshares in the first quarter valued at $4,060,000. PNC Financial Services Group Inc. increased its stake in Prosperity Bancshares by 9.2% in the 1st quarter. PNC Financial Services Group Inc. now owns 2,968 shares of the bank’s stock valued at $212,000 after buying an additional 249 shares during the period. Sequoia Financial Advisors LLC purchased a new position in Prosperity Bancshares during the second quarter worth about $572,000. Praxis Investment Management Inc. purchased a new stake in Prosperity Bancshares in the 2nd quarter valued at approximately $298,000. Finally, Boston Partners increased its position in Prosperity Bancshares by 68.9% during the 2nd quarter. Boston Partners now owns 554,502 shares of the bank’s stock worth $38,945,000 after purchasing an additional 226,232 shares during the period. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Analyst Ratings Changes

PB has been the topic of several recent analyst reports. Hovde Group lowered shares of Prosperity Bancshares from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 26th. Cantor Fitzgerald started coverage on shares of Prosperity Bancshares in a report on Wednesday, September 10th. They issued an “overweight” rating and a $78.00 price target on the stock. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Prosperity Bancshares in a research note on Wednesday, October 8th. Royal Bank Of Canada lowered their price target on Prosperity Bancshares from $78.00 to $72.00 and set a “sector perform” rating on the stock in a research report on Friday, October 10th. Finally, Piper Sandler cut their target price on shares of Prosperity Bancshares from $84.00 to $77.00 and set an “overweight” rating for the company in a research note on Thursday, October 30th. Ten equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus 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.