Prosperity Bancshares, Inc. (NYSE:PB) Short Interest Update

Prosperity Bancshares, Inc. (NYSE:PB) was the recipient of a large increase in short interest in the month of February. As of February 13th, there was short interest totaling 5,822,511 shares, an increase of 46.3% from the January 29th total of 3,980,071 shares. Based on an average daily volume of 1,755,776 shares, the short-interest ratio is presently 3.3 days. Currently, 6.4% of the shares of the company are sold short. Currently, 6.4% of the shares of the company are sold short. Based on an average daily volume of 1,755,776 shares, the short-interest ratio is presently 3.3 days.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on PB. Hovde Group lifted their target price on shares of Prosperity Bancshares from $75.00 to $77.00 and gave the company an “outperform” rating in a research report on Thursday, January 29th. Barclays cut Prosperity Bancshares from an “equal weight” rating to an “underweight” rating and lowered their price objective for the stock from $75.00 to $68.00 in a report on Monday, February 2nd. Piper Sandler cut Prosperity Bancshares from an “overweight” rating to a “neutral” rating and reduced their target price for the company from $77.00 to $74.00 in a report on Thursday, January 29th. TD Cowen restated a “buy” rating on shares of Prosperity Bancshares in a research report on Wednesday, January 7th. Finally, Raymond James Financial cut Prosperity Bancshares from an “outperform” rating to a “market perform” rating in a research report on Wednesday, January 7th. Seven investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $78.77.

Insider Transactions at Prosperity Bancshares

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction on Wednesday, February 25th. The shares were sold at an average price of $71.31, for a total value of $35,655.00. Following the completion of the transaction, the director owned 81,415 shares of the company’s stock, valued at approximately $5,805,703.65. The trade was a 0.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold 15,050 shares of company stock worth $1,075,486 over the last quarter. Corporate insiders own 4.20% of the company’s stock.

Institutional Trading of Prosperity Bancshares

Several institutional investors and hedge funds have recently bought and sold shares of PB. Mather Group LLC. acquired a new stake in shares of Prosperity Bancshares during the third quarter valued at about $26,000. Community Bank N.A. acquired a new stake in Prosperity Bancshares in the 3rd quarter valued at approximately $29,000. Danske Bank A S purchased a new stake in Prosperity Bancshares in the third quarter valued at approximately $40,000. Annis Gardner Whiting Capital Advisors LLC acquired a new position in Prosperity Bancshares during the third quarter worth $42,000. Finally, Employees Retirement System of Texas purchased a new position in shares of Prosperity Bancshares during the second quarter worth $48,000. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

Prosperity Bancshares Trading Down 3.0%

Prosperity Bancshares stock traded down $2.18 during midday trading on Friday, hitting $70.33. 1,724,787 shares of the stock were exchanged, compared to its average volume of 1,354,446. The stock’s 50-day simple moving average is $71.80 and its 200 day simple moving average is $68.86. Prosperity Bancshares has a fifty-two week low of $61.06 and a fifty-two week high of $77.92. The stock has a market capitalization of $6.68 billion, a price-to-earnings ratio of 12.27, a PEG ratio of 0.99 and a beta of 0.67.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings results on Wednesday, January 28th. The bank reported $1.46 earnings per share for the quarter, beating the consensus estimate of $1.45 by $0.01. The business had revenue of $317.73 million during the quarter, compared to analysts’ expectations of $319.30 million. Prosperity Bancshares had a net margin of 31.22% and a return on equity of 7.11%. The business’s revenue for the quarter was down 5.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.37 EPS. Equities analysts anticipate that Prosperity Bancshares will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th will be paid a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 3.4%. The ex-dividend date of this dividend is Friday, March 13th. Prosperity Bancshares’s dividend payout ratio is 41.88%.

Prosperity Bancshares Company Profile

Prosperity Bancshares, Inc is a holding company for Prosperity Bank, offering a broad range of commercial and consumer banking services across Texas, Oklahoma, Arkansas and Louisiana. Through its network of branches and digital platforms, the company provides deposit products, business and real estate lending, treasury management, mortgage origination and servicing, as well as wealth management and trust services.

Originally chartered in 1911 as First National Bank in McKinney, Texas, the organization rebranded to Prosperity Bank in 2009 following a series of strategic acquisitions aimed at deepening its regional presence.