Insider Selling: Prosperity Bancshares, Inc. (NYSE:PB) Director Sells $39,240.00 in Stock

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned S. Holmes sold 500 shares of the business’s stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $78.48, for a total value of $39,240.00. Following the completion of the sale, the director now directly owns 110,815 shares of the company’s stock, valued at approximately $8,696,761.20. The trade was a 0.45 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

Prosperity Bancshares Trading Up 1.1 %

PB opened at $74.95 on Friday. The stock has a market capitalization of $7.14 billion, a P/E ratio of 15.91, a P/E/G ratio of 1.19 and a beta of 0.92. Prosperity Bancshares, Inc. has a 12 month low of $57.16 and a 12 month high of $86.75. The firm’s fifty day simple moving average is $78.69 and its 200 day simple moving average is $71.62.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, beating analysts’ consensus estimates of $1.31 by $0.03. The company had revenue of $459.00 million for the quarter, compared to analyst estimates of $299.83 million. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%. During the same period in the previous year, the company posted $1.20 earnings per share. On average, equities research analysts predict that Prosperity Bancshares, Inc. will post 5.05 EPS for the current fiscal year.

Prosperity Bancshares Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be paid a dividend of $0.58 per share. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.56. This represents a $2.32 annualized dividend and a dividend yield of 3.10%. The ex-dividend date is Friday, December 13th. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 49.26%.

Institutional Trading of Prosperity Bancshares

Hedge funds and other institutional investors have recently made changes to their positions in the business. Amica Mutual Insurance Co. increased its stake in Prosperity Bancshares by 41.9% in the 2nd quarter. Amica Mutual Insurance Co. now owns 157,770 shares of the bank’s stock valued at $9,646,000 after buying an additional 46,593 shares during the last quarter. Los Angeles Capital Management LLC bought a new position in Prosperity Bancshares in the third quarter valued at approximately $4,804,000. Prospector Partners LLC increased its position in shares of Prosperity Bancshares by 24.6% during the 3rd quarter. Prospector Partners LLC now owns 228,992 shares of the bank’s stock worth $16,503,000 after purchasing an additional 45,177 shares during the last quarter. Thrivent Financial for Lutherans raised its stake in shares of Prosperity Bancshares by 16.0% during the 2nd quarter. Thrivent Financial for Lutherans now owns 811,772 shares of the bank’s stock worth $49,632,000 after purchasing an additional 112,101 shares in the last quarter. Finally, US Bancorp DE boosted its holdings in shares of Prosperity Bancshares by 3.4% in the 3rd quarter. US Bancorp DE now owns 4,720 shares of the bank’s stock valued at $340,000 after buying an additional 153 shares during the last quarter. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on PB shares. StockNews.com lowered Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Friday, November 29th. Raymond James lowered shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price target on the stock. in a research report on Tuesday, September 17th. Truist Financial cut shares of Prosperity Bancshares from a “buy” rating to a “hold” rating and lowered their price objective for the company from $81.00 to $79.00 in a research report on Friday, September 20th. Wedbush reaffirmed an “outperform” rating and set a $90.00 price objective on shares of Prosperity Bancshares in a report on Thursday, October 24th. Finally, Hovde Group boosted their target price on Prosperity Bancshares from $80.50 to $82.50 and gave the stock an “outperform” rating in a research report on Monday, August 26th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, Prosperity Bancshares presently has an average rating of “Hold” and an average price target of $82.05.

About Prosperity Bancshares

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.