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

Prosperity Bancshares, Inc. (NYSE:PB) was the target of a significant growth in short interest during the month of January. As of January 30th, there was short interest totaling 3,980,071 shares, a growth of 38.9% from the January 15th total of 2,865,066 shares. Approximately 4.4% of the shares of the stock are sold short. Based on an average trading volume of 1,548,725 shares, the days-to-cover ratio is presently 2.6 days. Based on an average trading volume of 1,548,725 shares, the days-to-cover ratio is presently 2.6 days. Approximately 4.4% of the shares of the stock are sold short.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on PB shares. Stephens increased their target price on Prosperity Bancshares from $77.00 to $81.00 and gave the stock an “overweight” rating in a research report on Thursday, October 30th. Piper Sandler downgraded Prosperity Bancshares from an “overweight” rating to a “neutral” rating and cut their price target for the stock from $77.00 to $74.00 in a research note on Thursday, January 29th. DA Davidson reissued a “neutral” rating and set a $76.00 price objective on shares of Prosperity Bancshares in a research report on Thursday, January 29th. Barclays downgraded Prosperity Bancshares from an “equal weight” rating to an “underweight” rating and dropped their price target for the stock from $75.00 to $68.00 in a research note on Monday, February 2nd. Finally, Raymond James Financial lowered shares of Prosperity Bancshares from an “outperform” rating to a “market perform” rating in a research report on Wednesday, January 7th. Seven equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Prosperity Bancshares has an average rating of “Hold” and an average target price of $78.77.

Insider Buying and Selling at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 600 shares of Prosperity Bancshares stock in a transaction that occurred on Wednesday, February 11th. The stock was sold at an average price of $76.07, for a total value of $45,642.00. Following the transaction, the director directly owned 41,900 shares of the company’s stock, valued at $3,187,333. The trade was a 1.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last 90 days, insiders sold 16,150 shares of company stock worth $1,145,403. Company insiders own 4.20% of the company’s stock.

Institutional Trading of Prosperity Bancshares

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Prosperity Bancshares by 21.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 30,198 shares of the bank’s stock valued at $2,155,000 after acquiring an additional 5,326 shares during the last quarter. NewEdge Advisors LLC raised its holdings in Prosperity Bancshares by 36.8% during the 1st quarter. NewEdge Advisors LLC now owns 7,295 shares of the bank’s stock valued at $521,000 after buying an additional 1,962 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Prosperity Bancshares by 5.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 346,151 shares of the bank’s stock valued at $24,705,000 after acquiring an additional 17,345 shares during the period. Jane Street Group LLC boosted its position in shares of Prosperity Bancshares by 182.8% during the first quarter. Jane Street Group LLC now owns 104,755 shares of the bank’s stock valued at $7,476,000 after buying an additional 67,712 shares during the last quarter. Finally, Sivia Capital Partners LLC bought a new stake in Prosperity Bancshares during the second quarter valued at approximately $359,000. Institutional investors and hedge funds own 80.69% of the company’s stock.

Prosperity Bancshares Stock Performance

Shares of Prosperity Bancshares stock traded up $0.38 on Tuesday, reaching $73.01. 198,465 shares of the company were exchanged, compared to its average volume of 1,320,736. The firm has a market cap of $6.94 billion, a price-to-earnings ratio of 12.73, a P/E/G ratio of 1.02 and a beta of 0.67. Prosperity Bancshares has a 1-year low of $61.06 and a 1-year high of $78.99. The company’s 50-day moving average is $71.79 and its two-hundred day moving average is $68.51.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings data on Wednesday, January 28th. The bank reported $1.46 EPS for the quarter, topping analysts’ consensus estimates of $1.45 by $0.01. Prosperity Bancshares had a return on equity of 7.11% and a net margin of 31.22%.The company had revenue of $317.73 million for the quarter, compared to the consensus estimate of $319.30 million. During the same quarter in the previous year, the business earned $1.37 EPS. The company’s quarterly revenue was down 5.9% compared to the same quarter last year. As a group, sell-side analysts forecast that Prosperity Bancshares will post 5.83 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Friday, March 13th will be given a dividend of $0.60 per share. The ex-dividend date of this dividend is Friday, March 13th. This represents a $2.40 annualized dividend and a yield of 3.3%. Prosperity Bancshares’s dividend payout ratio is 41.88%.

About Prosperity Bancshares

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.