Insider Selling: Prosperity Bancshares, Inc. (NYSE:PB) Director Sells $42,330.00 in Stock

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $84.66, for a total transaction of $42,330.00. Following the completion of the transaction, the director now owns 113,315 shares of the company’s stock, valued at $9,593,247.90. The trade was a 0.44 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Prosperity Bancshares Stock Up 0.0 %

PB opened at $83.38 on Thursday. Prosperity Bancshares, Inc. has a 52-week low of $57.16 and a 52-week high of $86.75. The company has a market cap of $7.94 billion, a P/E ratio of 17.70, a price-to-earnings-growth ratio of 1.24 and a beta of 0.92. The firm’s 50-day moving average price is $76.67 and its 200-day moving average price is $70.18.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, topping the consensus estimate of $1.31 by $0.03. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%. The business had revenue of $459.00 million for the quarter, compared to analyst estimates of $299.83 million. During the same quarter in the prior year, the firm posted $1.20 EPS. On average, research analysts anticipate that Prosperity Bancshares, Inc. will post 5.05 EPS for the current fiscal year.

Prosperity Bancshares Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be given a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.78%. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.56. The ex-dividend date is Friday, December 13th. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 47.56%.

Hedge Funds Weigh In On Prosperity Bancshares

Several institutional investors have recently bought and sold shares of PB. GAMMA Investing LLC increased its position in Prosperity Bancshares by 59.6% during the second quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock worth $29,000 after buying an additional 177 shares during the period. Quarry LP lifted its position in shares of Prosperity Bancshares by 533.3% in the second quarter. Quarry LP now owns 494 shares of the bank’s stock valued at $30,000 after acquiring an additional 416 shares in the last quarter. Quest Partners LLC lifted its position in Prosperity Bancshares by 3,147.1% during the second quarter. Quest Partners LLC now owns 552 shares of the bank’s stock worth $34,000 after buying an additional 535 shares during the period. Headlands Technologies LLC acquired a new stake in Prosperity Bancshares during the second quarter worth about $46,000. Finally, First Horizon Advisors Inc. increased its stake in Prosperity Bancshares by 190.0% during the third quarter. First Horizon Advisors Inc. now owns 815 shares of the bank’s stock worth $59,000 after acquiring an additional 534 shares during the last quarter. 80.69% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have commented on PB. Hovde Group boosted their price target on shares of Prosperity Bancshares from $80.50 to $82.50 and gave the stock an “outperform” rating in a research note on Monday, August 26th. Truist Financial lowered shares of Prosperity Bancshares from a “buy” rating to a “hold” rating and lowered their price target for the company from $81.00 to $79.00 in a report on Friday, September 20th. Royal Bank of Canada reissued a “sector perform” rating and set a $77.00 price objective on shares of Prosperity Bancshares in a research report on Thursday, October 24th. StockNews.com downgraded shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Friday, November 29th. Finally, Raymond James downgraded shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 target price on the stock. in a research report on Tuesday, September 17th. One analyst has rated the stock with a sell rating, four have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $79.95.

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.