Insider Selling: Prosperity Bancshares, Inc. (NYSE:PB) Director Sells 4,000 Shares of Stock

Prosperity Bancshares, Inc. (NYSE:PB) Director Harrison Stafford II sold 4,000 shares of the company’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $80.07, for a total transaction of $320,280.00. Following the completion of the sale, the director now directly owns 107,137 shares in the company, valued at approximately $8,578,459.59. The trade was a 3.60 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Prosperity Bancshares Trading Up 0.1 %

Shares of PB traded up $0.08 during mid-day trading on Monday, hitting $80.10. 65,392 shares of the company traded hands, compared to its average volume of 559,560. Prosperity Bancshares, Inc. has a one year low of $57.16 and a one year high of $86.75. The business has a 50-day moving average of $78.14 and a 200 day moving average of $71.16. The stock has a market capitalization of $7.63 billion, a price-to-earnings ratio of 16.99, a PEG ratio of 1.19 and a beta of 0.92.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.34 earnings per share for the quarter, beating the consensus estimate of $1.31 by $0.03. Prosperity Bancshares had a net margin of 25.39% and a return on equity of 6.46%. The business had revenue of $459.00 million for the quarter, compared to analyst estimates of $299.83 million. During the same period in the prior year, the business posted $1.20 earnings per share. As a group, analysts anticipate that Prosperity Bancshares, Inc. will post 5.05 earnings per share for the current 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 issued a $0.58 dividend. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.56. This represents a $2.32 annualized dividend and a yield of 2.90%. The ex-dividend date is Friday, December 13th. Prosperity Bancshares’s dividend payout ratio is currently 47.56%.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on PB. Raymond James cut shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price objective on the stock. in a research note on Tuesday, September 17th. Truist Financial cut shares of Prosperity Bancshares from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $81.00 to $79.00 in a research note on Friday, September 20th. Barclays upped their price objective on shares of Prosperity Bancshares from $76.00 to $84.00 and gave the stock an “equal weight” rating in a research note on Thursday, December 5th. Wedbush reaffirmed an “outperform” rating and set a $90.00 price objective on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $77.00 price objective on shares of Prosperity Bancshares in a research note on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $81.65.

Hedge Funds Weigh In On Prosperity Bancshares

Several large investors have recently bought and sold shares of PB. Raymond James & Associates lifted its holdings in Prosperity Bancshares by 8.0% in the second quarter. Raymond James & Associates now owns 29,860 shares of the bank’s stock valued at $1,826,000 after buying an additional 2,223 shares during the period. Fifth Third Bancorp raised its holdings in Prosperity Bancshares by 47.6% in the second quarter. Fifth Third Bancorp now owns 1,030 shares of the bank’s stock worth $63,000 after purchasing an additional 332 shares during the period. Retirement Systems of Alabama raised its holdings in Prosperity Bancshares by 0.6% in the second quarter. Retirement Systems of Alabama now owns 118,411 shares of the bank’s stock worth $7,240,000 after purchasing an additional 719 shares during the period. Ceredex Value Advisors LLC raised its holdings in Prosperity Bancshares by 2.4% in the second quarter. Ceredex Value Advisors LLC now owns 218,446 shares of the bank’s stock worth $13,473,000 after purchasing an additional 5,100 shares during the period. Finally, Bank of New York Mellon Corp raised its holdings in Prosperity Bancshares by 2.1% in the second quarter. Bank of New York Mellon Corp now owns 935,420 shares of the bank’s stock worth $57,192,000 after purchasing an additional 19,224 shares during the period. 80.69% of the stock is currently owned by institutional investors and hedge funds.

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.