Prosperity Bancshares, Inc. (NYSE:PB) Short Interest Down 29.3% in December

Prosperity Bancshares, Inc. (NYSE:PB) was the recipient of a large decrease in short interest in December. As of December 31st, there was short interest totalling 1,300,000 shares, a decrease of 29.3% from the December 15th total of 1,840,000 shares. Based on an average daily trading volume, of 514,400 shares, the days-to-cover ratio is currently 2.5 days. Approximately 1.4% of the shares of the company are sold short.

Insider Buying and Selling at Prosperity Bancshares

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $84.66, for a total value of $42,330.00. Following the completion of the transaction, the director now directly 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman H E. Timanus, Jr. sold 4,000 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $86.50, for a total value of $346,000.00. Following the sale, the chairman now directly owns 229,953 shares in the company, valued at approximately $19,890,934.50. This trade represents a 1.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 13,600 shares of company stock valued at $1,117,424 in the last ninety days. 4.28% of the stock is currently owned by corporate insiders.

Institutional Trading of Prosperity Bancshares

Several institutional investors have recently modified their holdings of the business. Quarry LP lifted its holdings in Prosperity Bancshares by 533.3% during the 2nd quarter. Quarry LP now owns 494 shares of the bank’s stock worth $30,000 after buying an additional 416 shares during the period. Quest Partners LLC increased its stake in shares of Prosperity Bancshares by 3,147.1% in the second quarter. Quest Partners LLC now owns 552 shares of the bank’s stock valued at $34,000 after buying an additional 535 shares during the period. GAMMA Investing LLC raised its position in shares of Prosperity Bancshares by 47.9% during the third quarter. GAMMA Investing LLC now owns 701 shares of the bank’s stock worth $51,000 after acquiring an additional 227 shares during the last quarter. Headlands Technologies LLC acquired a new position in shares of Prosperity Bancshares in the second quarter worth approximately $46,000. Finally, First Horizon Advisors Inc. boosted its holdings in Prosperity Bancshares by 190.0% in the third quarter. First Horizon Advisors Inc. now owns 815 shares of the bank’s stock valued at $59,000 after acquiring an additional 534 shares during the last quarter. Institutional investors own 80.69% of the company’s stock.

Prosperity Bancshares Stock Up 1.5 %

Shares of PB stock traded up $1.13 during mid-day trading on Wednesday, reaching $78.73. 447,246 shares of the stock traded hands, compared to its average volume of 493,894. The stock’s fifty day simple moving average is $79.38 and its two-hundred day simple moving average is $73.64. Prosperity Bancshares has a 1-year low of $57.16 and a 1-year high of $86.75. The company has a market cap of $7.50 billion, a price-to-earnings ratio of 16.72, a price-to-earnings-growth ratio of 1.19 and a beta of 0.93.

Prosperity Bancshares (NYSE:PB) last posted its earnings results 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 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 the consensus estimate of $299.83 million. During the same period last year, the company earned $1.20 EPS. On average, equities research analysts anticipate that Prosperity Bancshares will post 5.05 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Royal Bank of Canada reissued a “sector perform” rating and issued a $77.00 target price on shares of Prosperity Bancshares in a report on Thursday, October 24th. Bank of America raised shares of Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $80.00 price objective on the stock in a research note on Tuesday, January 7th. Raymond James cut Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 target price for the company. in a research note on Tuesday, September 17th. Wedbush reiterated an “outperform” rating and issued a $90.00 price target on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Finally, Wolfe Research restated a “peer perform” rating on shares of Prosperity Bancshares in a research report on Thursday, December 5th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, Prosperity Bancshares presently has an average rating of “Hold” and an average price target of $81.38.

Prosperity Bancshares Company Profile

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.