Insider Selling: Prosperity Bancshares, Inc. (NYSE:PB) Director Sells 1,100 Shares of Stock

Prosperity Bancshares, Inc. (NYSE:PB) Director Leah Henderson sold 1,100 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $83.24, for a total transaction of $91,564.00. Following the completion of the transaction, the director now directly owns 7,525 shares in the company, valued at $626,381. This trade represents a 12.75 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Prosperity Bancshares Stock Up 1.2 %

NYSE PB traded up $1.00 on Monday, reaching $85.30. 479,923 shares of the stock traded hands, compared to its average volume of 571,232. 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 $74.83 and its 200 day simple moving average is $69.08. The company has a market cap of $8.13 billion, a price-to-earnings ratio of 17.90, a P/E/G ratio of 1.26 and a beta of 0.89.

Prosperity Bancshares (NYSE:PB) last released its earnings results on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, topping analysts’ consensus estimates of $1.31 by $0.03. The business had revenue of $459.00 million for the quarter, compared to the consensus estimate of $299.83 million. Prosperity Bancshares had a net margin of 25.39% and a return on equity of 6.46%. During the same period in the previous year, the firm earned $1.20 EPS. As a group, equities research analysts forecast that Prosperity Bancshares, Inc. will post 5.05 EPS for the current fiscal year.

Prosperity Bancshares Increases Dividend

The business also recently disclosed 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. The ex-dividend date of this dividend is Friday, December 13th. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.56. This represents a $2.32 annualized dividend and a dividend yield of 2.72%. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 47.56%.

Institutional Investors Weigh In On Prosperity Bancshares

Institutional investors and hedge funds have recently modified their holdings of the stock. Advisors Asset Management Inc. acquired a new stake in Prosperity Bancshares during the 1st quarter valued at $124,000. BOKF NA grew its stake in Prosperity Bancshares by 3.8% during the 1st quarter. BOKF NA now owns 20,750 shares of the bank’s stock valued at $1,336,000 after acquiring an additional 750 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Prosperity Bancshares by 5.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 50,602 shares of the bank’s stock worth $3,329,000 after purchasing an additional 2,706 shares in the last quarter. Interval Partners LP boosted its holdings in shares of Prosperity Bancshares by 2.5% during the first quarter. Interval Partners LP now owns 118,368 shares of the bank’s stock worth $7,786,000 after purchasing an additional 2,833 shares during the period. Finally, Westwood Holdings Group Inc. grew its position in Prosperity Bancshares by 68.2% during the first quarter. Westwood Holdings Group Inc. now owns 6,726 shares of the bank’s stock valued at $442,000 after purchasing an additional 2,726 shares in the last quarter. 80.69% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several 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 Wednesday, November 20th. Royal Bank of Canada restated a “sector perform” rating and issued a $77.00 price objective on shares of Prosperity Bancshares in a report on Thursday, October 24th. Barclays increased their target price on Prosperity Bancshares from $75.00 to $76.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 24th. DA Davidson downgraded shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $80.00 to $78.00 in a research note on Tuesday, October 15th. Finally, Wedbush reaffirmed an “outperform” rating and set a $90.00 price objective on shares of Prosperity Bancshares in a research report on Thursday, October 24th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, Prosperity Bancshares has a consensus rating of “Moderate Buy” and an average target price of $78.96.

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.