H E. Timanus, Jr. Sells 4,000 Shares of Prosperity Bancshares, Inc. (NYSE:PB) Stock

Prosperity Bancshares, Inc. (NYSE:PB) Chairman H E. Timanus, Jr. sold 4,000 shares of Prosperity Bancshares stock in a transaction that occurred 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 completion of the transaction, the chairman now directly owns 229,953 shares in the company, valued at approximately $19,890,934.50. This represents a 1.71 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Prosperity Bancshares Stock Down 0.7 %

Shares of PB opened at $84.15 on Thursday. The business’s fifty day moving average is $75.31 and its 200 day moving average is $69.39. Prosperity Bancshares, Inc. has a 12-month low of $57.16 and a 12-month high of $86.75. The stock has a market cap of $8.02 billion, a P/E ratio of 17.87, a P/E/G ratio of 1.27 and a beta of 0.89.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.31 by $0.03. The firm had revenue of $459.00 million during the quarter, compared to analysts’ expectations 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 last year, the company earned $1.20 earnings per share. On average, analysts expect that Prosperity Bancshares, Inc. will post 5.05 EPS for the current year.

Prosperity Bancshares Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be issued a dividend of $0.58 per share. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.56. This represents a $2.32 dividend on an annualized basis and a yield of 2.76%. The ex-dividend date of this dividend is Friday, December 13th. Prosperity Bancshares’s payout ratio is currently 49.26%.

Institutional Trading of Prosperity Bancshares

Several institutional investors and hedge funds have recently modified their holdings of PB. Victory Capital Management Inc. grew its holdings in Prosperity Bancshares by 3.0% during the second quarter. Victory Capital Management Inc. now owns 6,359,165 shares of the bank’s stock worth $388,799,000 after buying an additional 184,453 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Prosperity Bancshares by 14.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,287,615 shares of the bank’s stock worth $262,141,000 after acquiring an additional 532,241 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Prosperity Bancshares by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 1,708,509 shares of the bank’s stock worth $123,162,000 after acquiring an additional 15,309 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Prosperity Bancshares by 0.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,183,295 shares of the bank’s stock valued at $85,280,000 after purchasing an additional 6,518 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its position in shares of Prosperity Bancshares by 2.1% during the second quarter. Bank of New York Mellon Corp now owns 935,420 shares of the bank’s stock valued at $57,192,000 after purchasing an additional 19,224 shares in the last quarter. 80.69% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have recently issued reports on PB shares. Wedbush restated an “outperform” rating and issued a $90.00 price target on shares of Prosperity Bancshares in a research report on Thursday, October 24th. StockNews.com lowered shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Wednesday, November 20th. Morgan Stanley upgraded Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $75.00 to $86.00 in a report on Monday, August 5th. Royal Bank of Canada reissued a “sector perform” rating and issued a $77.00 price objective on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Finally, 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. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $78.96.

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.