Prosperity Bancshares (NYSE:PB) Hits New 52-Week High – Here’s What Happened

Prosperity Bancshares, Inc. (NYSE:PB) shares reached a new 52-week high on Monday . The company traded as high as $86.71 and last traded at $85.66, with a volume of 79704 shares. The stock had previously closed at $84.30.

Analyst Ratings Changes

PB has been the topic of several analyst reports. Hovde Group increased their price objective on shares of Prosperity Bancshares from $80.50 to $82.50 and gave the company an “outperform” rating in a report on Monday, August 26th. StockNews.com lowered Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Wednesday, November 20th. Barclays lifted their price objective 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. Truist Financial lowered Prosperity Bancshares from a “buy” rating to a “hold” rating and decreased their target price for the stock from $81.00 to $79.00 in a research report on Friday, September 20th. Finally, DA Davidson downgraded shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating and cut their price target for the company from $80.00 to $78.00 in a research report on Tuesday, October 15th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, Prosperity Bancshares currently has a consensus rating of “Moderate Buy” and an average price target of $78.96.

Prosperity Bancshares Stock Down 0.4 %

The company’s fifty day moving average price is $75.07 and its two-hundred day moving average price is $69.24. The company has a market cap of $8.07 billion, a price-to-earnings ratio of 17.99, a PEG ratio of 1.27 and a beta of 0.89.

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

Prosperity Bancshares Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be given a dividend of $0.58 per share. The ex-dividend date is Friday, December 13th. This represents a $2.32 dividend on an annualized basis and a yield of 2.74%. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.56. Prosperity Bancshares’s dividend payout ratio is 47.56%.

Insider Transactions at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 500 shares of the stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $83.96, for a total transaction of $41,980.00. Following the completion of the transaction, the director now directly owns 114,315 shares in the company, valued at $9,597,887.40. This represents a 0.44 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Leah Henderson sold 1,100 shares of the firm’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $83.24, for a total value of $91,564.00. Following the completion of the transaction, the director now owns 7,525 shares of the company’s stock, valued at $626,381. The trade was a 12.75 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 6,100 shares of company stock valued at $520,264 in the last ninety days. 4.28% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Prosperity Bancshares

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. GAMMA Investing LLC lifted its stake in Prosperity Bancshares by 59.6% in the 2nd quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock valued at $29,000 after purchasing an additional 177 shares during the last quarter. Quarry LP raised its stake in 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 buying an additional 416 shares during the period. Quest Partners LLC lifted its position 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 last quarter. Abich Financial Wealth Management LLC boosted its stake in shares of Prosperity Bancshares by 12,433.3% during the 1st quarter. Abich Financial Wealth Management LLC now owns 752 shares of the bank’s stock worth $49,000 after acquiring an additional 746 shares during the period. Finally, Headlands Technologies LLC bought a new position in shares of Prosperity Bancshares during the 2nd quarter worth approximately $46,000. Institutional investors own 80.69% of the company’s stock.

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.