Prosperity Bancshares, Inc. (NYSE:PB) Director Sells $91,564.00 in Stock

Prosperity Bancshares, Inc. (NYSE:PB) Director Leah Henderson sold 1,100 shares of Prosperity Bancshares stock in a transaction 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 transaction, the director now directly owns 7,525 shares in the company, valued at approximately $626,381. This represents a 12.75 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Prosperity Bancshares Stock Performance

Shares of PB opened at $84.15 on Thursday. Prosperity Bancshares, Inc. has a 52 week low of $57.16 and a 52 week high of $86.75. The firm has a market cap of $8.02 billion, a P/E ratio of 17.87, a price-to-earnings-growth ratio of 1.27 and a beta of 0.89. The firm’s 50-day simple moving average is $75.31 and its 200 day simple moving average is $69.39.

Prosperity Bancshares (NYSE:PB) last posted 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 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 quarter in the previous year, the firm posted $1.20 EPS. As a group, equities analysts forecast 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. Shareholders of record on Friday, December 13th will be issued a $0.58 dividend. The ex-dividend date is Friday, December 13th. This represents a $2.32 dividend on an annualized basis and a yield of 2.76%. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.56. Prosperity Bancshares’s payout ratio is currently 49.26%.

Institutional Trading of Prosperity Bancshares

A number of institutional investors have recently bought and sold shares of the business. M&T Bank Corp lifted its holdings in shares of Prosperity Bancshares by 0.3% during the 3rd quarter. M&T Bank Corp now owns 45,392 shares of the bank’s stock worth $3,272,000 after acquiring an additional 149 shares during the period. US Bancorp DE lifted its holdings in shares of Prosperity Bancshares by 3.4% during the 3rd quarter. US Bancorp DE now owns 4,720 shares of the bank’s stock worth $340,000 after acquiring an additional 153 shares during the period. GAMMA Investing LLC lifted its holdings in shares of Prosperity Bancshares by 59.6% during the 2nd quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock worth $29,000 after acquiring an additional 177 shares during the period. Tectonic Advisors LLC lifted its holdings in shares of Prosperity Bancshares by 3.0% during the 3rd quarter. Tectonic Advisors LLC now owns 7,058 shares of the bank’s stock worth $509,000 after acquiring an additional 206 shares during the period. Finally, Tidal Investments LLC lifted its holdings in shares of Prosperity Bancshares by 5.7% during the 3rd quarter. Tidal Investments LLC now owns 3,875 shares of the bank’s stock worth $279,000 after acquiring an additional 209 shares during the period. Institutional investors own 80.69% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on PB. Morgan Stanley raised shares of Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $75.00 to $86.00 in a research report on Monday, August 5th. Wedbush reaffirmed an “outperform” rating and issued a $90.00 price objective on shares of Prosperity Bancshares in a research report on Thursday, October 24th. Barclays boosted their price objective on shares of Prosperity Bancshares from $75.00 to $76.00 and gave the company an “equal weight” rating in a research report on Thursday, October 24th. Truist Financial cut shares of Prosperity Bancshares from a “buy” rating to a “hold” rating and cut their price objective for the company from $81.00 to $79.00 in a research report on Friday, September 20th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $77.00 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 assigned a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target 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.