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

Prosperity Bancshares, Inc. (NYSE:PB) Chairman H E. Timanus, Jr. sold 4,000 shares of the company’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $86.50, for a total value of $346,000.00. Following the transaction, the chairman now directly owns 229,953 shares in the company, valued at $19,890,934.50. The trade was a 1.71 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link.

Prosperity Bancshares Price Performance

Shares of NYSE PB traded down $0.34 during mid-day trading on Tuesday, hitting $84.73. The company had a trading volume of 552,691 shares, compared to its average volume of 572,559. Prosperity Bancshares, Inc. has a 12 month low of $57.16 and a 12 month high of $86.75. The firm has a market cap of $8.07 billion, a P/E ratio of 17.94, a PEG ratio of 1.26 and a beta of 0.89. The business’s 50-day simple moving average is $75.07 and its 200-day simple moving average is $69.24.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.31 by $0.03. The firm had revenue of $459.00 million during the quarter, compared to analyst estimates 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 prior year, the business posted $1.20 earnings per share. As a group, sell-side analysts predict that Prosperity Bancshares, Inc. will post 5.05 EPS for the current year.

Prosperity Bancshares Increases Dividend

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

Institutional Trading of Prosperity Bancshares

Several large investors have recently added to or reduced their stakes in PB. Advisors Asset Management Inc. bought a new stake in Prosperity Bancshares during the 1st quarter worth approximately $124,000. BOKF NA increased its stake in shares of Prosperity Bancshares by 3.8% in the first quarter. BOKF NA now owns 20,750 shares of the bank’s stock valued at $1,336,000 after buying an additional 750 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings 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 valued at $3,329,000 after buying an additional 2,706 shares during the last quarter. Westwood Holdings Group Inc. grew its holdings in Prosperity Bancshares by 68.2% during the 1st quarter. Westwood Holdings Group Inc. now owns 6,726 shares of the bank’s stock worth $442,000 after acquiring an additional 2,726 shares during the last quarter. Finally, Abich Financial Wealth Management LLC increased its position in Prosperity Bancshares by 12,433.3% in the 1st quarter. Abich Financial Wealth Management LLC now owns 752 shares of the bank’s stock valued at $49,000 after acquiring an additional 746 shares in the last quarter. 80.69% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have commented on PB. Truist Financial downgraded Prosperity Bancshares from a “buy” rating to a “hold” rating and lowered their target price for the company from $81.00 to $79.00 in a research note on Friday, September 20th. Wedbush reissued an “outperform” rating and issued a $90.00 price target on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Raymond James lowered shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price objective on the stock. in a research report on Tuesday, September 17th. Hovde Group boosted their target price on shares of Prosperity Bancshares from $80.50 to $82.50 and gave the stock an “outperform” rating in a research report on Monday, August 26th. Finally, StockNews.com downgraded shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Wednesday, November 20th. 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 stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target 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.