Prosperity Bancshares, Inc. (NYSE:PB) Director Sells $320,280.00 in Stock

Prosperity Bancshares, Inc. (NYSE:PB) Director Harrison Stafford II sold 4,000 shares of Prosperity Bancshares stock in a transaction on Friday, December 13th. The stock was sold at an average price of $80.07, for a total transaction of $320,280.00. Following the sale, the director now owns 107,137 shares of the company’s stock, valued at $8,578,459.59. The trade was a 3.60 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Prosperity Bancshares Price Performance

NYSE:PB opened at $75.30 on Thursday. The company has a 50 day moving average price of $78.49 and a 200-day moving average price of $71.40. Prosperity Bancshares, Inc. has a 1-year low of $57.16 and a 1-year high of $86.75. The firm has a market cap of $7.17 billion, a price-to-earnings ratio of 15.99, a price-to-earnings-growth ratio of 1.19 and a beta of 0.92.

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

Prosperity Bancshares Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be issued a $0.58 dividend. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.56. The ex-dividend date of this dividend is Friday, December 13th. This represents a $2.32 dividend on an annualized basis and a yield of 3.08%. Prosperity Bancshares’s dividend payout ratio is presently 49.26%.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Wedbush restated an “outperform” rating and issued a $90.00 target price on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Raymond James downgraded Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 target price for the company. in a report on Tuesday, September 17th. Truist Financial lowered Prosperity Bancshares from a “buy” rating to a “hold” rating and dropped their target price for the company from $81.00 to $79.00 in a research report on Friday, September 20th. Wolfe Research reissued a “peer perform” rating on shares of Prosperity Bancshares in a research report on Thursday, December 5th. Finally, Barclays upped their price objective on shares of Prosperity Bancshares from $76.00 to $84.00 and gave the company an “equal weight” rating in a report on Thursday, December 5th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $81.65.

Institutional Trading of Prosperity Bancshares

Several institutional investors have recently bought and sold shares of PB. Raymond James & Associates lifted its holdings in Prosperity Bancshares by 8.0% during the second quarter. Raymond James & Associates now owns 29,860 shares of the bank’s stock valued at $1,826,000 after purchasing an additional 2,223 shares in the last quarter. Fifth Third Bancorp boosted its holdings in Prosperity Bancshares by 47.6% in the 2nd quarter. Fifth Third Bancorp now owns 1,030 shares of the bank’s stock worth $63,000 after buying an additional 332 shares during the last quarter. Retirement Systems of Alabama boosted its holdings in Prosperity Bancshares by 0.6% in the 2nd quarter. Retirement Systems of Alabama now owns 118,411 shares of the bank’s stock worth $7,240,000 after buying an additional 719 shares during the last quarter. Ceredex Value Advisors LLC increased its stake in Prosperity Bancshares by 2.4% during the 2nd quarter. Ceredex Value Advisors LLC now owns 218,446 shares of the bank’s stock worth $13,473,000 after buying an additional 5,100 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its holdings 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 acquiring an additional 19,224 shares during the last quarter. 80.69% of the stock is owned by institutional investors and hedge funds.

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.