Prosperity Bancshares, Inc. (NYSE:PB) Chairman Sells $346,000.00 in Stock

Prosperity Bancshares, Inc. (NYSE:PB) Chairman H E. Timanus, Jr. sold 4,000 shares of the business’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $86.50, for a total transaction of $346,000.00. Following the completion of the sale, the chairman now directly owns 229,953 shares of the company’s stock, valued at $19,890,934.50. This represents a 1.71 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Prosperity Bancshares Trading Down 0.7 %

PB stock opened at $84.17 on Friday. Prosperity Bancshares, Inc. has a 1-year low of $57.16 and a 1-year high of $86.75. The stock has a 50-day moving average price of $75.54 and a 200-day moving average price of $69.49. The firm has a market cap of $8.02 billion, a PE ratio of 17.87, a price-to-earnings-growth ratio of 1.25 and a beta of 0.89.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, topping the consensus estimate of $1.31 by $0.03. The company 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 last year, the firm posted $1.20 EPS. On average, analysts forecast that Prosperity Bancshares, Inc. will post 5.05 earnings per share 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 $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a yield of 2.76%. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.56. The ex-dividend date of this dividend is Friday, December 13th. Prosperity Bancshares’s payout ratio is presently 47.56%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in PB. M&T Bank Corp lifted its position in Prosperity Bancshares by 0.3% in the 3rd quarter. M&T Bank Corp now owns 45,392 shares of the bank’s stock valued at $3,272,000 after acquiring an additional 149 shares in the last quarter. US Bancorp DE grew its holdings in Prosperity Bancshares by 3.4% during the third quarter. US Bancorp DE now owns 4,720 shares of the bank’s stock worth $340,000 after buying an additional 153 shares in the last quarter. GAMMA Investing LLC raised its position 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 buying an additional 177 shares during the last quarter. Tectonic Advisors LLC boosted its holdings in 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 last quarter. Finally, Tidal Investments LLC raised its holdings in shares of Prosperity Bancshares by 5.7% in the third quarter. Tidal Investments LLC now owns 3,875 shares of the bank’s stock valued at $279,000 after purchasing an additional 209 shares during the last quarter. Institutional investors own 80.69% of the company’s stock.

Wall Street Analysts Forecast Growth

PB has been the topic of several recent analyst reports. Royal Bank of Canada reissued a “sector perform” rating and issued a $77.00 target price on shares of Prosperity Bancshares in a report on Thursday, October 24th. DA Davidson lowered Prosperity Bancshares from a “buy” rating to a “neutral” rating and decreased their price target for the company from $80.00 to $78.00 in a research note on Tuesday, October 15th. Morgan Stanley upgraded Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $75.00 to $86.00 in a research report on Monday, August 5th. Raymond James cut Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 target price on the stock. in a research report on Tuesday, September 17th. Finally, Wedbush reissued an “outperform” rating and issued a $90.00 target price on shares of Prosperity Bancshares in a report on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, Prosperity Bancshares currently 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.