Harrison Stafford II Sells 4,000 Shares of Prosperity Bancshares, Inc. (NYSE:PB) Stock

Prosperity Bancshares, Inc. (NYSE:PB) Director Harrison Stafford II sold 4,000 shares of Prosperity Bancshares stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $80.07, for a total value of $320,280.00. Following the completion of the transaction, the director now directly owns 107,137 shares of the company’s stock, valued at approximately $8,578,459.59. This represents a 3.60 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Prosperity Bancshares Stock Down 1.9 %

NYSE PB opened at $78.44 on Wednesday. The firm has a market capitalization of $7.47 billion, a P/E ratio of 16.65, a PEG ratio of 1.19 and a beta of 0.92. The company has a 50-day moving average price of $78.33 and a 200-day moving average price of $71.29. Prosperity Bancshares, Inc. has a 52 week low of $57.16 and a 52 week high of $86.75.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share for the quarter, topping the consensus estimate of $1.31 by $0.03. Prosperity Bancshares had a net margin of 25.39% and a return on equity of 6.46%. The business had revenue of $459.00 million for the quarter, compared to the consensus estimate of $299.83 million. During the same period last year, the firm earned $1.20 earnings per share. As a group, equities research analysts anticipate that Prosperity Bancshares, Inc. will post 5.05 EPS for the current year.

Prosperity Bancshares Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be issued a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a yield of 2.96%. The ex-dividend date of this dividend is Friday, December 13th. This is a positive change 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 hedge funds and other institutional investors have recently bought and sold shares of the stock. Amica Mutual Insurance Co. boosted its holdings in Prosperity Bancshares by 41.9% in the 2nd quarter. Amica Mutual Insurance Co. now owns 157,770 shares of the bank’s stock worth $9,646,000 after buying an additional 46,593 shares during the period. Los Angeles Capital Management LLC bought a new position in shares of Prosperity Bancshares in the third quarter worth about $4,804,000. Prospector Partners LLC grew its position in shares of Prosperity Bancshares by 24.6% during the third quarter. Prospector Partners LLC now owns 228,992 shares of the bank’s stock worth $16,503,000 after purchasing an additional 45,177 shares in the last quarter. Thrivent Financial for Lutherans raised its stake in Prosperity Bancshares by 16.0% during the 2nd quarter. Thrivent Financial for Lutherans now owns 811,772 shares of the bank’s stock valued at $49,632,000 after purchasing an additional 112,101 shares during the period. Finally, US Bancorp DE lifted its holdings in Prosperity Bancshares by 3.4% in the 3rd quarter. US Bancorp DE now owns 4,720 shares of the bank’s stock worth $340,000 after purchasing an additional 153 shares in the last quarter. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Analyst Upgrades and Downgrades

PB has been the subject of several recent analyst reports. Raymond James cut shares of 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. 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. Wolfe Research reissued a “peer perform” rating on shares of Prosperity Bancshares in a report on Thursday, December 5th. DA Davidson downgraded Prosperity Bancshares from a “buy” rating to a “neutral” rating and lowered their price target for the company from $80.00 to $78.00 in a report on Tuesday, October 15th. Finally, Truist Financial downgraded Prosperity Bancshares from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $81.00 to $79.00 in a report on Friday, September 20th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, Prosperity Bancshares currently has an average rating of “Hold” and an average price target of $81.65.

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.