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

Prosperity Bancshares, Inc. (NYSE:PB) Director Harrison Stafford II sold 4,000 shares of the company’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $80.07, for a total transaction of $320,280.00. Following the sale, 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 sale was disclosed in a filing with the SEC, which is available through this hyperlink.

Prosperity Bancshares Stock Performance

NYSE:PB opened at $80.01 on Tuesday. Prosperity Bancshares, Inc. has a fifty-two week low of $57.16 and a fifty-two week high of $86.75. The company has a 50 day moving average price of $78.33 and a 200 day moving average price of $71.29. The stock has a market capitalization of $7.62 billion, a P/E ratio of 16.99, a PEG ratio of 1.19 and a beta of 0.92.

Prosperity Bancshares (NYSE:PB) last issued 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 return on equity of 6.46% and a net margin of 25.39%. The company had revenue of $459.00 million for the quarter, compared to the consensus estimate of $299.83 million. During the same quarter in the prior year, the business earned $1.20 EPS. Research analysts forecast that Prosperity Bancshares, Inc. will post 5.05 earnings per share for the current fiscal year.

Prosperity Bancshares Increases Dividend

The company 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 2.90%. The ex-dividend date of this dividend is Friday, December 13th. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.56. Prosperity Bancshares’s payout ratio is 47.56%.

Institutional Investors Weigh In On Prosperity Bancshares

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. M&T Bank Corp boosted its stake in 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 purchasing an additional 149 shares during the period. US Bancorp DE boosted its stake in shares of 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 during the period. Tectonic Advisors LLC grew its holdings in shares of Prosperity Bancshares by 3.0% during the third quarter. Tectonic Advisors LLC now owns 7,058 shares of the bank’s stock worth $509,000 after buying an additional 206 shares during the last quarter. Tidal Investments LLC raised its stake in Prosperity Bancshares by 5.7% during the 3rd quarter. Tidal Investments LLC now owns 3,875 shares of the bank’s stock valued at $279,000 after acquiring an additional 209 shares during the last quarter. Finally, GAMMA Investing LLC lifted its position in Prosperity Bancshares by 47.9% during the 3rd quarter. GAMMA Investing LLC now owns 701 shares of the bank’s stock worth $51,000 after acquiring an additional 227 shares during the period. 80.69% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PB has been the subject of a number of analyst reports. Wedbush restated an “outperform” rating and issued a $90.00 price target on shares of Prosperity Bancshares in a research report on Thursday, October 24th. Wolfe Research reaffirmed a “peer perform” rating on shares of Prosperity Bancshares in a research note on Thursday, December 5th. StockNews.com cut shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Friday, November 29th. Truist Financial cut shares of Prosperity Bancshares from a “buy” rating to a “hold” rating and cut their price objective for the stock from $81.00 to $79.00 in a research report on Friday, September 20th. Finally, Hovde Group increased their price target on shares of Prosperity Bancshares from $80.50 to $82.50 and gave the company an “outperform” rating in a research note on Monday, August 26th. One 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 data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $81.65.

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.