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

Prosperity Bancshares, Inc. (NYSE:PB) Chairman H E. Timanus, Jr. sold 4,000 shares of the company’s stock in a transaction that occurred on 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. The trade was a 1.71 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link.

Prosperity Bancshares Price Performance

Prosperity Bancshares stock opened at $84.73 on Wednesday. The company has a market cap of $8.07 billion, a price-to-earnings ratio of 17.99, a P/E/G ratio of 1.27 and a beta of 0.89. The firm has a 50-day moving average of $75.07 and a 200-day moving average of $69.24. Prosperity Bancshares, Inc. has a one year low of $57.16 and a one year high of $86.75.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.31 by $0.03. The company had revenue of $459.00 million for the quarter, compared to analysts’ expectations of $299.83 million. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%. During the same quarter in the prior year, the business posted $1.20 EPS. As a group, sell-side analysts expect that Prosperity Bancshares, Inc. will post 5.05 earnings per share for the current 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 paid a $0.58 dividend. The ex-dividend date is Friday, December 13th. This represents a $2.32 dividend on an annualized basis and a 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 currently 47.56%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Dimensional Fund Advisors LP grew its holdings in Prosperity Bancshares by 14.2% during the second quarter. Dimensional Fund Advisors LP now owns 4,287,615 shares of the bank’s stock worth $262,141,000 after purchasing an additional 532,241 shares during the period. Point72 Asset Management L.P. bought a new position in shares of Prosperity Bancshares during the 3rd quarter worth approximately $16,478,000. Victory Capital Management Inc. boosted its stake in shares of Prosperity Bancshares by 3.0% during the 2nd quarter. Victory Capital Management Inc. now owns 6,359,165 shares of the bank’s stock worth $388,799,000 after acquiring an additional 184,453 shares during the period. Amarillo National Bank acquired a new position in shares of Prosperity Bancshares during the 2nd quarter worth approximately $8,520,000. Finally, Thrivent Financial for Lutherans raised its stake in Prosperity Bancshares by 16.0% in the 2nd quarter. Thrivent Financial for Lutherans now owns 811,772 shares of the bank’s stock valued at $49,632,000 after acquiring an additional 112,101 shares during the period. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

PB has been the topic of several research analyst reports. Barclays raised their price objective on Prosperity Bancshares from $75.00 to $76.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 24th. StockNews.com cut Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Wednesday, November 20th. Hovde Group increased their target price on Prosperity Bancshares from $80.50 to $82.50 and gave the stock an “outperform” rating in a research note on Monday, August 26th. Morgan Stanley upgraded shares of Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $75.00 to $86.00 in a report on Monday, August 5th. Finally, 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 report on Tuesday, September 17th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the company currently 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.