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

Prosperity Bancshares, Inc. (NYSE:PB - Get Free Report) Director Harrison Stafford II sold 4,000 shares of the company's stock in a transaction that occurred 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 directly owns 107,137 shares of the company's stock, valued at approximately $8,578,459.59. This trade represents a 3.60 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.

Prosperity Bancshares Stock Performance

Prosperity Bancshares stock traded down $0.01 during mid-day trading on Monday, reaching $80.01. The stock had a trading volume of 433,357 shares, compared to its average volume of 561,116. Prosperity Bancshares, Inc. has a fifty-two week low of $57.16 and a fifty-two week high of $86.75. The stock's 50-day simple moving average is $78.14 and its 200-day simple moving average is $71.16. The firm has a market capitalization of $7.62 billion, a PE ratio of 16.99, a price-to-earnings-growth ratio of 1.19 and a beta of 0.92.

Prosperity Bancshares (NYSE:PB - Get Free Report) last issued its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.34 earnings per share (EPS) 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 firm had revenue of $459.00 million during the quarter, compared to analysts' expectations of $299.83 million. During the same period last year, the company earned $1.20 earnings per share. On average, research analysts forecast that Prosperity Bancshares, Inc. will post 5.05 earnings per share for the current fiscal year.

Prosperity Bancshares Increases Dividend

The business 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 dividend of $0.58 per share. This is a boost from Prosperity Bancshares's previous quarterly dividend of $0.56. The ex-dividend date is Friday, December 13th. This represents a $2.32 annualized dividend and a dividend yield of 2.90%. Prosperity Bancshares's payout ratio is presently 47.56%.

Institutional Investors Weigh In On Prosperity Bancshares

A number of institutional investors and hedge funds have recently bought and sold shares of PB. Quarry LP lifted its position in shares of Prosperity Bancshares by 533.3% during the 2nd quarter. Quarry LP now owns 494 shares of the bank's stock worth $30,000 after buying an additional 416 shares in the last quarter. Quest Partners LLC increased its position in shares of Prosperity Bancshares by 3,147.1% during the second quarter. Quest Partners LLC now owns 552 shares of the bank's stock valued at $34,000 after acquiring an additional 535 shares during the last quarter. GAMMA Investing LLC lifted its holdings in Prosperity Bancshares by 47.9% during the third 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. Headlands Technologies LLC purchased a new position in Prosperity Bancshares in the second quarter worth $46,000. Finally, First Horizon Advisors Inc. grew its stake in Prosperity Bancshares by 190.0% in the 3rd quarter. First Horizon Advisors Inc. now owns 815 shares of the bank's stock valued at $59,000 after purchasing an additional 534 shares during the period. 80.69% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have commented on PB. Truist Financial downgraded 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. Raymond James cut shares of Prosperity Bancshares from a "strong-buy" rating to an "outperform" rating and set a $80.00 price target for the company. in a research report on Tuesday, September 17th. StockNews.com lowered shares of Prosperity Bancshares from a "hold" rating to a "sell" rating in a report on Friday, November 29th. Barclays boosted their price objective on shares of Prosperity Bancshares from $76.00 to $84.00 and gave the stock an "equal weight" rating in a research note on Thursday, December 5th. Finally, Wedbush reaffirmed an "outperform" rating and set a $90.00 target price on shares of Prosperity Bancshares in a research report on Thursday, October 24th. One research analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat, Prosperity Bancshares currently has an average rating of "Hold" and an average 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.