Insider Selling: Prosperity Bancshares, Inc. (NYSE:PB) Director Sells 500 Shares of Stock

Prosperity Bancshares, Inc. (NYSE:PB - Get Free Report) Director Ned S. Holmes sold 500 shares of the business's stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $75.25, for a total transaction of $37,625.00. Following the completion of the transaction, the director now directly owns 109,815 shares in the company, valued at $8,263,578.75. This trade represents a 0.45 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link.

Prosperity Bancshares Trading Down 0.3 %

Shares of PB stock traded down $0.23 during trading hours on Monday, reaching $74.80. 406,951 shares of the stock were exchanged, compared to its average volume of 397,250. Prosperity Bancshares, Inc. has a 12-month low of $57.16 and a 12-month high of $86.75. The firm has a market capitalization of $7.13 billion, a price-to-earnings ratio of 15.88, a price-to-earnings-growth ratio of 1.19 and a beta of 0.93. The company's 50-day moving average price is $79.20 and its 200-day moving average price is $73.00.

Prosperity Bancshares (NYSE:PB - Get Free Report) last released its earnings results on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, beating analysts' consensus estimates of $1.31 by $0.03. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%. The firm had revenue of $459.00 million for the quarter, compared to analysts' expectations of $299.83 million. During the same quarter in the prior year, the firm posted $1.20 earnings per share. On average, sell-side analysts expect that Prosperity Bancshares, Inc. will post 5.05 EPS for the current year.

Prosperity Bancshares Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th were paid a dividend of $0.58 per share. This is a positive change from Prosperity Bancshares's previous quarterly dividend of $0.56. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.10%. The ex-dividend date of this dividend was Friday, December 13th. Prosperity Bancshares's payout ratio is currently 49.26%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Los Angeles Capital Management LLC bought a new stake in Prosperity Bancshares during the 3rd quarter valued at $4,804,000. Prospector Partners LLC increased its stake 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 valued at $16,503,000 after buying an additional 45,177 shares during the period. Thrivent Financial for Lutherans raised its holdings in shares of Prosperity Bancshares by 16.0% in the second 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 in the last quarter. Sanctuary Advisors LLC purchased a new stake in Prosperity Bancshares in the third quarter worth about $372,000. Finally, US Bancorp DE lifted its stake in Prosperity Bancshares by 3.4% in the third quarter. US Bancorp DE now owns 4,720 shares of the bank's stock worth $340,000 after acquiring an additional 153 shares during the period. 80.69% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the company. Truist Financial cut Prosperity Bancshares from a "buy" rating to a "hold" rating and reduced their target price for the stock from $81.00 to $79.00 in a report on Friday, September 20th. Barclays lifted their price objective on Prosperity Bancshares from $84.00 to $88.00 and gave the stock an "equal weight" rating in a research note on Friday, December 20th. Wolfe Research reiterated a "peer perform" rating on shares of Prosperity Bancshares in a research report on Thursday, December 5th. StockNews.com upgraded shares of Prosperity Bancshares from a "sell" rating to a "hold" rating in a research report on Tuesday, December 31st. Finally, DA Davidson downgraded shares of 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. Six investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $81.50.

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.