Prosperity Bancshares, Inc. (NYSE:PB) Short Interest Update

Prosperity Bancshares, Inc. (NYSE:PB - Get Free Report) was the recipient of a significant decrease in short interest during the month of October. As of October 15th, there was short interest totalling 1,400,000 shares, a decrease of 15.2% from the September 30th total of 1,650,000 shares. Based on an average daily volume of 591,300 shares, the short-interest ratio is currently 2.4 days. Currently, 1.5% of the company's shares are short sold.

Analyst Ratings Changes

A number of research firms have recently commented on PB. Wedbush restated an "outperform" rating and issued a $90.00 price target on shares of Prosperity Bancshares in a report on Thursday. Piper Sandler upped their price target on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the stock an "overweight" rating in a report on Thursday, July 25th. Raymond James cut shares of Prosperity Bancshares from a "strong-buy" rating to an "outperform" rating and set a $80.00 price target on the stock. in a report on Tuesday, September 17th. Hovde Group upped their price target on shares of Prosperity Bancshares from $80.50 to $82.50 and gave the stock an "outperform" rating in a report on Monday, August 26th. Finally, Morgan Stanley upgraded shares of Prosperity Bancshares from an "equal weight" rating to an "overweight" rating and increased their target price for the stock from $75.00 to $86.00 in a report on Monday, August 5th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and nine have given a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $78.96.

Prosperity Bancshares Trading Up 2.5 %

Shares of NYSE:PB traded up $1.84 during trading on Monday, reaching $74.10. The stock had a trading volume of 475,126 shares, compared to its average volume of 571,895. Prosperity Bancshares has a one year low of $53.67 and a one year high of $75.28. The company has a market capitalization of $7.06 billion, a P/E ratio of 15.73, a PEG ratio of 1.08 and a beta of 0.89. The firm's 50-day simple moving average is $72.25 and its 200 day simple moving average is $66.79.

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

Prosperity Bancshares Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be given a $0.58 dividend. This is a positive change from Prosperity Bancshares's previous quarterly dividend of $0.56. This represents a $2.32 annualized dividend and a dividend yield of 3.13%. The ex-dividend date of this dividend is Friday, December 13th. Prosperity Bancshares's dividend payout ratio (DPR) is presently 47.56%.

Hedge Funds Weigh In On Prosperity Bancshares

Several hedge funds and other institutional investors have recently modified their holdings of the stock. US Bancorp DE raised its position in shares of Prosperity Bancshares by 3.4% in the 3rd quarter. US Bancorp DE now owns 4,720 shares of the bank's stock valued at $340,000 after purchasing an additional 153 shares during the last quarter. Nisa Investment Advisors LLC raised its position in shares of Prosperity Bancshares by 16.5% in the 3rd quarter. Nisa Investment Advisors LLC now owns 14,804 shares of the bank's stock valued at $1,075,000 after purchasing an additional 2,100 shares during the last quarter. First Financial Bankshares Inc raised its position in shares of Prosperity Bancshares by 16.8% in the 3rd quarter. First Financial Bankshares Inc now owns 14,554 shares of the bank's stock valued at $1,049,000 after purchasing an additional 2,096 shares during the last quarter. State of Alaska Department of Revenue raised its position in shares of Prosperity Bancshares by 7.2% in the 3rd quarter. State of Alaska Department of Revenue now owns 11,182 shares of the bank's stock valued at $805,000 after purchasing an additional 750 shares during the last quarter. Finally, Financial Management Professionals Inc. raised its position in Prosperity Bancshares by 32.4% during the 3rd quarter. Financial Management Professionals Inc. now owns 1,722 shares of the bank's stock worth $124,000 after buying an additional 421 shares during the last quarter. 80.69% of the stock is owned by hedge funds and other institutional investors.

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.