Short Interest in Prosperity Bancshares, Inc. (NYSE:PB) Declines By 29.3%

Prosperity Bancshares, Inc. (NYSE:PB - Get Free Report) was the recipient of a large decrease in short interest in December. As of December 31st, there was short interest totalling 1,300,000 shares, a decrease of 29.3% from the December 15th total of 1,840,000 shares. Based on an average daily trading volume, of 514,400 shares, the days-to-cover ratio is presently 2.5 days. Approximately 1.4% of the company's shares are short sold.

Prosperity Bancshares Trading Up 1.5 %

Shares of Prosperity Bancshares stock traded up $1.13 on Wednesday, reaching $78.73. 447,246 shares of the company were exchanged, compared to its average volume of 493,894. The company has a market capitalization of $7.50 billion, a price-to-earnings ratio of 16.72, a PEG ratio of 1.19 and a beta of 0.93. Prosperity Bancshares has a one year low of $57.16 and a one year high of $86.75. The company has a 50-day moving average of $79.38 and a 200 day moving average of $73.64.

Prosperity Bancshares (NYSE:PB - Get Free Report) last announced its quarterly 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. The firm had revenue of $459.00 million during the quarter, compared to analysts' expectations of $299.83 million. Prosperity Bancshares had a net margin of 25.39% and a return on equity of 6.46%. During the same quarter last year, the company posted $1.20 earnings per share. Analysts predict that Prosperity Bancshares will post 5.05 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Ned S. Holmes sold 500 shares of the business's stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $81.44, for a total transaction of $40,720.00. Following the completion of the sale, the director now directly owns 113,815 shares of the company's stock, valued at $9,269,093.60. The trade was a 0.44 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Leah Henderson sold 1,100 shares of Prosperity Bancshares stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $83.24, for a total transaction of $91,564.00. Following the sale, the director now directly owns 7,525 shares of the company's stock, valued at $626,381. This represents a 12.75 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 13,600 shares of company stock valued at $1,117,424. 4.28% of the stock is currently owned by corporate insiders.

Institutional Trading of Prosperity Bancshares

Institutional investors and hedge funds have recently bought and sold shares of the business. Quarry LP raised its stake in Prosperity Bancshares by 533.3% in the 2nd quarter. Quarry LP now owns 494 shares of the bank's stock valued at $30,000 after acquiring an additional 416 shares during the period. Quest Partners LLC raised its position in shares of Prosperity Bancshares by 3,147.1% in the second quarter. Quest Partners LLC now owns 552 shares of the bank's stock valued at $34,000 after purchasing an additional 535 shares during the period. Headlands Technologies LLC acquired a new stake in shares of Prosperity Bancshares during the 2nd quarter worth about $46,000. GAMMA Investing LLC boosted its holdings in shares of 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 buying an additional 227 shares during the period. 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 buying an additional 534 shares during the last quarter. Institutional investors own 80.69% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Wedbush reaffirmed an "outperform" rating and issued a $90.00 target price on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Truist Financial cut Prosperity Bancshares from a "buy" rating to a "hold" rating and decreased their target price for the company from $81.00 to $79.00 in a research note on Friday, September 20th. Wolfe Research reaffirmed a "peer perform" rating on shares of Prosperity Bancshares in a research report on Thursday, December 5th. UBS Group decreased their price objective on Prosperity Bancshares from $77.00 to $76.00 and set a "buy" rating for the company in a research report on Thursday, December 26th. Finally, DA Davidson downgraded shares of Prosperity Bancshares from a "buy" rating to a "neutral" rating and lowered their price objective for the stock from $80.00 to $78.00 in a research report on Tuesday, October 15th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, Prosperity Bancshares currently has a consensus rating of "Hold" and a consensus target price of $81.38.

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.

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