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

Prosperity Bancshares, Inc. (NYSE:PB) was the recipient of a large increase in short interest in the month of November. As of November 15th, there was short interest totalling 1,910,000 shares, an increase of 28.2% from the October 31st total of 1,490,000 shares. Based on an average daily volume of 555,200 shares, the short-interest ratio is presently 3.4 days. Approximately 2.1% of the shares of the company are sold short.

Prosperity Bancshares Price Performance

NYSE PB opened at $83.73 on Monday. The business has a 50 day moving average price of $75.96 and a 200 day moving average price of $69.82. The company has a market capitalization of $7.98 billion, a P/E ratio of 17.78, a PEG ratio of 1.25 and a beta of 0.89. Prosperity Bancshares has a 1-year low of $57.16 and a 1-year high of $86.75.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.31 by $0.03. The business had revenue of $459.00 million during the quarter, compared to the consensus estimate 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 previous year, the company posted $1.20 EPS. On average, research analysts expect that Prosperity Bancshares will post 5.05 earnings per share for the current fiscal year.

Prosperity Bancshares Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be given a $0.58 dividend. The ex-dividend date is Friday, December 13th. 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 2.77%. Prosperity Bancshares’s dividend payout ratio is currently 49.26%.

Insider Buying and Selling

In other news, Chairman H E. Timanus, Jr. sold 4,000 shares of the stock in a transaction dated 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 owns 229,953 shares in the company, valued at approximately $19,890,934.50. This represents a 1.71 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Ned S. Holmes sold 500 shares of the business’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $81.44, for a total value of $40,720.00. Following the completion of the transaction, the director now owns 113,815 shares in the company, valued at $9,269,093.60. This trade represents a 0.44 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 6,100 shares of company stock worth $520,264 in the last 90 days. Company insiders own 4.28% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of PB. Advisors Asset Management Inc. purchased a new position in Prosperity Bancshares during the first quarter worth $124,000. Price T Rowe Associates Inc. MD raised its stake in Prosperity Bancshares by 5.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 50,602 shares of the bank’s stock valued at $3,329,000 after purchasing an additional 2,706 shares during the last quarter. Westwood Holdings Group Inc. lifted its holdings in Prosperity Bancshares by 68.2% in the 1st quarter. Westwood Holdings Group Inc. now owns 6,726 shares of the bank’s stock valued at $442,000 after purchasing an additional 2,726 shares in the last quarter. Abich Financial Wealth Management LLC boosted its stake in shares of Prosperity Bancshares by 12,433.3% during the 1st quarter. Abich Financial Wealth Management LLC now owns 752 shares of the bank’s stock worth $49,000 after purchasing an additional 746 shares during the last quarter. Finally, GAMMA Investing LLC grew its holdings in shares of Prosperity Bancshares by 59.6% during the second quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock worth $29,000 after buying an additional 177 shares in the last quarter. 80.69% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on PB. Raymond James downgraded Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price target for the company. in a report on Tuesday, September 17th. Hovde Group lifted their target price on shares of Prosperity Bancshares from $80.50 to $82.50 and gave the company an “outperform” rating in a report on Monday, August 26th. DA Davidson lowered shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $80.00 to $78.00 in a research note on Tuesday, October 15th. StockNews.com downgraded shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Friday. Finally, Truist Financial cut Prosperity Bancshares from a “buy” rating to a “hold” rating and dropped their target price for the stock from $81.00 to $79.00 in a research report on Friday, September 20th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $79.95.

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.