Key Points
- Insider sale: Director Harrison Stafford II sold 800 shares on Dec. 4 at an average $70.76 for $56,608, leaving him with 107,937 shares (≈$7.64M), a 0.74% reduction in ownership.
- Dividend raised: Prosperity increased its quarterly dividend to $0.60 (from $0.58), with an ex-dividend date of Dec. 15 and payment on Jan. 2, implying a $2.40 annualized payout and a 3.4% yield (payout ratio 41.35%).
- Financials & sentiment: The bank reported $1.45 EPS for the quarter (meeting estimates) with revenue slightly below expectations, and analysts hold a consensus "Moderate Buy" rating with a $80.21 price target.
Prosperity Bancshares, Inc. (NYSE:PB - Get Free Report) Director Harrison Stafford II sold 800 shares of Prosperity Bancshares stock in a transaction on Thursday, December 4th. The stock was sold at an average price of $70.76, for a total value of $56,608.00. Following the sale, the director directly owned 107,937 shares of the company's stock, valued at approximately $7,637,622.12. This trade represents a 0.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
Prosperity Bancshares Trading Up 0.4%
Shares of NYSE:PB traded up $0.28 during mid-day trading on Friday, reaching $70.51. The stock had a trading volume of 12,781 shares, compared to its average volume of 795,462. The firm has a market cap of $6.70 billion, a PE ratio of 12.56, a price-to-earnings-growth ratio of 1.03 and a beta of 0.70. The firm has a 50 day simple moving average of $66.08 and a two-hundred day simple moving average of $68.07. Prosperity Bancshares, Inc. has a twelve month low of $61.06 and a twelve month high of $82.90.
Prosperity Bancshares (NYSE:PB - Get Free Report) last announced its quarterly earnings results on Wednesday, October 29th. The bank reported $1.45 earnings per share for the quarter, hitting analysts' consensus estimates of $1.45. Prosperity Bancshares had a net margin of 30.28% and a return on equity of 7.06%. The company had revenue of $314.67 million for the quarter, compared to analysts' expectations of $317.94 million. During the same period last year, the firm posted $1.34 earnings per share. The business's quarterly revenue was up 3.9% compared to the same quarter last year. On average, equities analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.
Prosperity Bancshares Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Monday, December 15th will be issued a dividend of $0.60 per share. This is an increase from Prosperity Bancshares's previous quarterly dividend of $0.58. The ex-dividend date is Monday, December 15th. This represents a $2.40 annualized dividend and a yield of 3.4%. Prosperity Bancshares's dividend payout ratio is 41.35%.
Institutional Trading of Prosperity Bancshares
Institutional investors have recently bought and sold shares of the business. Avantax Advisory Services Inc. raised its position in shares of Prosperity Bancshares by 3.7% in the 1st quarter. Avantax Advisory Services Inc. now owns 7,554 shares of the bank's stock valued at $539,000 after buying an additional 273 shares in the last quarter. XTX Topco Ltd raised its holdings in shares of Prosperity Bancshares by 62.0% during the 1st quarter. XTX Topco Ltd now owns 4,585 shares of the bank's stock worth $327,000 after buying an additional 1,754 shares in the last quarter. PNC Financial Services Group Inc. lifted its position in shares of Prosperity Bancshares by 9.2% during the 1st quarter. PNC Financial Services Group Inc. now owns 2,968 shares of the bank's stock worth $212,000 after buying an additional 249 shares during the last quarter. Savvy Advisors Inc. bought a new stake in shares of Prosperity Bancshares during the 1st quarter worth $4,516,000. Finally, Angel Oak Capital Advisors LLC acquired a new stake in Prosperity Bancshares in the first quarter valued at about $714,000. Institutional investors own 80.69% of the company's stock.
Wall Street Analyst Weigh In
PB has been the topic of several research reports. Royal Bank Of Canada cut their price objective on shares of Prosperity Bancshares from $78.00 to $72.00 and set a "sector perform" rating on the stock in a research report on Friday, October 10th. Piper Sandler dropped their target price on Prosperity Bancshares from $84.00 to $77.00 and set an "overweight" rating on the stock in a research report on Thursday, October 30th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Prosperity Bancshares in a research note on Wednesday, October 8th. Citigroup reaffirmed a "neutral" rating and issued a $68.00 target price (down previously from $78.00) on shares of Prosperity Bancshares in a research report on Monday, September 15th. Finally, Cantor Fitzgerald started coverage on Prosperity Bancshares in a report on Wednesday, September 10th. They set an "overweight" rating and a $78.00 target price on the stock. Ten investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $80.21.
Read Our Latest Research Report on Prosperity Bancshares
About Prosperity Bancshares
(
Get Free Report)
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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