Key Points
- Director Leah Henderson sold 1,050 shares on Dec. 11 at an average price of $73, reducing her position by 11.51% to 8,075 shares (about $589,475).
- Prosperity raised its quarterly dividend to $0.60 (from $0.58), ex‑dividend Dec. 15 and payable Jan. 2, implying a $2.40 annualized payout, a ~3.3% yield and a 41.35% payout ratio.
- Company fundamentals: market cap ~$6.99B, P/E 13.13 and 52‑week range $61.06–$82.75; last quarter's EPS of $1.45 matched estimates and analysts hold a consensus “Moderate Buy” with a $80.21 target.
Prosperity Bancshares, Inc. (NYSE:PB - Get Free Report) Director Leah Henderson sold 1,050 shares of the stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $73.00, for a total transaction of $76,650.00. Following the completion of the transaction, the director owned 8,075 shares in the company, valued at approximately $589,475. This trade represents a 11.51% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link.
Prosperity Bancshares Stock Up 0.8%
PB stock opened at $73.56 on Friday. The firm has a market cap of $6.99 billion, a P/E ratio of 13.13, a PEG ratio of 1.08 and a beta of 0.70. The company's 50-day simple moving average is $66.62 and its 200-day simple moving average is $68.10. Prosperity Bancshares, Inc. has a 52-week low of $61.06 and a 52-week high of $82.75.
Prosperity Bancshares (NYSE:PB - Get Free Report) last announced its earnings results on Wednesday, October 29th. The bank reported $1.45 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.45. The company had revenue of $314.67 million for the quarter, compared to analysts' expectations of $317.94 million. Prosperity Bancshares had a net margin of 30.28% and a return on equity of 7.06%. The firm's quarterly revenue was up 3.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.34 EPS. On average, analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current fiscal year.
Prosperity Bancshares Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Monday, December 15th will be paid a $0.60 dividend. This is a positive change from Prosperity Bancshares's previous quarterly dividend of $0.58. The ex-dividend date of this dividend is Monday, December 15th. This represents a $2.40 dividend on an annualized basis and a yield of 3.3%. Prosperity Bancshares's dividend payout ratio is 41.35%.
Institutional Investors Weigh In On Prosperity Bancshares
Institutional investors have recently made changes to their positions in the stock. PNC Financial Services Group Inc. lifted its holdings in shares of Prosperity Bancshares by 9.2% in the 1st quarter. PNC Financial Services Group Inc. now owns 2,968 shares of the bank's stock worth $212,000 after acquiring an additional 249 shares during the last quarter. Invesco Ltd. boosted its position in shares of Prosperity Bancshares by 4.0% during the first quarter. Invesco Ltd. now owns 235,496 shares of the bank's stock worth $16,807,000 after buying an additional 9,066 shares during the period. Nuveen LLC acquired a new stake in shares of Prosperity Bancshares in the first quarter valued at $25,491,000. Boston Partners raised its holdings in shares of Prosperity Bancshares by 28.5% in the 1st quarter. Boston Partners now owns 328,270 shares of the bank's stock valued at $23,425,000 after buying an additional 72,890 shares during the period. Finally, Lord Abbett & CO. LLC lifted its stake in Prosperity Bancshares by 23.0% during the 1st quarter. Lord Abbett & CO. LLC now owns 141,307 shares of the bank's stock worth $10,085,000 after acquiring an additional 26,383 shares in the last quarter. 80.69% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
A number of research firms have recently issued reports on PB. Cowen restated a "buy" rating on shares of Prosperity Bancshares in a research report on Friday, October 31st. Stephens boosted their price objective on Prosperity Bancshares from $77.00 to $81.00 and gave the stock an "overweight" rating in a research note on Thursday, October 30th. Cantor Fitzgerald assumed coverage on Prosperity Bancshares in a research note on Wednesday, September 10th. They issued an "overweight" rating and a $78.00 target price for the company. Citigroup reissued a "neutral" rating and set a $68.00 price target (down previously from $78.00) on shares of Prosperity Bancshares in a research report on Monday, September 15th. Finally, TD Cowen raised their price objective on shares of Prosperity Bancshares from $79.00 to $83.00 and gave the stock a "buy" rating in a research report on Friday, October 31st. Ten equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $80.21.
Get Our Latest Analysis on Prosperity Bancshares
Prosperity Bancshares Company Profile
(
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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