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

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

Prosperity Bancshares Stock Up 0.2 %

PB traded up $0.20 on Monday, reaching $83.93. The company had a trading volume of 117,950 shares, compared to its average volume of 568,269. Prosperity Bancshares has a 1 year low of $57.16 and a 1 year high of $86.75. The stock has a 50-day moving average price of $75.96 and a 200-day moving average price of $69.82. The stock has a market capitalization of $8.00 billion, a PE ratio of 17.82, a P/E/G ratio of 1.25 and a beta of 0.89.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings data 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. The business had revenue of $459.00 million during the quarter, compared to analyst estimates 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 in the previous year, the business posted $1.20 earnings per share. As a group, analysts expect that Prosperity Bancshares will post 5.05 earnings per share for the current fiscal year.

Prosperity Bancshares Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be paid a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a yield of 2.76%. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.56. The ex-dividend date is Friday, December 13th. Prosperity Bancshares’s dividend payout ratio (DPR) is 49.26%.

Insider Activity

In other Prosperity Bancshares news, Chairman H E. Timanus, Jr. sold 4,000 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was 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 directly owns 229,953 shares in the company, valued at $19,890,934.50. The trade was a 1.71 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Ned S. Holmes sold 500 shares of the business’s stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $83.96, for a total transaction of $41,980.00. Following the sale, the director now owns 114,315 shares of the company’s stock, valued at $9,597,887.40. This trade represents a 0.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 6,600 shares of company stock valued at $562,594. Corporate insiders own 4.28% of the company’s stock.

Institutional Trading of Prosperity Bancshares

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. M&T Bank Corp boosted its holdings in shares of Prosperity Bancshares by 0.3% in the third quarter. M&T Bank Corp now owns 45,392 shares of the bank’s stock worth $3,272,000 after buying an additional 149 shares during the period. US Bancorp DE grew its stake in shares of Prosperity Bancshares by 3.4% in the third quarter. US Bancorp DE now owns 4,720 shares of the bank’s stock worth $340,000 after acquiring an additional 153 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of Prosperity Bancshares by 59.6% during the 2nd quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock worth $29,000 after purchasing an additional 177 shares in the last quarter. Tectonic Advisors LLC lifted its position in shares of Prosperity Bancshares by 3.0% during the 3rd quarter. Tectonic Advisors LLC now owns 7,058 shares of the bank’s stock worth $509,000 after buying an additional 206 shares during the period. Finally, Tidal Investments LLC increased its holdings in shares of Prosperity Bancshares by 5.7% during the third quarter. Tidal Investments LLC now owns 3,875 shares of the bank’s stock worth $279,000 after buying an additional 209 shares in the last quarter. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms recently commented on PB. Raymond James cut shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price target for the company. in a research note on Tuesday, September 17th. Wedbush reissued an “outperform” rating and set a $90.00 price target on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Royal Bank of Canada reiterated a “sector perform” rating and set a $77.00 target price on shares of Prosperity Bancshares in a research report on Thursday, October 24th. Hovde Group raised their price target on shares of Prosperity Bancshares from $80.50 to $82.50 and gave the stock an “outperform” rating in a research note on Monday, August 26th. Finally, Barclays upped their target price on shares of Prosperity Bancshares from $75.00 to $76.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, Prosperity Bancshares presently has an average rating of “Moderate Buy” and a consensus price target of $79.95.

About Prosperity Bancshares

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.