Prosperity Bancshares, Inc. (NYSE:PB) Sees Significant Decline in Short Interest

Prosperity Bancshares, Inc. (NYSE:PB) saw a significant decline in short interest in the month of December. As of December 31st, there was short interest totaling 2,659,034 shares, a decline of 27.9% from the December 15th total of 3,686,005 shares. Based on an average daily trading volume, of 762,162 shares, the days-to-cover ratio is currently 3.5 days. Currently, 2.9% of the company’s shares are sold short. Currently, 2.9% of the company’s shares are sold short. Based on an average daily trading volume, of 762,162 shares, the days-to-cover ratio is currently 3.5 days.

Analyst Ratings Changes

PB has been the subject of several recent analyst reports. Raymond James Financial downgraded Prosperity Bancshares from an “outperform” rating to a “market perform” rating in a research note on Wednesday, January 7th. Royal Bank Of Canada reduced their price target on Prosperity Bancshares from $78.00 to $72.00 and set a “sector perform” rating for the company in a report on Friday, October 10th. Weiss Ratings restated a “hold (c)” rating on shares of Prosperity Bancshares in a report on Wednesday, October 8th. Hovde Group lowered Prosperity Bancshares from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 26th. Finally, Stephens raised their price target on shares of Prosperity Bancshares from $77.00 to $81.00 and gave the stock an “overweight” rating in a research report on Thursday, October 30th. Eight investment 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 currently has a consensus rating of “Moderate Buy” and a consensus price target of $80.75.

Prosperity Bancshares Stock Down 1.0%

Shares of PB traded down $0.70 during mid-day trading on Monday, hitting $72.42. The stock had a trading volume of 703,396 shares, compared to its average volume of 620,410. Prosperity Bancshares has a fifty-two week low of $61.06 and a fifty-two week high of $82.75. The company has a market cap of $6.88 billion, a PE ratio of 12.91, a PEG ratio of 0.95 and a beta of 0.68. The company’s fifty day simple moving average is $70.05 and its two-hundred day simple moving average is $68.36.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings results on Wednesday, October 29th. The bank reported $1.45 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.45. The business had revenue of $314.67 million for the quarter, compared to analyst estimates of $317.94 million. Prosperity Bancshares had a return on equity of 7.06% and a net margin of 30.28%.The business’s revenue was up 3.9% compared to the same quarter last year. During the same period in the prior year, the company posted $1.34 EPS. Equities analysts expect that Prosperity Bancshares will post 5.83 earnings per share for the current year.

Prosperity Bancshares Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, January 2nd. Stockholders of record on Monday, December 15th were issued a $0.60 dividend. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.58. The ex-dividend date of this dividend was Monday, December 15th. This represents a $2.40 annualized dividend and a dividend yield of 3.3%. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 42.78%.

Insider Activity

In related news, Director Ned S. Holmes sold 600 shares of Prosperity Bancshares stock in a transaction on Wednesday, October 22nd. The shares were sold at an average price of $63.43, for a total transaction of $38,058.00. Following the transaction, the director owned 43,500 shares in the company, valued at approximately $2,759,205. The trade was a 1.36% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Leah Henderson sold 1,050 shares of the stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $73.00, for a total value of $76,650.00. Following the completion of the sale, the director owned 8,075 shares of the company’s stock, valued at approximately $589,475. This represents a 11.51% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 16,150 shares of company stock valued at $1,115,794. Company insiders own 4.20% of the company’s stock.

Institutional Investors Weigh In On Prosperity Bancshares

Several institutional investors and hedge funds have recently bought and sold shares of PB. Mather Group LLC. acquired a new position in Prosperity Bancshares in the third quarter valued at approximately $26,000. Community Bank N.A. bought a new stake in shares of Prosperity Bancshares in the 3rd quarter worth approximately $29,000. Steph & Co. acquired a new position in Prosperity Bancshares during the 2nd quarter valued at approximately $38,000. Danske Bank A S acquired a new position in Prosperity Bancshares during the 3rd quarter valued at approximately $40,000. Finally, Annis Gardner Whiting Capital Advisors LLC bought a new position in Prosperity Bancshares during the 3rd quarter worth $42,000. Institutional investors and hedge funds own 80.69% of the company’s stock.

Prosperity Bancshares Company Profile

Prosperity Bancshares, Inc is a holding company for Prosperity Bank, offering a broad range of commercial and consumer banking services across Texas, Oklahoma, Arkansas and Louisiana. Through its network of branches and digital platforms, the company provides deposit products, business and real estate lending, treasury management, mortgage origination and servicing, as well as wealth management and trust services.

Originally chartered in 1911 as First National Bank in McKinney, Texas, the organization rebranded to Prosperity Bank in 2009 following a series of strategic acquisitions aimed at deepening its regional presence.