Prosperity Bancshares, Inc. (NYSE:PB) Short Interest Up 38.9% in January

Prosperity Bancshares, Inc. (NYSE:PB) was the target of a large increase in short interest during the month of January. As of January 30th, there was short interest totaling 3,980,071 shares, an increase of 38.9% from the January 15th total of 2,865,066 shares. Currently, 4.4% of the company’s stock are sold short. Based on an average daily trading volume, of 1,548,725 shares, the days-to-cover ratio is currently 2.6 days. Based on an average daily trading volume, of 1,548,725 shares, the days-to-cover ratio is currently 2.6 days. Currently, 4.4% of the company’s stock are sold short.

Analysts Set New Price Targets

PB has been the topic of several analyst reports. Stephens increased their price target on shares of Prosperity Bancshares from $77.00 to $81.00 and gave the stock an “overweight” rating in a research note on Thursday, October 30th. TD Cowen reiterated a “buy” rating on shares of Prosperity Bancshares in a report on Wednesday, January 7th. DA Davidson restated a “neutral” rating and set a $76.00 target price on shares of Prosperity Bancshares in a report on Thursday, January 29th. Citigroup reaffirmed a “neutral” rating on shares of Prosperity Bancshares in a research report on Monday, February 2nd. Finally, Barclays lowered Prosperity Bancshares from an “equal weight” rating to an “underweight” rating and lowered their price objective for the company from $75.00 to $68.00 in a report on Monday, February 2nd. Seven investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Prosperity Bancshares currently has an average rating of “Hold” and a consensus price target of $78.77.

Prosperity Bancshares Stock Down 2.4%

PB stock traded down $1.78 during mid-day trading on Friday, reaching $72.71. 1,692,148 shares of the stock traded hands, compared to its average volume of 1,567,643. The firm has a market capitalization of $6.91 billion, a PE ratio of 12.69, a P/E/G ratio of 1.02 and a beta of 0.67. The business has a 50-day moving average of $71.75 and a two-hundred day moving average of $68.45. Prosperity Bancshares has a 52 week low of $61.06 and a 52 week high of $79.03.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings data on Wednesday, January 28th. The bank reported $1.46 earnings per share for the quarter, topping the consensus estimate of $1.45 by $0.01. Prosperity Bancshares had a return on equity of 7.11% and a net margin of 31.22%.The business had revenue of $317.73 million during the quarter, compared to analysts’ expectations of $319.30 million. During the same quarter in the previous year, the firm earned $1.37 EPS. The firm’s revenue was down 5.9% compared to the same quarter last year. On average, equities research analysts anticipate that Prosperity Bancshares will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th will be given a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 3.3%. The ex-dividend date of this dividend is Friday, March 13th. Prosperity Bancshares’s dividend payout ratio is currently 41.88%.

Insider Activity at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 600 shares of the firm’s stock in a transaction that occurred on Wednesday, February 11th. The shares were sold at an average price of $76.07, for a total transaction of $45,642.00. Following the transaction, the director owned 41,900 shares of the company’s stock, valued at approximately $3,187,333. This trade represents a 1.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last three months, insiders sold 16,150 shares of company stock valued at $1,145,403. Insiders own 4.20% of the company’s stock.

Hedge Funds Weigh In On Prosperity Bancshares

A number of institutional investors and hedge funds have recently bought and sold shares of PB. AQR Capital Management LLC boosted its holdings in Prosperity Bancshares by 175.1% in the 2nd quarter. AQR Capital Management LLC now owns 2,383,162 shares of the bank’s stock valued at $167,393,000 after purchasing an additional 1,516,939 shares during the period. American Century Companies Inc. lifted its stake in shares of Prosperity Bancshares by 4,674.9% in the second quarter. American Century Companies Inc. now owns 1,426,917 shares of the bank’s stock valued at $100,227,000 after buying an additional 1,397,033 shares during the period. Barrow Hanley Mewhinney & Strauss LLC lifted its stake in shares of Prosperity Bancshares by 910.4% in the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,311,051 shares of the bank’s stock valued at $90,607,000 after buying an additional 1,181,295 shares during the period. Norges Bank acquired a new stake in Prosperity Bancshares during the second quarter worth about $53,398,000. Finally, First Trust Advisors LP increased its stake in Prosperity Bancshares by 119.3% during the fourth quarter. First Trust Advisors LP now owns 900,247 shares of the bank’s stock valued at $62,216,000 after acquiring an additional 489,798 shares during the period. Institutional investors 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.