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

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

Insiders Place Their Bets

In other news, Director Ned S. Holmes sold 500 shares of the firm’s stock in a transaction on Wednesday, January 14th. The stock was sold at an average price of $71.70, for a total value of $35,850.00. Following the completion of the sale, the director directly owned 84,415 shares in the company, valued at approximately $6,052,555.50. This trade represents a 0.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders have sold 16,150 shares of company stock worth $1,115,794 over the last quarter. 4.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Boston Partners grew its stake in shares of Prosperity Bancshares by 68.9% in the second quarter. Boston Partners now owns 554,502 shares of the bank’s stock valued at $38,945,000 after buying an additional 226,232 shares in the last quarter. Sequoia Financial Advisors LLC acquired a new stake in Prosperity Bancshares in the second quarter valued at $572,000. Praxis Investment Management Inc. acquired a new stake in Prosperity Bancshares in the second quarter valued at $298,000. Angel Oak Capital Advisors LLC grew its position in shares of Prosperity Bancshares by 39.0% in the 2nd quarter. Angel Oak Capital Advisors LLC now owns 13,900 shares of the bank’s stock valued at $976,000 after acquiring an additional 3,900 shares during the period. Finally, Pacer Advisors Inc. acquired a new position in shares of Prosperity Bancshares during the 3rd quarter worth about $1,488,000. 80.69% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have recently issued reports on PB. Cowen reaffirmed a “buy” rating on shares of Prosperity Bancshares in a research note on Wednesday, January 7th. Royal Bank Of Canada cut their target price 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. Raymond James Financial lowered shares of Prosperity Bancshares from an “outperform” rating to a “market perform” rating in a research note on Wednesday, January 7th. Piper Sandler dropped their price target on shares of Prosperity Bancshares from $84.00 to $77.00 and set an “overweight” rating for the company in a research note on Thursday, October 30th. Finally, Hovde Group cut shares of Prosperity Bancshares from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 26th. Eight research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $80.75.

Prosperity Bancshares Stock Down 1.0%

Prosperity Bancshares stock traded down $0.70 during midday trading on Friday, hitting $72.42. 703,396 shares of the stock were exchanged, compared to its average volume of 680,588. The stock has a market capitalization of $6.88 billion, a PE ratio of 12.91, a P/E/G ratio of 0.95 and a beta of 0.68. The company has a fifty day simple moving average of $69.94 and a two-hundred day simple moving average of $68.37. Prosperity Bancshares has a 52 week low of $61.06 and a 52 week high of $82.75.

Prosperity Bancshares (NYSE:PB) last issued its earnings results on Wednesday, October 29th. The bank reported $1.45 EPS for the quarter, meeting the consensus estimate of $1.45. The firm had revenue of $314.67 million during the quarter, compared to the consensus estimate of $317.94 million. Prosperity Bancshares had a net margin of 30.28% and a return on equity of 7.06%. The business’s quarterly revenue was up 3.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.34 earnings per share. As a group, equities research analysts anticipate that Prosperity Bancshares will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Increases Dividend

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

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.