Prosperity Bancshares (NYSE:PB) Trading Up 7.3% on Insider Buying Activity

Prosperity Bancshares, Inc. (NYSE:PB)’s stock price were up 7.3% during mid-day trading on Wednesday after an insider bought additional shares in the company. The stock traded as high as $46.26 and last traded at $48.64, approximately 38,922 shares were traded during mid-day trading. A decline of 97% from the average daily volume of 1,213,473 shares. The stock had previously closed at $45.33.

Specifically, EVP Charlotte M. Rasche acquired 2,000 shares of Prosperity Bancshares stock in a transaction that occurred on Tuesday, March 10th. The shares were purchased at an average price of $50.81 per share, for a total transaction of $101,620.00. Also, CEO David Zalman acquired 15,056 shares of the stock in a transaction on Monday, March 23rd. The shares were bought at an average cost of $43.17 per share, for a total transaction of $649,967.52. Following the purchase, the chief executive officer now directly owns 563,000 shares of the company’s stock, valued at approximately $24,304,710. The disclosure for this purchase can be found here. In the last ninety days, insiders have purchased 22,356 shares of company stock valued at $981,910. 4.01% of the stock is owned by corporate insiders.

Several research analysts have recently weighed in on PB shares. Stephens boosted their price target on shares of Prosperity Bancshares from $75.00 to $78.00 and gave the company an “equal weight” rating in a research report on Thursday, January 30th. Raymond James raised shares of Prosperity Bancshares from a “market perform” rating to an “outperform” rating and set a $78.00 target price on the stock in a research note on Thursday, January 30th. ValuEngine lowered shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Friday, December 20th. Hovde Group lowered shares of Prosperity Bancshares from a “market perform” rating to an “underperform” rating in a report on Wednesday, December 11th. Finally, Morgan Stanley dropped their price target on shares of Prosperity Bancshares from $67.00 to $62.00 and set an “equal weight” rating for the company in a research note on Tuesday, March 17th. Four research analysts have rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $74.64.

The firm’s 50 day moving average price is $64.02 and its two-hundred day moving average price is $68.88. The company has a debt-to-equity ratio of 0.02, a quick ratio of 0.75 and a current ratio of 0.75. The firm has a market cap of $4.81 billion, a PE ratio of 11.34, a PEG ratio of 0.86 and a beta of 1.22.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings results on Wednesday, January 29th. The bank reported $1.44 earnings per share for the quarter, beating the consensus estimate of $1.22 by $0.22. Prosperity Bancshares had a net margin of 34.66% and a return on equity of 8.04%. The business had revenue of $267.54 million during the quarter, compared to analysts’ expectations of $248.69 million. During the same quarter in the prior year, the company posted $1.19 EPS. On average, analysts forecast that Prosperity Bancshares, Inc. will post 5.25 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Monday, March 16th will be issued a $0.46 dividend. The ex-dividend date is Friday, March 13th. This represents a $1.84 annualized dividend and a dividend yield of 3.56%. Prosperity Bancshares’s dividend payout ratio is currently 36.65%.

Hedge funds have recently modified their holdings of the company. Metropolitan Life Insurance Co NY lifted its holdings in shares of Prosperity Bancshares by 1.1% in the 3rd quarter. Metropolitan Life Insurance Co NY now owns 19,194 shares of the bank’s stock worth $1,356,000 after acquiring an additional 216 shares during the last quarter. Copeland Capital Management LLC lifted its holdings in Prosperity Bancshares by 1.6% during the 4th quarter. Copeland Capital Management LLC now owns 133,530 shares of the bank’s stock worth $9,599,000 after buying an additional 2,047 shares in the last quarter. Diversified Trust Co lifted its holdings in Prosperity Bancshares by 16.1% during the 4th quarter. Diversified Trust Co now owns 8,350 shares of the bank’s stock worth $600,000 after buying an additional 1,160 shares in the last quarter. Voloridge Investment Management LLC acquired a new stake in Prosperity Bancshares during the 3rd quarter worth approximately $347,000. Finally, MERIAN GLOBAL INVESTORS UK Ltd acquired a new stake in Prosperity Bancshares during the 4th quarter worth approximately $11,553,000. Hedge funds and other institutional investors own 80.88% of the company’s stock.

Prosperity Bancshares Company Profile (NYSE:PB)

Prosperity Bancshares, Inc operates as bank holding company for the Prosperity Bank that provides retail and commercial banking services to small and medium-sized businesses, and consumers. It accepts various deposit products, such as demand, savings, money market, and time accounts. The company also offers 1-4 family residential mortgage, commercial mortgage and multifamily residential, commercial and industrial, agricultural real estate, 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; and consumer durables and home equity loans.

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