Sunday, June 26, 2022

Prosperity Bancshares Inc. (PB) may enjoy gains as insiders got busy in the recent days

In a filing, Prosperity Bancshares Inc. revealed its Chairman TIMANUS H E JR acquired Company’s shares for reported $0.13 million on Jun 16. In the deal valued at $65.60 per share,2,000 shares were bought. As a result of this transaction, TIMANUS H E JR now holds 4,000 shares worth roughly $ 0.27 million.

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Then, STEELHAMMER ROBERT H sold 1,200 shares, generating $87,085 in total proceeds. Upon selling the shares at $72.57, the Director now owns 135,455 shares.

Before that, TIMANUS H E JR bought 2,000 shares. Prosperity Bancshares Inc. shares valued at $134,000 were divested by the Chairman at a price of $67.00 per share. As a result of the transaction, TIMANUS H E JR now holds 2,000 shares, worth roughly $0.14 million.

In the meantime, Wolfe Research downgraded its Prosperity Bancshares Inc. [PB] rating to an Underperform from a a Peer perform in a research note published on Tuesday, April 07, 2022; the price target was decreased to $69 from $78. PT values the company’s stock at a premium of 0.87 to its Tuesday closing price. A number of analysts have revised their coverage, including Raymond James’s analysts, who decreased its forecast for the stock in mid December from “an Outperform” to “a Mkt perform”. BofA Securities also remained covering PB and has decreased its forecast on January 07, 2021 with a “an Underperform” recommendation from previously “Neutral” rating. Janney revised its rating on October 29, 2020. It rated PB as “a Buy” which previously was an “a Neutral”.

Price Performance Review of PB

On Tuesday, Prosperity Bancshares Inc. [NYSE:PB] saw its stock jump 0.65% to $68.40. On the same session, the stock had its day’s lowest price of $67.98, but rose to a high of $69.34. Over the last five days, the stock has gained 1.53%. Prosperity Bancshares Inc. shares have fallen nearly -5.39% since the year began. Nevertheless, the stocks have fallen -5.25% over the past one year. While a 52-week high of $80.46 was reached on 01/19/22, a 52-week low of $64.40 was recorded on 04/27/22. SMA at 50 days reached $68.72, while 200 days put it at $71.87. A total of 0.67 million shares were traded, compared to the trading of 1.0 million shares in the previous session.

Levels Of Support And Resistance For PB Stock

The 24-hour chart illustrates a support level at 67.81, which if violated will result in even more drops to 67.21. On the upside, there is a resistance level at 69.17. A further resistance level may holdings at 69.93. The Relative Strength Index (RSI) on the 14-day chart is 46.05, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -2.30, which suggests price will go down in the next trading period. Percent R suggests that price movement has been low at 63.55%. Stochastics %K at 32.79% indicates the stock is a holding.

How much short interest is there in Prosperity Bancshares Inc.?

A steep rise in short interest was recorded in Prosperity Bancshares Inc. stocks on Apr 28, 2022, growing by 0.27 million shares to a total of 2.06 million shares. Yahoo Finance data shows the prior-month short interest on Mar 30, 2022 was 1.79 million shares. There was a rise of 13.11%, which implies that there is a positive sentiment for the stock. In spite of short shares comprising just 2.61% of the overall stock float, the days-to-cover ratio (short ratio) rose to 3.76.

Prosperity Bancshares Inc. [PB] – Who Are The Largest Shareholders?

In filings from The Vanguard Group, Inc., it is revealed that the company now owns 9,154,115 shares, or roughly 9.93% of the outstanding PB shares. In other words, the investor’s shares have fallen by -39,637 from its previous 13-F filing of 9193752.0. Additionally, SSgA Funds Management, Inc. increased 13.04% of its stake after which the total value it holdings stand at $559,310,095, while BlackRock Fund Advisors added 2.70% of its stake to hold $544.73 million in the firm. Over the last quarter, Victory Capital Management, Inc. purchased 189,581 shares of Prosperity Bancshares Inc., while Wellington Management Co. LLP bought -131,811 shares. At present, Massachusetts Financial Services is holding 3,150,568 shares valued at $228.42 million. American Century Investment Manag owned 3,098,134 shares of the company at the time of its most recent 13F filing, worth $224.61 million.

According to FactSet, Prosperity Bancshares Inc.’s share price will average $75.58 in the next year, based on opinions of analysts polled by the firm. This is up nearly 11.83 percent from its previous closing price of $67.96. Analysts expect Prosperity Bancshares Inc. stock to reach the higher price of $86.00, while the lowest price estimate is $63.00. However, 13 analysts have rated PB stock as an Overweight in their predictions for 2022.

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