The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. Prosperity Bancshares Inc. shares valued at $132,174 were sold by LORD L. JACK on Dec 11 ’23. At $62.94 per share, LORD L. JACK sold 2,100 shares. The insider’s holdings dropped to 31,025 shares worth approximately $2.02 million following the completion of this transaction.
Also, LORD L. JACK purchased 5,000 shares, netting a total of over 310,200 in proceeds. Following the buying of shares at $62.04 each, the insider now holds 33,125 shares.
As published in their initiating research note from Barclays on March 08, 2024, Prosperity Bancshares Inc. [PB] has been an Equal weight and the price target has been revised to $68. Analysts at Morgan Stanley upgraded the stock from ‘”an Underweight”‘ to ‘”an Equal-weight”‘ outlook in a report released in early February. As of December 01, 2023, Citigroup has initiated its “Buy” rating for PB. Earlier on October 05, 2023, Raymond James upgraded its rating. Their new recommendation was “a Strong buy” for PB stock which previously was a “an Outperform”.
Analyzing PB Stock Performance
During the last five days, there has been a surge of approximately 9.58%. Over the course of the year, Prosperity Bancshares Inc. shares have dropped approximately -3.91%. Shares of the company reached a 52-week high of $68.88 on 01/02/24 and a 52-week low of $59.05 on 04/16/24. A 50-day SMA is recorded $62.51, while a 200-day SMA reached $60.31. Nevertheless, trading volume fell to 0.79 million shares from 0.52 million shares the previous day.
Support And Resistance Levels for Prosperity Bancshares Inc. (PB)
According to the 24-hour chart, there is a support level at 63.03, which, if violated, would cause prices to drop to 60.99. In the upper region, resistance lies at 66.45. The next price resistance is at 67.82. RSI (Relative Strength Index) is 62.79 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 1.57, which suggests the price will increase in the coming days. Percent R is at 10.27%, indicating bullish price movement. Stochastics %K at holding indicates that the stock is to be held.
