Ned S. Holmes Sells 500 Shares of Prosperity Bancshares, Inc. (NYSE:PB) Stock

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned S. Holmes sold 500 shares of the firm’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $78.43, for a total transaction of $39,215.00. Following the completion of the transaction, the director now directly owns 108,815 shares of the company’s stock, valued at approximately $8,534,360.45. The trade was a 0.46 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Prosperity Bancshares Trading Down 1.4 %

PB stock traded down $1.10 during midday trading on Thursday, hitting $77.73. The stock had a trading volume of 133,721 shares, compared to its average volume of 457,369. The firm has a market capitalization of $7.40 billion, a price-to-earnings ratio of 16.51, a P/E/G ratio of 1.03 and a beta of 0.93. Prosperity Bancshares, Inc. has a 52 week low of $57.16 and a 52 week high of $86.75. The stock has a 50-day simple moving average of $79.33 and a 200 day simple moving average of $73.67.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share for the quarter, beating analysts’ consensus estimates of $1.31 by $0.03. The business had revenue of $459.00 million during the quarter, compared to analyst estimates of $299.83 million. Prosperity Bancshares had a net margin of 25.39% and a return on equity of 6.46%. During the same quarter last year, the business posted $1.20 earnings per share. On average, equities analysts forecast that Prosperity Bancshares, Inc. will post 5.04 EPS for the current year.

Institutional Investors Weigh In On Prosperity Bancshares

Several large investors have recently modified their holdings of PB. Quarry LP lifted its position in Prosperity Bancshares by 533.3% during the 2nd quarter. Quarry LP now owns 494 shares of the bank’s stock worth $30,000 after buying an additional 416 shares in the last quarter. Quest Partners LLC boosted its holdings in Prosperity Bancshares by 3,147.1% in the 2nd quarter. Quest Partners LLC now owns 552 shares of the bank’s stock valued at $34,000 after purchasing an additional 535 shares during the period. UMB Bank n.a. raised its stake in Prosperity Bancshares by 102.7% in the fourth quarter. UMB Bank n.a. now owns 592 shares of the bank’s stock valued at $45,000 after purchasing an additional 300 shares in the last quarter. Headlands Technologies LLC acquired a new stake in shares of Prosperity Bancshares in the 2nd quarter valued at $46,000. Finally, GAMMA Investing LLC increased its position in Prosperity Bancshares by 47.9% during the 3rd quarter. GAMMA Investing LLC now owns 701 shares of the bank’s stock worth $51,000 after purchasing an additional 227 shares in the last quarter. 80.69% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

PB has been the subject of several research analyst reports. Truist Financial downgraded Prosperity Bancshares from a “buy” rating to a “hold” rating and decreased their price objective for the company from $81.00 to $79.00 in a report on Friday, September 20th. StockNews.com lowered Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Wednesday, January 8th. UBS Group decreased their price target on Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating on the stock in a research note on Thursday, December 26th. Royal Bank of Canada reissued a “sector perform” rating and set a $77.00 target price on shares of Prosperity Bancshares in a research report on Thursday, October 24th. Finally, Barclays upped their target price on shares of Prosperity Bancshares from $84.00 to $88.00 and gave the company an “equal weight” rating in a research note on Friday, December 20th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, Prosperity Bancshares has an average rating of “Hold” and a consensus price target of $81.38.

About Prosperity Bancshares

Prosperity Bancshares, Inc operates as bank holding company for the Prosperity Bank that provides financial products and services to businesses and consumers. It accepts various deposit products, such as demand, savings, money market, and time accounts, as well as and certificates of deposit. The company also offers 1-4 family residential mortgage, commercial real estate and multifamily residential, commercial and industrial, agricultural, 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; term loans and lines of credit; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and purchase of equipment and machinery.