Prosperity Bancshares (NYSE:PB) Director Sells $44,766.00 in Stock

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned Holmes sold 600 shares of the stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $74.61, for a total transaction of $44,766.00. Following the completion of the transaction, the director owned 39,400 shares in the company, valued at $2,939,634. This trade represents a 1.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Prosperity Bancshares Stock Performance

Shares of PB traded down $0.34 on Wednesday, reaching $74.55. The company’s stock had a trading volume of 1,238,010 shares, compared to its average volume of 1,164,889. The stock’s 50 day simple moving average is $71.87 and its two-hundred day simple moving average is $70.32. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.75 and a quick ratio of 0.75. The stock has a market capitalization of $7.52 billion, a P/E ratio of 12.92, a PEG ratio of 0.82 and a beta of 0.64. Prosperity Bancshares, Inc. has a 12-month low of $61.06 and a 12-month high of $77.20.

Prosperity Bancshares (NYSE:PB) last announced its earnings results on Wednesday, July 29th. The bank reported $1.62 EPS for the quarter, beating analysts’ consensus estimates of $1.50 by $0.12. Prosperity Bancshares had a net margin of 29.95% and a return on equity of 7.39%. The business had revenue of $391.25 million during the quarter, compared to analysts’ expectations of $380.73 million. During the same period in the prior year, the company earned $1.42 earnings per share. The firm’s revenue was up 25.9% on a year-over-year basis. Research analysts forecast that Prosperity Bancshares, Inc. will post 6.43 earnings per share for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date of this dividend is Tuesday, September 15th. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 41.59%.

Analysts Set New Price Targets

Several analysts have issued reports on PB shares. Weiss Ratings raised Prosperity Bancshares from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, July 29th. TD Cowen lifted their price objective on Prosperity Bancshares from $82.00 to $84.00 and gave the company a “buy” rating in a research report on Friday, July 31st. Benchmark started coverage on Prosperity Bancshares in a research note on Wednesday, June 24th. They set a “hold” rating for the company. Morgan Stanley reissued an “equal weight” rating and issued a $80.00 target price (down from $85.00) on shares of Prosperity Bancshares in a report on Monday, July 6th. Finally, Royal Bank Of Canada raised their target price on shares of Prosperity Bancshares from $78.00 to $80.00 and gave the stock a “sector perform” rating in a research note on Thursday, July 30th. Five research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $78.36.

Institutional Investors Weigh In On Prosperity Bancshares

A number of institutional investors have recently bought and sold shares of the business. Danske Bank A S bought a new stake in Prosperity Bancshares during the third quarter valued at about $40,000. SouthState Bank Corp bought a new position in shares of Prosperity Bancshares in the fourth quarter worth about $49,000. Osaic Holdings Inc. grew its position in shares of Prosperity Bancshares by 34.9% during the second quarter. Osaic Holdings Inc. now owns 719 shares of the bank’s stock worth $51,000 after purchasing an additional 186 shares in the last quarter. Eurizon Capital SGR S.p.A. purchased a new stake in shares of Prosperity Bancshares during the fourth quarter worth about $55,000. Finally, Group One Trading LLC bought a new stake in Prosperity Bancshares during the 4th quarter valued at approximately $66,000. Hedge funds and other institutional investors own 80.69% of the company’s stock.

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.