Prosperity Bancshares (NYSE:PB) Stock: Insider Ned Holmes Sells 600 Shares

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned Holmes sold 600 shares of the company’s stock in a transaction that occurred on Wednesday, October 7th. The shares were sold at an average price of $65.79, for a total transaction of $39,474.00. Following the completion of the transaction, the director owned 38,500 shares of the company’s stock, valued at $2,532,915. This trade represents a 1.53% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Prosperity Bancshares Stock Up 0.4%

Shares of NYSE:PB traded up $0.24 during midday trading on Thursday, reaching $66.19. 249,735 shares of the company were exchanged, compared to its average volume of 1,121,054. Prosperity Bancshares, Inc. has a fifty-two week low of $61.06 and a fifty-two week high of $77.20. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.01. The stock has a fifty day simple moving average of $71.44 and a two-hundred day simple moving average of $70.45. The firm has a market cap of $6.68 billion, a PE ratio of 11.46, a P/E/G ratio of 0.73 and a beta of 0.66.

Prosperity Bancshares (NYSE:PB) last announced its earnings results on Wednesday, July 29th. The bank reported $1.62 earnings per share for the quarter, topping analysts’ consensus estimates of $1.50 by $0.12. The firm had revenue of $391.25 million during the quarter, compared to analyst estimates of $380.73 million. Prosperity Bancshares had a net margin of 29.95% and a return on equity of 7.39%. The company’s revenue for the quarter was up 25.9% compared to the same quarter last year. During the same period in the prior year, the business earned $1.42 EPS. As a group, sell-side analysts forecast that Prosperity Bancshares, Inc. will post 6.48 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, October 1st. Investors of record on Tuesday, September 15th were given a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date of this dividend was Tuesday, September 15th. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 41.59%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Citigroup reduced their price target on Prosperity Bancshares from $79.00 to $77.00 and set a “neutral” rating for the company in a research report on Tuesday, September 22nd. TD Cowen cut their price objective on shares of Prosperity Bancshares from $84.00 to $78.00 and set a “buy” rating on the stock in a research report on Monday. Piper Sandler increased their target price on shares of Prosperity Bancshares from $75.00 to $80.00 and gave the stock a “neutral” rating in a report on Thursday, July 30th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $80.00 target price on shares of Prosperity Bancshares in a research report on Tuesday, June 23rd. Finally, Raymond James Financial upgraded shares of Prosperity Bancshares from a “market perform” rating to an “outperform” rating and set a $78.00 price target on the stock in a research note on Tuesday. Six analysts have rated the stock with a Buy rating, six have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Prosperity Bancshares presently has a consensus rating of “Hold” and a consensus target price of $78.00.

Institutional Investors Weigh In On Prosperity Bancshares

Large investors have recently made changes to their positions in the stock. Parkside Financial Bank & Trust grew its stake in shares of Prosperity Bancshares by 52.0% in the second quarter. Parkside Financial Bank & Trust now owns 576 shares of the bank’s stock valued at $42,000 after buying an additional 197 shares in the last quarter. Global Retirement Partners LLC bought a new position in shares of Prosperity Bancshares in the 2nd quarter valued at about $54,000. Root Financial Partners LLC grew its position in shares of Prosperity Bancshares by 310.6% in the 1st quarter. Root Financial Partners LLC now owns 1,162 shares of the bank’s stock valued at $78,000 after acquiring an additional 879 shares during the period. GAMMA Investing LLC increased its stake in shares of Prosperity Bancshares by 33.8% during the 2nd quarter. GAMMA Investing LLC now owns 1,990 shares of the bank’s stock worth $145,000 after purchasing an additional 503 shares during the last quarter. Finally, Core Capital Management & Research inc. acquired a new position in shares of Prosperity Bancshares during the 2nd quarter worth about $146,000. Institutional investors and hedge funds own 80.69% of the company’s stock.

About Prosperity Bancshares

Prosperity Bancshares, Inc is a bank holding company headquartered in Houston, Texas. Through its principal subsidiary, Prosperity Bank, the company provides a range of banking and financial services to individuals, businesses and institutional customers.

Prosperity Bank offers deposit accounts, commercial and consumer lending, mortgage and real estate loans, treasury management, cash management, online and mobile banking, and other related financial services. Its lending activities support businesses, agricultural customers, real estate projects and consumers.

Founded in 1983, Prosperity Bancshares has expanded through organic growth and acquisitions.