Prosperity Bancshares (NYSE:PB) Director Sells 500 Shares

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned Holmes sold 500 shares of the firm’s stock in a transaction on Wednesday, July 8th. The stock was sold at an average price of $70.56, for a total transaction of $35,280.00. Following the completion of the sale, the director owned 73,615 shares in the company, valued at approximately $5,194,274.40. The trade was a 0.67% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link.

Prosperity Bancshares Stock Performance

NYSE:PB traded up $1.41 during trading hours on Thursday, hitting $71.83. 317,269 shares of the company traded hands, compared to its average volume of 1,180,488. The stock has a market capitalization of $7.24 billion, a price-to-earnings ratio of 13.02, a P/E/G ratio of 1.10 and a beta of 0.63. Prosperity Bancshares, Inc. has a twelve month low of $61.06 and a twelve month high of $77.20. The firm has a 50-day moving average of $70.08 and a 200 day moving average of $69.97. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.01.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings results on Wednesday, April 29th. The bank reported $1.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.41 by $0.09. Prosperity Bancshares had a net margin of 29.50% and a return on equity of 7.20%. The company had revenue of $367.62 million for the quarter, compared to analyst estimates of $358.60 million. During the same period last year, the business posted $1.37 EPS. The business’s quarterly revenue was up 19.9% on a year-over-year basis. On average, analysts forecast that Prosperity Bancshares, Inc. will post 6.27 EPS for the current year.

Prosperity Bancshares Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Monday, June 15th were paid a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 3.3%. The ex-dividend date was Monday, June 15th. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 43.48%.

Institutional Investors Weigh In On Prosperity Bancshares

A number of institutional investors have recently added to or reduced their stakes in the stock. Sepio Capital LP grew its stake in shares of Prosperity Bancshares by 2.4% in the 4th quarter. Sepio Capital LP now owns 5,701 shares of the bank’s stock valued at $394,000 after purchasing an additional 133 shares during the period. Commonwealth Equity Services LLC lifted its position in shares of Prosperity Bancshares by 1.0% during the 4th quarter. Commonwealth Equity Services LLC now owns 14,324 shares of the bank’s stock worth $990,000 after buying an additional 145 shares during the period. Osaic Holdings Inc. boosted its stake in Prosperity Bancshares by 34.9% in the 2nd quarter. Osaic Holdings Inc. now owns 719 shares of the bank’s stock valued at $51,000 after buying an additional 186 shares in the last quarter. Earned Wealth Advisors LLC boosted its stake in Prosperity Bancshares by 6.2% in the 1st quarter. Earned Wealth Advisors LLC now owns 3,639 shares of the bank’s stock valued at $244,000 after buying an additional 213 shares in the last quarter. Finally, Public Employees Retirement System of Ohio grew its position in Prosperity Bancshares by 0.6% in the third quarter. Public Employees Retirement System of Ohio now owns 39,655 shares of the bank’s stock valued at $2,631,000 after acquiring an additional 228 shares during the period. 80.69% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $80.00 price target on shares of Prosperity Bancshares in a report on Tuesday, June 23rd. TD Cowen lifted their price objective on Prosperity Bancshares from $77.00 to $79.00 and gave the stock a “buy” rating in a report on Friday, May 1st. Morgan Stanley restated an “equal weight” rating and set a $80.00 price objective (down from $85.00) on shares of Prosperity Bancshares in a research report on Monday. Citigroup upped their target price on Prosperity Bancshares from $74.00 to $75.00 and gave the company a “neutral” rating in a research note on Thursday, June 25th. Finally, Weiss Ratings raised Prosperity Bancshares from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, July 1st. Five investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Prosperity Bancshares has a consensus rating of “Hold” and a consensus price target of $76.36.

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.