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

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned Holmes sold 600 shares of Prosperity Bancshares stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $74.14, for a total transaction of $44,484.00. Following the completion of the sale, the director directly owned 39,300 shares of the company’s stock, valued at approximately $2,913,702. The trade was a 1.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Prosperity Bancshares Stock Up 0.0%

NYSE PB traded up $0.02 during trading hours on Thursday, hitting $74.48. The company’s stock had a trading volume of 73,984 shares, compared to its average volume of 1,147,257. The company has a market capitalization of $7.51 billion, a PE ratio of 12.92, a price-to-earnings-growth ratio of 0.81 and a beta of 0.64. Prosperity Bancshares, Inc. has a 52 week low of $61.06 and a 52 week high of $77.20. The company’s 50-day simple moving average is $72.54 and its two-hundred day simple moving average is $70.35. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.01.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings data on Wednesday, July 29th. The bank reported $1.62 earnings per share for the quarter, beating the consensus estimate of $1.50 by $0.12. Prosperity Bancshares had a return on equity of 7.39% and a net margin of 29.95%.The business had revenue of $369.18 million for the quarter, compared to analysts’ expectations of $380.73 million. During the same period last year, the business earned $1.42 EPS. The business’s revenue was up 25.9% on a year-over-year basis. Research analysts anticipate that Prosperity Bancshares, Inc. will post 6.45 EPS for the current fiscal year.

Prosperity Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be given 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 is presently 41.59%.

Wall Street Analysts Forecast Growth

PB has been the topic of a number of research analyst reports. Wall Street Zen upgraded Prosperity Bancshares from a “sell” rating to a “hold” rating in a research note on Saturday, August 1st. Weiss Ratings raised shares of Prosperity Bancshares from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, July 29th. Citigroup increased their price target on shares of Prosperity Bancshares from $75.00 to $79.00 and gave the company a “neutral” rating in a research report on Friday, July 31st. Benchmark assumed coverage on shares of Prosperity Bancshares in a report on Wednesday, June 24th. They set a “hold” rating for the company. Finally, Morgan Stanley reiterated an “equal weight” rating and issued a $80.00 target price (down from $85.00) on shares of Prosperity Bancshares in a research note on Monday, July 6th. Five investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $78.36.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Prosperity Bancshares by 21.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 30,198 shares of the bank’s stock worth $2,155,000 after acquiring an additional 5,326 shares in the last quarter. NewEdge Advisors LLC lifted its holdings in Prosperity Bancshares by 36.8% during the 1st quarter. NewEdge Advisors LLC now owns 7,295 shares of the bank’s stock worth $521,000 after purchasing an additional 1,962 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Prosperity Bancshares by 5.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 346,151 shares of the bank’s stock worth $24,705,000 after purchasing an additional 17,345 shares during the period. Jane Street Group LLC increased its position in shares of Prosperity Bancshares by 182.8% during the first quarter. Jane Street Group LLC now owns 104,755 shares of the bank’s stock valued at $7,476,000 after buying an additional 67,712 shares during the period. Finally, Sivia Capital Partners LLC purchased a new position in Prosperity Bancshares during the second quarter valued at approximately $359,000. 80.69% of the stock is owned by institutional investors.

About Prosperity Bancshares

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.