Prosperity Bancshares (NYSE:PB) Director Ned Holmes Sells 500 Shares of Stock

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned Holmes sold 500 shares of the company’s stock in a transaction that occurred on Wednesday, August 26th. The shares were sold at an average price of $73.19, for a total value of $36,595.00. Following the completion of the transaction, the director directly owned 70,115 shares of the company’s stock, valued at approximately $5,131,716.85. This trade represents a 0.71% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Prosperity Bancshares Stock Performance

Shares of NYSE PB traded up $0.58 during trading hours on Wednesday, reaching $73.11. The stock had a trading volume of 702,440 shares, compared to its average volume of 899,798. The company has a market cap of $7.37 billion, a price-to-earnings ratio of 12.67, a PEG ratio of 0.79 and a beta of 0.64. Prosperity Bancshares, Inc. has a twelve month low of $61.06 and a twelve month high of $77.20. The business’s fifty day moving average is $73.11 and its two-hundred day moving average is $70.55. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.75 and a quick ratio of 0.75.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings results on Wednesday, July 29th. The bank reported $1.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.50 by $0.12. Prosperity Bancshares had a net margin of 29.95% and a return on equity of 7.39%. The firm had revenue of $369.18 million for the quarter, compared to analyst estimates of $380.73 million. During the same quarter in the previous year, the firm posted $1.42 EPS. The business’s revenue for the quarter was up 25.9% on a year-over-year basis. As a group, research analysts expect that Prosperity Bancshares, Inc. will post 6.47 EPS for the current year.

Prosperity Bancshares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders 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 dividend yield of 3.3%. The ex-dividend date of this dividend is Tuesday, September 15th. Prosperity Bancshares’s dividend payout ratio is presently 41.59%.

Wall Street Analyst Weigh In

A number of brokerages have commented on PB. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $80.00 price objective on shares of Prosperity Bancshares in a report on Tuesday, June 23rd. Weiss Ratings upgraded shares of Prosperity Bancshares from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, July 29th. Citigroup lifted their price objective on Prosperity Bancshares from $75.00 to $79.00 and gave the company a “neutral” rating in a report on Friday, July 31st. TD Cowen raised their price target on Prosperity Bancshares from $82.00 to $84.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. Finally, Royal Bank Of Canada raised their target price on shares of Prosperity Bancshares from $78.00 to $80.00 and gave the company a “sector perform” rating in a report on Thursday, July 30th. Five equities 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. Based on data from MarketBeat, Prosperity Bancshares presently has an average rating of “Hold” and a consensus price target of $78.36.

Institutional Trading of Prosperity Bancshares

Several large investors have recently bought and sold shares of PB. Danske Bank A S bought a new position in shares of Prosperity Bancshares in the third quarter worth about $40,000. SouthState Bank Corp bought a new position in Prosperity Bancshares in the 4th quarter valued at approximately $49,000. Osaic Holdings Inc. grew its stake 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 buying an additional 186 shares during the last quarter. Global Retirement Partners LLC acquired a new position in shares of Prosperity Bancshares during the second quarter worth $54,000. Finally, Eurizon Capital SGR S.p.A. bought a new position in Prosperity Bancshares in the fourth quarter valued at about $55,000. 80.69% of the stock is owned by institutional investors and hedge funds.

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.