Prosperity Bancshares (NYSE:PB) Director Sells $44,424.00 in Stock

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned Holmes sold 600 shares of the firm’s stock in a transaction that occurred on Wednesday, November 4th. The stock was sold at an average price of $74.04, for a total transaction of $44,424.00. Following the sale, the director directly owned 38,100 shares of the company’s stock, valued at approximately $2,820,924. The trade was a 1.55% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.

Prosperity Bancshares Price Performance

Shares of NYSE:PB traded down $1.25 during trading on Thursday, reaching $72.33. The stock had a trading volume of 179,966 shares, compared to its average volume of 1,103,252. The stock has a market capitalization of $7.30 billion, a PE ratio of 13.14, a P/E/G ratio of 0.81 and a beta of 0.64. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.77 and a quick ratio of 0.77. Prosperity Bancshares, Inc. has a 52 week low of $63.20 and a 52 week high of $77.20. The business’s 50-day moving average price is $69.57 and its 200 day moving average price is $70.37.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, October 28th. The bank reported $1.67 EPS for the quarter, topping analysts’ consensus estimates of $1.35 by $0.32. Prosperity Bancshares had a return on equity of 7.68% and a net margin of 26.99%. The business had revenue of $495.70 million for the quarter, compared to analyst estimates of $491.49 million. During the same period in the prior year, the company earned $1.45 EPS. Prosperity Bancshares’s revenue for the quarter was up 56.0% on a year-over-year basis. As a group, equities analysts predict that Prosperity Bancshares, Inc. will post 6.48 earnings per share for the current year.

Prosperity Bancshares Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, January 4th. Stockholders of record on Tuesday, December 15th will be issued a dividend of $0.64 per share. The ex-dividend date is Tuesday, December 15th. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.60. This represents a $2.56 annualized dividend and a dividend yield of 3.5%. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 43.64%.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on PB shares. Cantor Fitzgerald cut their price target on Prosperity Bancshares from $85.00 to $78.00 and set an “overweight” rating for the company in a report on Wednesday, October 14th. Piper Sandler decreased their price objective on shares of Prosperity Bancshares from $80.00 to $78.00 and set a “neutral” rating on the stock in a report on Thursday, October 29th. Morgan Stanley raised their price objective on shares of Prosperity Bancshares from $80.00 to $81.00 and gave the company an “underweight” rating in a research report on Monday, September 28th. Stephens boosted their target price on shares of Prosperity Bancshares from $85.00 to $87.00 and gave the stock an “overweight” rating in a research note on Thursday, October 29th. Finally, Weiss Ratings downgraded shares of Prosperity Bancshares from a “buy (b)” rating to a “buy (b-)” rating in a research note on Friday, October 23rd. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, six have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $78.36.

Hedge Funds Weigh In On Prosperity Bancshares

Several large investors have recently made changes to their positions in the company. Provenance Wealth Advisors LLC bought a new stake in Prosperity Bancshares during the 3rd quarter worth about $25,000. Parkside Financial Bank & Trust lifted its position in Prosperity Bancshares by 52.0% during the 2nd quarter. Parkside Financial Bank & Trust now owns 576 shares of the bank’s stock valued at $42,000 after purchasing an additional 197 shares during the period. Global Retirement Partners LLC acquired a new position in Prosperity Bancshares during the 2nd quarter valued at about $54,000. MADDEN SECURITIES Corp bought a new position in shares of Prosperity Bancshares in the 3rd quarter valued at about $67,000. Finally, Root Financial Partners LLC bought a new position in shares of Prosperity Bancshares in the 3rd quarter valued at about $82,000. Institutional investors and hedge funds own 80.69% of the company’s stock.

Prosperity Bancshares Company Profile

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

Prosperity Bank offers deposit products, commercial and consumer lending, mortgage and real estate lending, treasury management, online and mobile banking, and other traditional banking services. Its lending activities include financing for commercial businesses, agriculture, residential and commercial real estate, and personal needs.

Founded in 1983, Prosperity Bancshares has expanded primarily through organic growth and the acquisition of community banks.