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

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned Holmes sold 600 shares of Prosperity Bancshares stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $71.39, for a total value of $42,834.00. Following the sale, the director directly owned 40,200 shares in the company, valued at $2,869,878. The trade was a 1.47% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Prosperity Bancshares Stock Performance

Prosperity Bancshares stock traded up $0.65 during mid-day trading on Wednesday, hitting $71.13. 1,108,445 shares of the company’s stock traded hands, compared to its average volume of 1,111,592. The firm has a 50 day moving average price of $68.66 and a 200 day moving average price of $69.72. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.01. The company has a market cap of $7.17 billion, a PE ratio of 12.89, a price-to-earnings-growth ratio of 1.07 and a beta of 0.64. Prosperity Bancshares, Inc. has a one year low of $61.06 and a one year high of $77.20.

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

Prosperity Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Monday, June 15th will be paid a dividend of $0.60 per share. The ex-dividend date of this dividend is Monday, June 15th. This represents a $2.40 annualized dividend and a yield of 3.4%. Prosperity Bancshares’s payout ratio is presently 43.48%.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Wall Street Zen raised Prosperity Bancshares from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 16th. Morgan Stanley dropped their price objective on Prosperity Bancshares from $91.00 to $83.00 and set an “overweight” rating on the stock in a research note on Tuesday, March 31st. TD Cowen boosted their price objective on Prosperity Bancshares from $77.00 to $79.00 and gave the stock a “buy” rating in a research note on Friday, May 1st. Citigroup boosted their price objective on Prosperity Bancshares from $72.00 to $74.00 and gave the stock a “neutral” rating in a research note on Monday, May 4th. Finally, Weiss Ratings downgraded Prosperity Bancshares from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, May 11th. Five research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $76.82.

Institutional Investors Weigh In On Prosperity Bancshares

A number of institutional investors and hedge funds have recently modified their holdings of the stock. NewEdge Advisors LLC raised its position in shares of Prosperity Bancshares by 15.4% during the first quarter. NewEdge Advisors LLC now owns 12,762 shares of the bank’s stock worth $857,000 after purchasing an additional 1,700 shares during the period. Alpine Woods Capital Investors LLC acquired a new stake in shares of Prosperity Bancshares during the first quarter worth $227,000. Bank of America Corp DE raised its position in shares of Prosperity Bancshares by 11.6% during the first quarter. Bank of America Corp DE now owns 487,616 shares of the bank’s stock worth $32,758,000 after purchasing an additional 50,575 shares during the period. Edgestream Partners L.P. acquired a new stake in shares of Prosperity Bancshares during the first quarter worth $2,006,000. Finally, Janus Henderson Group PLC raised its position in shares of Prosperity Bancshares by 8.9% during the first quarter. Janus Henderson Group PLC now owns 45,220 shares of the bank’s stock worth $3,038,000 after purchasing an additional 3,700 shares during the period. 80.69% of the stock is owned by institutional investors and hedge funds.

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.