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

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned Holmes sold 600 shares of the stock in a transaction on Wednesday, October 21st. The stock was sold at an average price of $68.24, for a total value of $40,944.00. Following the sale, the director owned 38,300 shares in the company, valued at $2,613,592. The trade was a 1.54% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Prosperity Bancshares Stock Performance

Prosperity Bancshares stock opened at $69.56 on Friday. The stock has a 50-day simple moving average of $69.78 and a 200 day simple moving average of $70.53. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.01. Prosperity Bancshares, Inc. has a 12-month low of $62.58 and a 12-month high of $77.20. The stock has a market capitalization of $7.02 billion, a price-to-earnings ratio of 11.58, a P/E/G ratio of 0.77 and a beta of 0.66.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results on Wednesday, July 29th. The bank reported $1.62 earnings per share (EPS) for the quarter, topping 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 business had revenue of $391.25 million for the quarter, compared to the consensus estimate of $380.73 million. During the same quarter in the prior year, the company earned $1.42 EPS. The firm’s quarterly revenue was up 25.9% on a year-over-year basis. On average, research analysts anticipate that Prosperity Bancshares, Inc. will post 6.46 earnings per share for the current fiscal year.

Prosperity Bancshares Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, January 4th. Investors of record on Tuesday, December 15th will be issued a $0.64 dividend. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.60. This represents a $2.56 annualized dividend and a yield of 3.7%. The ex-dividend date is Tuesday, December 15th. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 41.59%.

Wall Street Analysts Forecast Growth

PB has been the topic of a number of analyst reports. Piper Sandler increased their price target on Prosperity Bancshares from $75.00 to $80.00 and gave the company a “neutral” rating in a research note on Thursday, July 30th. TD Cowen decreased their price objective on Prosperity Bancshares from $84.00 to $78.00 and set a “buy” rating for the company in a research note on Monday, October 5th. Barclays lifted their price objective on Prosperity Bancshares from $68.00 to $70.00 and gave the stock an “underweight” rating in a research note on Monday, October 5th. Royal Bank Of Canada reduced their target price on Prosperity Bancshares from $80.00 to $77.00 and set a “sector perform” rating on the stock in a report on Friday, October 9th. Finally, Wall Street Zen upgraded Prosperity Bancshares from a “sell” rating to a “hold” rating in a research report on Saturday, August 1st. Six investment analysts have rated the stock with a Buy rating, six have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $77.55.

Institutional Trading of Prosperity Bancshares

A number of institutional investors have recently made changes to their positions in the business. Signaturefd LLC boosted its stake in Prosperity Bancshares by 40.3% in the third quarter. Signaturefd LLC now owns 2,476 shares of the bank’s stock valued at $164,000 after buying an additional 711 shares in the last quarter. Citizens Financial Group Inc. RI boosted its stake in shares of Prosperity Bancshares by 41.1% in the 3rd quarter. Citizens Financial Group Inc. RI now owns 12,060 shares of the bank’s stock valued at $806,000 after purchasing an additional 3,512 shares in the last quarter. Tectonic Advisors LLC boosted its stake in shares of Prosperity Bancshares by 15.8% in the 3rd quarter. Tectonic Advisors LLC now owns 11,953 shares of the bank’s stock valued at $791,000 after purchasing an additional 1,631 shares in the last quarter. Fifth Third Wealth Advisors LLC grew its holdings in shares of Prosperity Bancshares by 17.6% during the 3rd quarter. Fifth Third Wealth Advisors LLC now owns 3,469 shares of the bank’s stock valued at $230,000 after purchasing an additional 520 shares during the last quarter. Finally, Sterling Capital Management LLC grew its holdings in shares of Prosperity Bancshares by 13.7% during the 3rd quarter. Sterling Capital Management LLC now owns 3,340 shares of the bank’s stock valued at $221,000 after purchasing an additional 403 shares during the last quarter. Institutional investors own 80.69% of the company’s stock.

About Prosperity Bancshares

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.