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

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned Holmes sold 600 shares of the firm’s stock in a transaction that occurred on Wednesday, December 24th. The shares were sold at an average price of $70.97, for a total transaction of $42,582.00. Following the completion of the transaction, the director owned 42,600 shares in the company, valued at $3,023,322. The trade was a 1.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

Prosperity Bancshares Trading Down 0.6%

PB traded down $0.40 during trading on Monday, hitting $69.92. 234,096 shares of the company’s stock were exchanged, compared to its average volume of 805,173. Prosperity Bancshares, Inc. has a 1 year low of $61.06 and a 1 year high of $82.75. The stock has a 50 day moving average price of $68.11 and a 200 day moving average price of $68.20. The firm has a market cap of $6.64 billion, a P/E ratio of 12.46, a price-to-earnings-growth ratio of 1.04 and a beta of 0.70.

Prosperity Bancshares (NYSE:PB) last issued its earnings results on Wednesday, October 29th. The bank reported $1.45 EPS for the quarter, meeting analysts’ consensus estimates of $1.45. Prosperity Bancshares had a net margin of 30.28% and a return on equity of 7.06%. The business had revenue of $314.67 million for the quarter, compared to the consensus estimate of $317.94 million. During the same quarter last year, the firm posted $1.34 EPS. The business’s revenue for the quarter was up 3.9% compared to the same quarter last year. Analysts forecast that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current fiscal year.

Prosperity Bancshares Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Stockholders of record on Monday, December 15th will be paid a dividend of $0.60 per share. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.58. This represents a $2.40 annualized dividend and a dividend yield of 3.4%. The ex-dividend date is Monday, December 15th. Prosperity Bancshares’s payout ratio is 42.78%.

Institutional Investors Weigh In On Prosperity Bancshares

Several institutional investors and hedge funds have recently made changes to their positions in the company. Mather Group LLC. bought a new position in Prosperity Bancshares during the third quarter worth $26,000. Community Bank N.A. acquired a new stake in shares of Prosperity Bancshares during the third quarter worth $29,000. Steph & Co. bought a new position in shares of Prosperity Bancshares in the 2nd quarter worth about $38,000. Danske Bank A S acquired a new position in shares of Prosperity Bancshares in the 3rd quarter valued at about $40,000. Finally, Annis Gardner Whiting Capital Advisors LLC acquired a new position in shares of Prosperity Bancshares in the 3rd quarter valued at about $42,000. 80.69% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PB has been the subject of a number of analyst reports. Citigroup reissued a “neutral” rating and issued a $68.00 price target (down previously from $78.00) on shares of Prosperity Bancshares in a report on Monday, September 15th. Piper Sandler reduced their target price on Prosperity Bancshares from $84.00 to $77.00 and set an “overweight” rating for the company in a research note on Thursday, October 30th. Weiss Ratings restated a “hold (c)” rating on shares of Prosperity Bancshares in a research note on Wednesday, October 8th. TD Cowen upped their price target on shares of Prosperity Bancshares from $79.00 to $83.00 and gave the company a “buy” rating in a report on Friday, October 31st. Finally, Hovde Group downgraded shares of Prosperity Bancshares from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 26th. Nine analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, Prosperity Bancshares has a consensus rating of “Moderate Buy” and a consensus price target of $80.62.

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.