Insider Selling: Prosperity Bancshares (NYSE:PB) Director Sells 600 Shares of Stock

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned Holmes sold 600 shares of Prosperity Bancshares stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $70.04, for a total transaction of $42,024.00. Following the completion of the transaction, the director directly owned 41,600 shares of the company’s stock, valued at $2,913,664. The trade was a 1.42% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Prosperity Bancshares Trading Down 0.4%

PB traded down $0.26 during trading on Wednesday, hitting $69.78. The company’s stock had a trading volume of 926,721 shares, compared to its average volume of 1,275,979. The firm has a market capitalization of $7.09 billion, a price-to-earnings ratio of 12.18, a P/E/G ratio of 1.00 and a beta of 0.66. Prosperity Bancshares, Inc. has a twelve month low of $61.06 and a twelve month high of $77.20. The business’s fifty day simple moving average is $71.77 and its 200 day simple moving average is $68.90.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, January 28th. The bank reported $1.46 earnings per share for the quarter, topping the consensus estimate of $1.45 by $0.01. The firm had revenue of $317.73 million during the quarter, compared to the consensus estimate of $319.30 million. Prosperity Bancshares had a net margin of 31.22% and a return on equity of 7.11%. The company’s revenue for the quarter was down 5.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.37 EPS. As a group, equities research analysts forecast that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current fiscal year.

Prosperity Bancshares Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Friday, March 13th will be paid a $0.60 dividend. The ex-dividend date of this dividend is Friday, March 13th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.4%. Prosperity Bancshares’s dividend payout ratio (DPR) is 41.88%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on PB shares. TD Cowen restated a “buy” rating on shares of Prosperity Bancshares in a report on Wednesday, January 7th. Citigroup reiterated a “neutral” rating on shares of Prosperity Bancshares in a research report on Monday, February 2nd. DA Davidson reissued a “neutral” rating and set a $76.00 target price on shares of Prosperity Bancshares in a research note on Thursday, January 29th. Piper Sandler downgraded Prosperity Bancshares from an “overweight” rating to a “neutral” rating and reduced their target price for the company from $77.00 to $74.00 in a research report on Thursday, January 29th. Finally, Barclays lowered Prosperity Bancshares from an “equal weight” rating to an “underweight” rating and decreased their price target for the company from $75.00 to $68.00 in a research note on Monday, February 2nd. Seven investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $78.92.

Institutional Trading of Prosperity Bancshares

A number of large investors have recently made changes to their positions in the company. Mather Group LLC. purchased a new position in Prosperity Bancshares in the third quarter worth approximately $26,000. Community Bank N.A. purchased a new stake in shares of Prosperity Bancshares during the 3rd quarter worth $29,000. Danske Bank A S purchased a new position in Prosperity Bancshares in the third quarter valued at $40,000. Annis Gardner Whiting Capital Advisors LLC purchased a new stake in Prosperity Bancshares during the 3rd quarter worth about $42,000. Finally, Employees Retirement System of Texas purchased a new stake in Prosperity Bancshares during the 2nd quarter worth about $48,000. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

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.