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

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned Holmes sold 600 shares of the company’s stock in a transaction on Wednesday, March 25th. The stock was sold at an average price of $66.24, for a total value of $39,744.00. Following the sale, the director owned 41,300 shares of the company’s stock, valued at approximately $2,735,712. This represents a 1.43% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Prosperity Bancshares Trading Down 0.3%

Shares of NYSE:PB traded down $0.23 on Wednesday, reaching $66.18. The company had a trading volume of 811,057 shares, compared to its average volume of 1,301,036. The firm has a market capitalization of $6.72 billion, a PE ratio of 11.55, a PEG ratio of 0.93 and a beta of 0.66. Prosperity Bancshares, Inc. has a 52-week low of $61.06 and a 52-week high of $77.20. The firm’s 50 day simple moving average is $70.45 and its 200-day simple moving average is $68.64.

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

Prosperity Bancshares Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Friday, March 13th will be given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 3.6%. The ex-dividend date of this dividend is Friday, March 13th. Prosperity Bancshares’s dividend payout ratio is presently 41.88%.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the stock. Barclays downgraded shares of Prosperity Bancshares from an “equal weight” rating to an “underweight” rating and cut their price objective for the stock from $75.00 to $68.00 in a research report on Monday, February 2nd. DA Davidson restated a “neutral” rating and issued a $76.00 target price on shares of Prosperity Bancshares in a research note on Thursday, January 29th. Janney Montgomery Scott lowered shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating in a report on Tuesday, February 3rd. Piper Sandler downgraded Prosperity Bancshares from an “overweight” rating to a “neutral” rating and reduced their price target for the stock from $77.00 to $74.00 in a research report on Thursday, January 29th. Finally, Cantor Fitzgerald increased their price objective on Prosperity Bancshares from $81.00 to $83.00 and gave the company an “overweight” rating in a report on Tuesday, March 3rd. Seven 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 currently has an average rating of “Hold” and an average target price of $78.92.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in PB. Sepio Capital LP lifted its stake in shares of Prosperity Bancshares by 2.4% during the fourth quarter. Sepio Capital LP now owns 5,701 shares of the bank’s stock worth $394,000 after buying an additional 133 shares during the period. Commonwealth Equity Services LLC raised its stake in Prosperity Bancshares by 1.0% in the 4th quarter. Commonwealth Equity Services LLC now owns 14,324 shares of the bank’s stock worth $990,000 after acquiring an additional 145 shares during the last quarter. Clearstead Advisors LLC lifted its position in Prosperity Bancshares by 10.9% during the 3rd quarter. Clearstead Advisors LLC now owns 1,614 shares of the bank’s stock worth $107,000 after acquiring an additional 159 shares during the period. Bfsg LLC lifted its position in Prosperity Bancshares by 5.1% during the 3rd quarter. Bfsg LLC now owns 3,363 shares of the bank’s stock worth $223,000 after acquiring an additional 164 shares during the period. Finally, Belpointe Asset Management LLC grew its stake in Prosperity Bancshares by 5.1% during the 3rd quarter. Belpointe Asset Management LLC now owns 3,621 shares of the bank’s stock valued at $240,000 after purchasing an additional 176 shares during the last quarter. Hedge funds and other institutional investors own 80.69% of the company’s stock.

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.