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

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned Holmes sold 600 shares of the stock in a transaction that occurred on Wednesday, April 8th. The stock was sold at an average price of $68.97, for a total value of $41,382.00. Following the completion of the transaction, the director directly owned 41,100 shares of the company’s stock, valued at $2,834,667. This trade represents a 1.44% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Prosperity Bancshares Price Performance

PB stock traded up $0.02 on Thursday, reaching $68.57. The company’s stock had a trading volume of 158,497 shares, compared to its average volume of 1,241,790. Prosperity Bancshares, Inc. has a 52 week low of $61.06 and a 52 week high of $77.20. The company has a market capitalization of $6.96 billion, a P/E ratio of 11.97, a price-to-earnings-growth ratio of 0.94 and a beta of 0.66. The firm has a fifty day moving average of $69.24 and a two-hundred day moving average of $68.63.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings data on Wednesday, January 28th. The bank reported $1.46 earnings per share (EPS) 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 business had revenue of $317.73 million during the quarter, compared to analyst estimates of $319.30 million. During the same period in the prior year, the company posted $1.37 EPS. The business’s revenue for the quarter was down 5.9% compared to the same quarter last year. As a group, equities analysts expect that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, April 1st. Shareholders of record on Friday, March 13th were paid a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date of this dividend was Friday, March 13th. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 41.88%.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on PB. TD Cowen restated a “buy” rating on shares of Prosperity Bancshares in a report on Wednesday, January 7th. Janney Montgomery Scott lowered Prosperity Bancshares from a “buy” rating to a “neutral” rating in a report on Tuesday, February 3rd. Morgan Stanley cut their price objective on Prosperity Bancshares from $91.00 to $83.00 and set an “overweight” rating for the company in a report on Tuesday, March 31st. Piper Sandler lowered Prosperity Bancshares from an “overweight” rating to a “neutral” rating and cut their price objective for the company from $77.00 to $74.00 in a report on Thursday, January 29th. Finally, Citigroup restated a “neutral” rating on shares of Prosperity Bancshares in a report on Monday, February 2nd. Eight equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Prosperity Bancshares has a consensus rating of “Hold” and an average price target of $78.31.

Institutional Investors Weigh In On Prosperity Bancshares

Large investors have recently modified their holdings of the stock. Mather Group LLC. bought a new stake in shares of Prosperity Bancshares during the 3rd quarter worth $26,000. Community Bank N.A. bought a new stake in shares of Prosperity Bancshares during the 3rd quarter worth $29,000. Danske Bank A S bought a new stake in shares of Prosperity Bancshares during the 3rd quarter worth $40,000. Annis Gardner Whiting Capital Advisors LLC bought a new stake in shares of Prosperity Bancshares during the 3rd quarter worth $42,000. Finally, SouthState Bank Corp bought a new stake in shares of Prosperity Bancshares during the 4th quarter worth $49,000. 80.69% of the stock is owned by 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.