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

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned Holmes sold 600 shares of the company’s stock in a transaction that occurred on Wednesday, May 13th. The shares were sold at an average price of $66.58, for a total value of $39,948.00. Following the completion of the sale, the director owned 40,600 shares in the company, valued at approximately $2,703,148. This represents a 1.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Prosperity Bancshares Price Performance

Shares of NYSE:PB traded up $0.93 on Thursday, hitting $67.22. The stock had a trading volume of 154,555 shares, compared to its average volume of 1,154,128. Prosperity Bancshares, Inc. has a twelve month low of $61.06 and a twelve month high of $77.20. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.75 and a current ratio of 0.76. The firm’s 50 day moving average price is $67.78 and its 200-day moving average price is $69.34. The company has a market capitalization of $6.78 billion, a price-to-earnings ratio of 12.20, a price-to-earnings-growth ratio of 1.04 and a beta of 0.65.

Prosperity Bancshares (NYSE:PB) last issued its earnings results on Wednesday, April 29th. The bank reported $1.50 EPS for the quarter, beating the consensus estimate of $1.41 by $0.09. Prosperity Bancshares had a net margin of 29.50% and a return on equity of 7.20%. The company had revenue of $367.62 million for the quarter, compared to the consensus estimate of $358.60 million. During the same quarter in the previous year, the company earned $1.37 EPS. The firm’s revenue for the quarter was up 19.9% compared to the same quarter last year. On average, equities research analysts predict that Prosperity Bancshares, Inc. will post 6.24 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Monday, June 15th will be paid a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 3.6%. The ex-dividend date is Monday, June 15th. Prosperity Bancshares’s payout ratio is currently 43.48%.

Institutional Trading of Prosperity Bancshares

Several hedge funds have recently modified their holdings of the stock. Sei Investments Co. grew its stake in shares of Prosperity Bancshares by 21.9% during the first quarter. Sei Investments Co. now owns 157,954 shares of the bank’s stock valued at $10,611,000 after purchasing an additional 28,429 shares during the last quarter. Lido Advisors LLC acquired a new position in shares of Prosperity Bancshares during the first quarter valued at $4,618,000. PNC Financial Services Group Inc. lifted its stake in shares of Prosperity Bancshares by 20.3% during the first quarter. PNC Financial Services Group Inc. now owns 3,721 shares of the bank’s stock valued at $250,000 after acquiring an additional 628 shares during the period. Earned Wealth Advisors LLC lifted its stake in shares of Prosperity Bancshares by 6.2% during the first quarter. Earned Wealth Advisors LLC now owns 3,639 shares of the bank’s stock valued at $244,000 after acquiring an additional 213 shares during the period. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Prosperity Bancshares by 4.3% during the first quarter. Dimensional Fund Advisors LP now owns 4,929,309 shares of the bank’s stock valued at $331,142,000 after acquiring an additional 205,291 shares during the period. 80.69% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Barclays cut shares of Prosperity Bancshares from an “equal weight” rating to an “underweight” rating and cut their target price for the company from $75.00 to $68.00 in a research note on Monday, February 2nd. Morgan Stanley cut their target price on shares of Prosperity Bancshares from $91.00 to $83.00 and set an “overweight” rating for the company in a research note on Tuesday, March 31st. Weiss Ratings cut shares of Prosperity Bancshares from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday. Janney Montgomery Scott lowered Prosperity Bancshares from a “buy” rating to a “neutral” rating in a research note on Tuesday, February 3rd. Finally, Cantor Fitzgerald raised their target price on Prosperity Bancshares from $81.00 to $83.00 and gave the company an “overweight” rating in a research note on Tuesday, March 3rd. Six analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $77.50.

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.