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 business’s stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $67.69, for a total value of $40,614.00. Following the sale, the director owned 40,300 shares in the company, valued at approximately $2,727,907. The trade was a 1.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Prosperity Bancshares Stock Performance

Shares of NYSE:PB traded up $1.18 during midday trading on Thursday, reaching $68.73. 452,396 shares of the company traded hands, compared to its average volume of 1,105,128. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.01. Prosperity Bancshares, Inc. has a 12 month low of $61.06 and a 12 month high of $77.20. The firm has a market capitalization of $6.93 billion, a price-to-earnings ratio of 12.44, a price-to-earnings-growth ratio of 1.05 and a beta of 0.64. The firm’s fifty day moving average price is $68.38 and its two-hundred day moving average price is $69.62.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings data on Wednesday, April 29th. The bank reported $1.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.41 by $0.09. Prosperity Bancshares had a return on equity of 7.20% and a net margin of 29.50%.The company had revenue of $367.62 million for the quarter, compared to analyst estimates of $358.60 million. During the same period in the previous year, the company posted $1.37 EPS. The firm’s revenue for the quarter was up 19.9% compared to the same quarter last year. On average, equities analysts expect that Prosperity Bancshares, Inc. will post 6.27 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Monday, June 15th will be given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 3.5%. The ex-dividend date is Monday, June 15th. Prosperity Bancshares’s payout ratio is presently 43.48%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. NewEdge Advisors LLC raised its position in Prosperity Bancshares by 15.4% during the 1st quarter. NewEdge Advisors LLC now owns 12,762 shares of the bank’s stock valued at $857,000 after purchasing an additional 1,700 shares during the last quarter. Alpine Woods Capital Investors LLC bought a new position in Prosperity Bancshares during the 1st quarter valued at approximately $227,000. Bank of America Corp DE grew its holdings in shares of Prosperity Bancshares by 11.6% during the 1st quarter. Bank of America Corp DE now owns 487,616 shares of the bank’s stock worth $32,758,000 after acquiring an additional 50,575 shares during the period. Edgestream Partners L.P. purchased a new position in shares of Prosperity Bancshares during the 1st quarter worth approximately $2,006,000. Finally, Janus Henderson Group PLC grew its holdings in shares of Prosperity Bancshares by 8.9% during the 1st quarter. Janus Henderson Group PLC now owns 45,220 shares of the bank’s stock worth $3,038,000 after acquiring an additional 3,700 shares during the period. Institutional investors own 80.69% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. TD Cowen boosted their target price on Prosperity Bancshares from $77.00 to $79.00 and gave the stock a “buy” rating in a research report on Friday, May 1st. Cantor Fitzgerald upped their price objective on Prosperity Bancshares from $81.00 to $83.00 and gave the stock an “overweight” rating in a report on Tuesday, March 3rd. Piper Sandler upped their price objective on Prosperity Bancshares from $74.00 to $75.00 and gave the stock a “neutral” rating in a report on Thursday, April 30th. Wall Street Zen upgraded Prosperity Bancshares from a “strong sell” rating to a “sell” rating in a report on Saturday, May 16th. Finally, 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. Five research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $76.82.

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.