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

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned Holmes sold 600 shares of the stock in a transaction on Wednesday, September 9th. The stock was sold at an average price of $71.43, for a total transaction of $42,858.00. Following the sale, the director directly owned 38,900 shares in the company, valued at $2,778,627. This trade represents a 1.52% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

Prosperity Bancshares Stock Performance

PB traded down $0.42 on Wednesday, reaching $71.37. The stock had a trading volume of 752,355 shares, compared to its average volume of 1,111,107. The business’s 50-day moving average price is $73.04 and its two-hundred day moving average price is $70.42. The company has a market cap of $7.20 billion, a P/E ratio of 12.37, a price-to-earnings-growth ratio of 0.79 and a beta of 0.63. Prosperity Bancshares, Inc. has a 12-month low of $61.06 and a 12-month high of $77.20. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.01.

Prosperity Bancshares (NYSE:PB) last posted its earnings results on Wednesday, July 29th. The bank reported $1.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.50 by $0.12. Prosperity Bancshares had a net margin of 29.95% and a return on equity of 7.39%. The business had revenue of $391.25 million for the quarter, compared to analyst estimates of $380.73 million. During the same period in the prior year, the company posted $1.42 EPS. The company’s revenue for the quarter was up 25.9% on a year-over-year basis. Sell-side analysts forecast that Prosperity Bancshares, Inc. will post 6.47 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be issued a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend is Tuesday, September 15th. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 41.59%.

Institutional Investors Weigh In On Prosperity Bancshares

A number of large investors have recently modified their holdings of the business. Sepio Capital LP raised its position in shares of Prosperity Bancshares by 2.4% in the fourth quarter. Sepio Capital LP now owns 5,701 shares of the bank’s stock valued at $394,000 after buying an additional 133 shares during the last quarter. Commonwealth Equity Services LLC grew its stake in Prosperity Bancshares by 1.0% during the 4th quarter. Commonwealth Equity Services LLC now owns 14,324 shares of the bank’s stock valued at $990,000 after acquiring an additional 145 shares in the last quarter. Osaic Holdings Inc. grew its stake in Prosperity Bancshares by 34.9% during the 2nd quarter. Osaic Holdings Inc. now owns 719 shares of the bank’s stock valued at $51,000 after acquiring an additional 186 shares in the last quarter. Parkside Financial Bank & Trust raised its holdings in Prosperity Bancshares by 52.0% in the 2nd quarter. Parkside Financial Bank & Trust now owns 576 shares of the bank’s stock valued at $42,000 after acquiring an additional 197 shares during the last quarter. Finally, Earned Wealth Advisors LLC lifted its stake in Prosperity Bancshares by 6.2% in the 1st quarter. Earned Wealth Advisors LLC now owns 3,639 shares of the bank’s stock worth $244,000 after purchasing an additional 213 shares in the last quarter. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Weiss Ratings raised Prosperity Bancshares from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, July 29th. Wall Street Zen raised shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a report on Saturday, August 1st. Royal Bank Of Canada upped their price objective on shares of Prosperity Bancshares from $78.00 to $80.00 and gave the stock a “sector perform” rating in a research report on Thursday, July 30th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $80.00 price objective on shares of Prosperity Bancshares in a report on Tuesday, June 23rd. Finally, Piper Sandler lifted their target price on shares of Prosperity Bancshares from $75.00 to $80.00 and gave the company a “neutral” rating in a research report on Thursday, July 30th. Five research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, Prosperity Bancshares has a consensus rating of “Hold” and a consensus target price of $78.36.

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.