Insider Selling: Prosperity Bancshares (NYSE:PB) Director Sells $38,574.00 in Stock

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned Holmes sold 600 shares of the stock in a transaction on Wednesday, March 18th. The shares were sold at an average price of $64.29, for a total transaction of $38,574.00. Following the transaction, the director owned 41,400 shares of the company’s stock, valued at $2,661,606. This trade represents a 1.43% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Prosperity Bancshares Trading Down 0.1%

Shares of NYSE PB traded down $0.09 during midday trading on Thursday, hitting $64.01. The company’s stock had a trading volume of 420,103 shares, compared to its average volume of 1,264,766. The firm has a market cap of $6.50 billion, a P/E ratio of 11.16, a price-to-earnings-growth ratio of 0.91 and a beta of 0.66. The business’s 50 day moving average is $70.97 and its two-hundred day moving average is $68.74. Prosperity Bancshares, Inc. has a 12-month low of $61.06 and a 12-month high of $77.20.

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, beating the consensus estimate of $1.45 by $0.01. The company had revenue of $317.73 million for the quarter, compared to analyst estimates of $319.30 million. Prosperity Bancshares had a net margin of 31.22% and a return on equity of 7.11%. Prosperity Bancshares’s revenue was down 5.9% compared to the same quarter last year. During the same period last year, the company posted $1.37 earnings per share. On average, analysts predict that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current fiscal year.

Prosperity Bancshares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th will be issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 3.7%. The ex-dividend date of this dividend is Friday, March 13th. Prosperity Bancshares’s payout ratio is 41.88%.

Analyst Upgrades and Downgrades

PB has been the topic of a number of research reports. Barclays lowered Prosperity Bancshares from an “equal weight” rating to an “underweight” rating and decreased their price objective for the company from $75.00 to $68.00 in a report on Monday, February 2nd. DA Davidson reiterated a “neutral” rating and issued a $76.00 target price on shares of Prosperity Bancshares in a report on Thursday, January 29th. Morgan Stanley increased their target price on Prosperity Bancshares from $80.00 to $91.00 and gave the stock an “overweight” rating in a research note on Monday, March 2nd. Hovde Group lifted their target price on Prosperity Bancshares from $75.00 to $77.00 and gave the company an “outperform” rating in a research report on Thursday, January 29th. Finally, Piper Sandler lowered shares of Prosperity Bancshares from an “overweight” rating to a “neutral” rating and cut their price target for the stock from $77.00 to $74.00 in a research note on Thursday, January 29th. Seven analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Prosperity Bancshares currently has an average rating of “Hold” and a consensus target price of $78.92.

Hedge Funds Weigh In On Prosperity Bancshares

A number of hedge funds and other institutional investors have recently made changes to their positions in PB. AQR Capital Management LLC increased its position in Prosperity Bancshares by 175.1% during the 2nd quarter. AQR Capital Management LLC now owns 2,383,162 shares of the bank’s stock worth $167,393,000 after purchasing an additional 1,516,939 shares during the period. American Century Companies Inc. grew its position in Prosperity Bancshares by 4,674.9% during the second quarter. American Century Companies Inc. now owns 1,426,917 shares of the bank’s stock worth $100,227,000 after buying an additional 1,397,033 shares during the period. Barrow Hanley Mewhinney & Strauss LLC increased its holdings in Prosperity Bancshares by 910.4% in the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,311,051 shares of the bank’s stock valued at $90,607,000 after buying an additional 1,181,295 shares in the last quarter. Norges Bank acquired a new stake in shares of Prosperity Bancshares during the 2nd quarter valued at approximately $53,398,000. Finally, Artisan Partners Limited Partnership acquired a new stake in shares of Prosperity Bancshares during the 4th quarter valued at approximately $44,822,000. 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.