Prosperity Bancshares (NYSE:PB) Director Sells $42,996.00 in Stock

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned Holmes sold 600 shares of the business’s stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $71.66, for a total transaction of $42,996.00. Following the transaction, the director owned 40,100 shares in the company, valued at approximately $2,873,566. This trade represents a 1.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Prosperity Bancshares Stock Performance

Shares of Prosperity Bancshares stock traded up $0.38 on Thursday, reaching $71.16. 148,860 shares of the stock were exchanged, compared to its average volume of 1,094,711. Prosperity Bancshares, Inc. has a 1-year low of $61.06 and a 1-year high of $77.20. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.01. The business has a fifty day moving average price of $69.20 and a two-hundred day moving average price of $69.86. The firm has a market capitalization of $7.18 billion, a PE ratio of 12.90, a PEG ratio of 1.10 and a beta of 0.64.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results on Wednesday, April 29th. The bank reported $1.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.41 by $0.09. Prosperity Bancshares had a net margin of 29.50% and a return on equity of 7.20%. The business 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 business posted $1.37 earnings per share. The business’s revenue was up 19.9% compared to the same quarter last year. As a group, research analysts anticipate that Prosperity Bancshares, Inc. will post 6.27 earnings per share for the current fiscal year.

Prosperity Bancshares Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Monday, June 15th will be paid a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date is Monday, June 15th. Prosperity Bancshares’s payout ratio is 43.48%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in PB. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Prosperity Bancshares by 21.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 30,198 shares of the bank’s stock worth $2,155,000 after buying an additional 5,326 shares during the period. NewEdge Advisors LLC grew its position in Prosperity Bancshares by 36.8% during the first quarter. NewEdge Advisors LLC now owns 7,295 shares of the bank’s stock worth $521,000 after buying an additional 1,962 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Prosperity Bancshares by 5.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 346,151 shares of the bank’s stock worth $24,705,000 after buying an additional 17,345 shares during the period. Jane Street Group LLC grew its position in Prosperity Bancshares by 182.8% during the first quarter. Jane Street Group LLC now owns 104,755 shares of the bank’s stock worth $7,476,000 after buying an additional 67,712 shares during the period. Finally, Sivia Capital Partners LLC acquired a new position in Prosperity Bancshares during the second quarter worth about $359,000. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently issued reports on PB. Citigroup boosted their price target on shares of Prosperity Bancshares from $72.00 to $74.00 and gave the stock a “neutral” rating in a research note on Monday, May 4th. Piper Sandler boosted their price target on shares of Prosperity Bancshares from $74.00 to $75.00 and gave the stock a “neutral” rating in a research note on Thursday, April 30th. Weiss Ratings lowered shares of Prosperity Bancshares from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday, May 11th. Morgan Stanley lowered their target price on shares of Prosperity Bancshares from $91.00 to $83.00 and set an “overweight” rating on the stock in a research report on Tuesday, March 31st. Finally, Cantor Fitzgerald upped their target price on shares of Prosperity Bancshares from $81.00 to $83.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 3rd. Five investment 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. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $76.82.

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.