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 company’s stock in a transaction on Wednesday, March 25th. The shares were sold at an average price of $66.24, for a total transaction of $39,744.00. Following the sale, the director directly owned 41,300 shares in the company, valued at approximately $2,735,712. The trade was a 1.43% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Prosperity Bancshares Stock Performance

PB stock traded down $0.23 during trading on Wednesday, hitting $66.18. 811,057 shares of the company’s stock traded hands, compared to its average volume of 1,301,036. Prosperity Bancshares, Inc. has a 52 week low of $61.06 and a 52 week high of $77.20. The stock has a market capitalization of $6.72 billion, a price-to-earnings ratio of 11.55, a P/E/G ratio of 0.93 and a beta of 0.66. The business has a fifty day simple moving average of $70.45 and a 200 day simple moving average of $68.64.

Prosperity Bancshares (NYSE:PB) last posted its earnings results on Wednesday, January 28th. The bank reported $1.46 earnings per share for the quarter, topping analysts’ consensus estimates of $1.45 by $0.01. The firm had revenue of $317.73 million for the quarter, compared to the consensus estimate of $319.30 million. Prosperity Bancshares had a net margin of 31.22% and a return on equity of 7.11%. The business’s quarterly revenue was down 5.9% on a year-over-year basis. During the same period in the previous year, the firm posted $1.37 EPS. Research analysts forecast that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current fiscal year.

Prosperity Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Friday, March 13th will be given a dividend of $0.60 per share. The ex-dividend date is Friday, March 13th. This represents a $2.40 dividend on an annualized basis and a yield of 3.6%. Prosperity Bancshares’s dividend payout ratio is 41.88%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on PB shares. Barclays cut Prosperity Bancshares from an “equal weight” rating to an “underweight” rating and dropped their target price for the stock from $75.00 to $68.00 in a report on Monday, February 2nd. Citigroup reaffirmed a “neutral” rating on shares of Prosperity Bancshares in a research note on Monday, February 2nd. Janney Montgomery Scott cut shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating in a research report on Tuesday, February 3rd. Raymond James Financial downgraded shares of Prosperity Bancshares from an “outperform” rating to a “market perform” rating in a research note on Wednesday, January 7th. Finally, Morgan Stanley lifted their price target on shares of Prosperity Bancshares from $80.00 to $91.00 and gave the stock an “overweight” rating in a research note on Monday, March 2nd. Seven equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $78.92.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of PB. Mather Group LLC. bought a new position in shares of Prosperity Bancshares during the 3rd quarter worth $26,000. Community Bank N.A. bought a new stake in shares of Prosperity Bancshares in the third quarter valued at about $29,000. Danske Bank A S purchased a new stake in Prosperity Bancshares in the third quarter worth about $40,000. Annis Gardner Whiting Capital Advisors LLC bought a new position in Prosperity Bancshares during the 3rd quarter worth about $42,000. Finally, Employees Retirement System of Texas bought a new position in Prosperity Bancshares during the 2nd quarter worth about $48,000. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

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.