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 firm’s stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $71.66, for a total transaction of $42,996.00. Following the sale, the director directly owned 40,100 shares in the company, valued at approximately $2,873,566. The trade was a 1.47% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Prosperity Bancshares Stock Up 0.5%

Shares of Prosperity Bancshares stock traded up $0.38 during trading hours on Thursday, hitting $71.16. The company had a trading volume of 148,860 shares, compared to its average volume of 1,094,711. The company’s 50-day moving average is $69.20 and its two-hundred day moving average is $69.86. Prosperity Bancshares, Inc. has a twelve month low of $61.06 and a twelve month high of $77.20. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.76 and a quick ratio of 0.76. The company has a market cap of $7.18 billion, a P/E ratio of 12.90, a price-to-earnings-growth ratio of 1.10 and a beta of 0.64.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings results on Wednesday, April 29th. The bank reported $1.50 EPS for the quarter, topping the consensus estimate of $1.41 by $0.09. Prosperity Bancshares had a net margin of 29.50% and a return on equity of 7.20%. The firm had revenue of $367.62 million for the quarter, compared to analyst estimates of $358.60 million. During the same period last year, the business earned $1.37 EPS. Prosperity Bancshares’s revenue for the quarter was up 19.9% compared to the same quarter last year. Analysts anticipate that Prosperity Bancshares, Inc. will post 6.27 earnings per share for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Investors 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 yield of 3.4%. The ex-dividend date is Monday, June 15th. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 43.48%.

Institutional Investors Weigh In On Prosperity Bancshares

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Sepio Capital LP raised its holdings 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 raised its holdings in shares of Prosperity Bancshares by 1.0% in the fourth quarter. Commonwealth Equity Services LLC now owns 14,324 shares of the bank’s stock valued at $990,000 after buying an additional 145 shares during the last quarter. Clearstead Advisors LLC raised its holdings in shares of Prosperity Bancshares by 10.9% in the third quarter. Clearstead Advisors LLC now owns 1,614 shares of the bank’s stock valued at $107,000 after buying an additional 159 shares during the last quarter. Osaic Holdings Inc. raised its holdings in shares of Prosperity Bancshares by 34.9% in the second quarter. Osaic Holdings Inc. now owns 719 shares of the bank’s stock valued at $51,000 after buying an additional 186 shares during the last quarter. Finally, Ameritas Investment Partners Inc. raised its holdings in shares of Prosperity Bancshares by 0.6% in the third quarter. Ameritas Investment Partners Inc. now owns 31,164 shares of the bank’s stock valued at $2,068,000 after buying an additional 188 shares during the last quarter. 80.69% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on PB shares. Weiss Ratings downgraded Prosperity Bancshares from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday, May 11th. Citigroup lifted their target price on shares of Prosperity Bancshares from $72.00 to $74.00 and gave the company a “neutral” rating in a report on Monday, May 4th. Cantor Fitzgerald upped their price target on shares of Prosperity Bancshares from $81.00 to $83.00 and gave the company an “overweight” rating in a research report on Tuesday, March 3rd. TD Cowen upped their price target on shares of Prosperity Bancshares from $77.00 to $79.00 and gave the company a “buy” rating in a research report on Friday, May 1st. Finally, Wall Street Zen upgraded shares of Prosperity Bancshares from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 16th. Five analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has an average 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.