Prosperity Bancshares (NYSE:PB) Director Sells $40,944.00 in Stock

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned Holmes sold 600 shares of Prosperity Bancshares stock in a transaction that occurred on Wednesday, October 21st. The stock was sold at an average price of $68.24, for a total value of $40,944.00. Following the transaction, the director owned 38,300 shares in the company, valued at approximately $2,613,592. The trade was a 1.54% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Prosperity Bancshares Stock Performance

NYSE PB opened at $69.56 on Friday. The stock’s fifty day moving average is $69.78 and its two-hundred day moving average is $70.53. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.75 and a current ratio of 0.75. The firm has a market capitalization of $7.02 billion, a P/E ratio of 12.06, a price-to-earnings-growth ratio of 0.77 and a beta of 0.66. Prosperity Bancshares, Inc. has a fifty-two week low of $62.58 and a fifty-two week high of $77.20.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, July 29th. The bank reported $1.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.50 by $0.12. Prosperity Bancshares had a net margin of 29.95% and a return on equity of 7.39%. The firm had revenue of $391.25 million during the quarter, compared to analyst estimates of $380.73 million. During the same quarter in the prior year, the firm posted $1.42 earnings per share. Prosperity Bancshares’s quarterly revenue was up 25.9% on a year-over-year basis. On average, research analysts anticipate that Prosperity Bancshares, Inc. will post 6.46 earnings per share for the current year.

Prosperity Bancshares Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, January 4th. Stockholders of record on Tuesday, December 15th will be issued a dividend of $0.64 per share. The ex-dividend date is Tuesday, December 15th. This represents a $2.56 dividend on an annualized basis and a dividend yield of 3.7%. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.60. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 41.59%.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Morgan Stanley boosted their price objective on Prosperity Bancshares from $80.00 to $81.00 and gave the company an “underweight” rating in a report on Monday, September 28th. Piper Sandler boosted their price objective on Prosperity Bancshares from $75.00 to $80.00 and gave the stock a “neutral” rating in a research report on Thursday, July 30th. Wall Street Zen upgraded shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a research note on Saturday, August 1st. TD Cowen decreased their price objective on shares of Prosperity Bancshares from $84.00 to $78.00 and set a “buy” rating for the company in a research report on Monday, October 5th. Finally, Cantor Fitzgerald lowered their price target on Prosperity Bancshares from $85.00 to $78.00 and set an “overweight” rating for the company in a report on Wednesday, October 14th. Six equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Prosperity Bancshares has an average rating of “Hold” and a consensus price target of $77.55.

Hedge Funds Weigh In On Prosperity Bancshares

A number of large investors have recently bought and sold shares of PB. Bull Harbor Capital LLC purchased a new stake in shares of Prosperity Bancshares in the first quarter valued at approximately $1,019,000. Bank of New York Mellon Corp acquired a new position in Prosperity Bancshares during the second quarter worth about $57,877,000. First National Bank of Omaha acquired a new position in Prosperity Bancshares during the second quarter worth about $12,316,000. SummitTX Capital L.P. acquired a new position in Prosperity Bancshares during the first quarter worth about $3,878,000. Finally, Bank of America Corp DE grew its position in Prosperity Bancshares by 11.6% during the first quarter. Bank of America Corp DE now owns 487,616 shares of the bank’s stock worth $32,758,000 after buying an additional 50,575 shares during the period. Hedge funds and other institutional investors own 80.69% of the company’s stock.

About Prosperity Bancshares

Prosperity Bancshares, Inc is a regional bank holding company headquartered in Houston, Texas. Through its principal subsidiary, Prosperity Bank, the company provides banking and financial services to individuals, businesses, and public entities.

Prosperity Bank offers deposit products, commercial and consumer lending, mortgage and real estate lending, treasury management, online and mobile banking, and other traditional banking services. Its lending activities include financing for commercial businesses, agriculture, residential and commercial real estate, and personal needs.

Founded in 1983, Prosperity Bancshares has expanded primarily through organic growth and the acquisition of community banks.