Ned S. Holmes Sells 500 Shares of Prosperity Bancshares, Inc. (NYSE:PB) Stock

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned S. Holmes sold 500 shares of the stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $75.25, for a total transaction of $37,625.00. Following the completion of the sale, the director now owns 109,815 shares in the company, valued at $8,263,578.75. This represents a 0.45 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Prosperity Bancshares Trading Down 1.4 %

PB opened at $73.73 on Wednesday. The company has a market cap of $7.02 billion, a P/E ratio of 15.65, a P/E/G ratio of 1.19 and a beta of 0.93. Prosperity Bancshares, Inc. has a 12 month low of $57.16 and a 12 month high of $86.75. The business’s 50-day moving average price is $79.20 and its 200-day moving average price is $73.10.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.34 earnings per share for the quarter, beating the consensus estimate of $1.31 by $0.03. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%. The firm had revenue of $459.00 million during the quarter, compared to the consensus estimate of $299.83 million. During the same quarter in the previous year, the company posted $1.20 earnings per share. Equities research analysts forecast that Prosperity Bancshares, Inc. will post 5.05 earnings per share for the current fiscal year.

Prosperity Bancshares Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th were issued a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a yield of 3.15%. The ex-dividend date of this dividend was Friday, December 13th. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.56. Prosperity Bancshares’s dividend payout ratio (DPR) is 49.26%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on PB. Truist Financial lowered Prosperity Bancshares from a “buy” rating to a “hold” rating and dropped their price objective for the company from $81.00 to $79.00 in a research note on Friday, September 20th. StockNews.com downgraded Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Wednesday. Barclays upped their price objective on shares of Prosperity Bancshares from $84.00 to $88.00 and gave the stock an “equal weight” rating in a research report on Friday, December 20th. Raymond James lowered shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 target price for the company. in a research report on Tuesday, September 17th. Finally, Wedbush reissued an “outperform” rating and issued a $90.00 price target on shares of Prosperity Bancshares in a report on Thursday, October 24th. One analyst has rated the stock with a sell rating, six have issued a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $81.38.

Hedge Funds Weigh In On Prosperity Bancshares

Hedge funds and other institutional investors have recently modified their holdings of the company. Quarry LP increased its holdings in Prosperity Bancshares by 533.3% during the 2nd quarter. Quarry LP now owns 494 shares of the bank’s stock valued at $30,000 after purchasing an additional 416 shares during the period. Quest Partners LLC increased its stake in shares of Prosperity Bancshares by 3,147.1% during the second quarter. Quest Partners LLC now owns 552 shares of the bank’s stock valued at $34,000 after buying an additional 535 shares during the period. Strategic Financial Concepts LLC bought a new position in shares of Prosperity Bancshares during the second quarter valued at approximately $43,000. Headlands Technologies LLC purchased a new stake in Prosperity Bancshares in the second quarter worth $46,000. Finally, GAMMA Investing LLC boosted its holdings in Prosperity Bancshares by 47.9% in the third quarter. GAMMA Investing LLC now owns 701 shares of the bank’s stock valued at $51,000 after acquiring an additional 227 shares in the last quarter. 80.69% of the stock is owned by institutional investors.

About Prosperity Bancshares

Prosperity Bancshares, Inc operates as bank holding company for the Prosperity Bank that provides financial products and services to businesses and consumers. It accepts various deposit products, such as demand, savings, money market, and time accounts, as well as and certificates of deposit. The company also offers 1-4 family residential mortgage, commercial real estate and multifamily residential, commercial and industrial, agricultural, and non-real estate agricultural loans, as well as construction, land development, and other land loans; consumer loans, including automobile, recreational vehicle, boat, home improvement, personal, and deposit account collateralized loans; term loans and lines of credit; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and purchase of equipment and machinery.