Prosperity Bancshares (NYSE:PB) Director Ned Holmes Sells 600 Shares

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned Holmes sold 600 shares of the business’s stock in a transaction on Wednesday, May 13th. The stock was sold at an average price of $66.58, for a total transaction of $39,948.00. Following the transaction, the director directly owned 40,600 shares of the company’s stock, valued at approximately $2,703,148. This represents a 1.46% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Prosperity Bancshares Stock Performance

Prosperity Bancshares stock traded up $0.93 on Thursday, reaching $67.22. 154,555 shares of the stock were exchanged, compared to its average volume of 1,154,128. The stock has a market cap of $6.78 billion, a PE ratio of 12.20, a PEG ratio of 1.04 and a beta of 0.65. The company has a current ratio of 0.76, a quick ratio of 0.75 and a debt-to-equity ratio of 0.01. Prosperity Bancshares, Inc. has a twelve month low of $61.06 and a twelve month high of $77.20. The firm has a fifty day moving average price of $67.78 and a two-hundred day moving average price of $69.34.

Prosperity Bancshares (NYSE:PB) last issued 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. The company had revenue of $367.62 million for the quarter, compared to the consensus estimate of $358.60 million. Prosperity Bancshares had a return on equity of 7.20% and a net margin of 29.50%.The company’s revenue for the quarter was up 19.9% on a year-over-year basis. During the same period in the previous year, the business posted $1.37 EPS. Sell-side analysts anticipate that Prosperity Bancshares, Inc. will post 6.24 EPS for the current year.

Prosperity Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Monday, June 15th will be given a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend is Monday, June 15th. Prosperity Bancshares’s payout ratio is currently 43.48%.

Hedge Funds Weigh In On Prosperity Bancshares

Hedge funds have recently made changes to their positions in the business. Community Bank N.A. acquired a new position in shares of Prosperity Bancshares in the 3rd quarter valued at $29,000. Danske Bank A S bought a new stake in shares of Prosperity Bancshares in the 3rd quarter valued at approximately $40,000. Annis Gardner Whiting Capital Advisors LLC bought a new stake in shares of Prosperity Bancshares in the 3rd quarter valued at approximately $42,000. SouthState Bank Corp bought a new stake in shares of Prosperity Bancshares in the 4th quarter valued at approximately $49,000. Finally, Osaic Holdings Inc. grew its stake in shares of Prosperity Bancshares by 34.9% in the 2nd quarter. Osaic Holdings Inc. now owns 719 shares of the bank’s stock valued at $51,000 after purchasing an additional 186 shares during the period. Institutional investors and hedge funds own 80.69% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on PB shares. Janney Montgomery Scott lowered shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating in a research report on Tuesday, February 3rd. Piper Sandler raised their price target on shares of Prosperity Bancshares from $74.00 to $75.00 and gave the stock a “neutral” rating in a research report on Thursday, April 30th. TD Cowen raised their price target on shares of Prosperity Bancshares from $77.00 to $79.00 and gave the stock a “buy” rating in a research report on Friday, May 1st. Morgan Stanley decreased their price target 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 raised their price objective on Prosperity Bancshares from $81.00 to $83.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 3rd. Six equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $77.50.

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.