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

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned Holmes sold 600 shares of the stock in a transaction on Wednesday, December 10th. The stock was sold at an average price of $71.53, for a total value of $42,918.00. Following the completion of the transaction, the director directly owned 42,800 shares in the company, valued at $3,061,484. This trade represents a 1.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

Prosperity Bancshares Stock Up 0.6%

Shares of NYSE PB traded up $0.42 during trading on Thursday, reaching $73.38. 185,907 shares of the stock were exchanged, compared to its average volume of 800,195. The business’s 50-day moving average price is $66.46 and its 200 day moving average price is $68.06. The company has a market capitalization of $6.97 billion, a price-to-earnings ratio of 13.09, a price-to-earnings-growth ratio of 1.04 and a beta of 0.70. Prosperity Bancshares, Inc. has a twelve month low of $61.06 and a twelve month high of $82.75.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings data on Wednesday, October 29th. The bank reported $1.45 EPS for the quarter, hitting analysts’ consensus estimates of $1.45. Prosperity Bancshares had a net margin of 30.28% and a return on equity of 7.06%. The firm had revenue of $314.67 million during the quarter, compared to the consensus estimate of $317.94 million. During the same quarter in the previous year, the company posted $1.34 earnings per share. The firm’s revenue was up 3.9% on a year-over-year basis. As a group, sell-side analysts expect that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current fiscal year.

Prosperity Bancshares Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Monday, December 15th will be paid a dividend of $0.60 per share. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.58. This represents a $2.40 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date of this dividend is Monday, December 15th. Prosperity Bancshares’s payout ratio is currently 41.35%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. Weiss Ratings reiterated a “hold (c)” rating on shares of Prosperity Bancshares in a report on Wednesday, October 8th. Barclays dropped their price objective on Prosperity Bancshares from $85.00 to $82.00 and set an “equal weight” rating on the stock in a research note on Tuesday, November 11th. Piper Sandler cut their price objective on Prosperity Bancshares from $84.00 to $77.00 and set an “overweight” rating for the company in a research report on Thursday, October 30th. Hovde Group cut shares of Prosperity Bancshares from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 26th. Finally, Cowen reiterated a “buy” rating on shares of Prosperity Bancshares in a research report on Friday, October 31st. Ten investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $80.21.

Institutional Trading of Prosperity Bancshares

Several large investors have recently modified their holdings of PB. Tudor Investment Corp ET AL bought a new stake in shares of Prosperity Bancshares during the third quarter worth $4,882,000. Allworth Financial LP lifted its stake in shares of Prosperity Bancshares by 59.2% in the 3rd quarter. Allworth Financial LP now owns 2,129 shares of the bank’s stock valued at $141,000 after purchasing an additional 792 shares during the period. Swiss Life Asset Management Ltd bought a new position in Prosperity Bancshares during the third quarter worth $293,000. Danske Bank A S acquired a new stake in Prosperity Bancshares in the third quarter valued at approximately $40,000. Finally, NewEdge Advisors LLC lifted its stake in shares of Prosperity Bancshares by 16.7% in the third quarter. NewEdge Advisors LLC now owns 8,611 shares of the bank’s stock valued at $571,000 after buying an additional 1,235 shares in the last quarter. 80.69% of the stock is owned by institutional investors and hedge funds.

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.