Prosperity Bancshares (NYSE:PB) Director Sells $45,642.00 in Stock

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned Holmes sold 600 shares of the business’s stock in a transaction that occurred on Wednesday, February 11th. The shares were sold at an average price of $76.07, for a total value of $45,642.00. Following the completion of the sale, the director directly owned 41,900 shares of the company’s stock, valued at approximately $3,187,333. The trade was a 1.41% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

Prosperity Bancshares Stock Performance

Shares of Prosperity Bancshares stock traded up $0.51 during midday trading on Wednesday, reaching $76.08. 2,686,349 shares of the company’s stock traded hands, compared to its average volume of 1,430,304. Prosperity Bancshares, Inc. has a 52 week low of $61.06 and a 52 week high of $79.03. The company’s 50 day simple moving average is $71.63 and its 200 day simple moving average is $68.36. The company has a market cap of $7.23 billion, a price-to-earnings ratio of 13.28, a price-to-earnings-growth ratio of 1.06 and a beta of 0.67.

Prosperity Bancshares (NYSE:PB) last posted its earnings results on Wednesday, January 28th. The bank reported $1.46 EPS for the quarter, topping the consensus estimate of $1.45 by $0.01. Prosperity Bancshares had a net margin of 31.22% and a return on equity of 7.11%. The firm had revenue of $317.73 million for the quarter, compared to the consensus estimate of $319.30 million. During the same period in the prior year, the business posted $1.37 earnings per share. The business’s quarterly revenue was down 5.9% on a year-over-year basis. As a group, equities research analysts predict that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Friday, March 13th will be paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend is Friday, March 13th. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 41.88%.

Hedge Funds Weigh In On Prosperity Bancshares

Several large investors have recently added to or reduced their stakes in PB. Mather Group LLC. acquired a new stake in shares of Prosperity Bancshares during the 3rd quarter worth approximately $26,000. Community Bank N.A. bought a new position in Prosperity Bancshares in the third quarter worth $29,000. Danske Bank A S acquired a new stake in Prosperity Bancshares during the third quarter worth $40,000. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in Prosperity Bancshares during the third quarter worth $42,000. Finally, Employees Retirement System of Texas bought a new stake in Prosperity Bancshares in the 2nd quarter valued at $48,000. Institutional investors and hedge funds own 80.69% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. TD Cowen reissued a “buy” rating on shares of Prosperity Bancshares in a research report on Wednesday, January 7th. Raymond James Financial lowered shares of Prosperity Bancshares from an “outperform” rating to a “market perform” rating in a research note on Wednesday, January 7th. DA Davidson reissued a “neutral” rating and set a $76.00 target price on shares of Prosperity Bancshares in a research report on Thursday, January 29th. Piper Sandler downgraded Prosperity Bancshares from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $77.00 to $74.00 in a research report on Thursday, January 29th. Finally, Citigroup reissued a “neutral” rating on shares of Prosperity Bancshares in a research report on Monday, February 2nd. Seven research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $78.77.

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.