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

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned Holmes sold 600 shares of Prosperity Bancshares stock in a transaction on Wednesday, February 25th. The shares were sold at an average price of $71.30, for a total value of $42,780.00. Following the completion of the transaction, the director owned 41,700 shares of the company’s stock, valued at approximately $2,973,210. This trade represents a 1.42% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

Prosperity Bancshares Trading Up 0.8%

Shares of PB traded up $0.56 during trading hours on Thursday, reaching $72.19. 367,202 shares of the company’s stock traded hands, compared to its average volume of 1,260,928. Prosperity Bancshares, Inc. has a 12 month low of $61.06 and a 12 month high of $77.92. The stock has a market cap of $6.86 billion, a PE ratio of 12.61, a price-to-earnings-growth ratio of 1.00 and a beta of 0.67. The firm’s 50 day simple moving average is $71.80 and its 200-day simple moving average is $68.79.

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

Prosperity Bancshares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Friday, March 13th will be given a $0.60 dividend. The ex-dividend date is Friday, March 13th. This represents a $2.40 dividend on an annualized basis and a yield of 3.3%. Prosperity Bancshares’s payout ratio is presently 41.88%.

Institutional Trading of Prosperity Bancshares

Several institutional investors have recently bought and sold shares of PB. Vanguard Group Inc. raised its stake in shares of Prosperity Bancshares by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 10,256,927 shares of the bank’s stock worth $708,856,000 after buying an additional 140,035 shares during the period. State Street Corp increased its stake in shares of Prosperity Bancshares by 6.6% during the third quarter. State Street Corp now owns 5,580,039 shares of the bank’s stock worth $373,231,000 after purchasing an additional 343,062 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Prosperity Bancshares by 0.6% during the 3rd quarter. Dimensional Fund Advisors LP now owns 4,784,022 shares of the bank’s stock worth $317,416,000 after purchasing an additional 28,994 shares during the last quarter. AQR Capital Management LLC raised its position in shares of Prosperity Bancshares by 34.5% during the 4th quarter. AQR Capital Management LLC now owns 4,600,715 shares of the bank’s stock worth $317,955,000 after purchasing an additional 1,179,307 shares during the last quarter. Finally, Morgan Stanley lifted its stake in Prosperity Bancshares by 0.4% in the 4th quarter. Morgan Stanley now owns 3,679,871 shares of the bank’s stock valued at $254,316,000 after buying an additional 15,192 shares in the last quarter. 80.69% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Raymond James Financial downgraded 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 issued a $76.00 price target on shares of Prosperity Bancshares in a research note on Thursday, January 29th. Barclays lowered shares of Prosperity Bancshares from an “equal weight” rating to an “underweight” rating and cut their price target for the company from $75.00 to $68.00 in a research report on Monday, February 2nd. Stephens boosted their target price on Prosperity Bancshares from $77.00 to $81.00 and gave the company an “overweight” rating in a research note on Thursday, October 30th. Finally, Janney Montgomery Scott cut Prosperity Bancshares from a “buy” rating to a “neutral” rating in a report on Tuesday, February 3rd. Seven equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $78.77.

About Prosperity Bancshares

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.