Prosperity Bancshares (NYSE:PB) Director Sells $42,144.00 in Stock

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned Holmes sold 600 shares of the company’s stock in a transaction on Wednesday, May 6th. The stock was sold at an average price of $70.24, for a total transaction of $42,144.00. Following the completion of the transaction, the director directly owned 40,700 shares in the company, valued at $2,858,768. This trade represents a 1.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

Prosperity Bancshares Stock Down 0.6%

NYSE PB traded down $0.41 on Thursday, reaching $69.69. The stock had a trading volume of 168,963 shares, compared to its average volume of 1,165,285. 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 1 year low of $61.06 and a 1 year high of $77.20. The business has a 50 day moving average price of $68.08 and a 200 day moving average price of $69.17. The company has a market capitalization of $7.07 billion, a price-to-earnings ratio of 12.64, a P/E/G ratio of 1.07 and a beta of 0.65.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings results on Wednesday, April 29th. The bank reported $1.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.41 by $0.09. The business had revenue of $367.62 million during the quarter, compared to analyst estimates of $358.60 million. Prosperity Bancshares had a return on equity of 7.20% and a net margin of 29.50%.The firm’s revenue was up 19.9% on a year-over-year basis. During the same period in the previous year, the company earned $1.37 EPS. On average, analysts forecast that Prosperity Bancshares, Inc. will post 6.24 EPS for the current fiscal year.

Prosperity Bancshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Monday, June 15th will be issued a $0.60 dividend. The ex-dividend date is Monday, June 15th. This represents a $2.40 dividend on an annualized basis and a yield of 3.4%. Prosperity Bancshares’s dividend payout ratio is currently 43.48%.

Hedge Funds Weigh In On Prosperity Bancshares

Several large investors have recently added to or reduced their stakes in PB. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Prosperity Bancshares by 21.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 30,198 shares of the bank’s stock valued at $2,155,000 after purchasing an additional 5,326 shares during the period. NewEdge Advisors LLC lifted its position in Prosperity Bancshares by 36.8% in the first quarter. NewEdge Advisors LLC now owns 7,295 shares of the bank’s stock worth $521,000 after purchasing an additional 1,962 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Prosperity Bancshares by 5.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 346,151 shares of the bank’s stock valued at $24,705,000 after buying an additional 17,345 shares during the period. Jane Street Group LLC increased its holdings in Prosperity Bancshares by 182.8% in the 1st quarter. Jane Street Group LLC now owns 104,755 shares of the bank’s stock valued at $7,476,000 after buying an additional 67,712 shares during the period. Finally, Sivia Capital Partners LLC acquired a new position in shares of Prosperity Bancshares in the 2nd quarter valued at $359,000. Institutional investors and hedge funds own 80.69% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. Weiss Ratings upgraded Prosperity Bancshares from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, April 2nd. Cantor Fitzgerald lifted their price target on shares of Prosperity Bancshares from $81.00 to $83.00 and gave the company an “overweight” rating in a research report on Tuesday, March 3rd. Janney Montgomery Scott downgraded shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating in a report on Tuesday, February 3rd. Raymond James Financial downgraded shares of Prosperity Bancshares from an “outperform” rating to a “market perform” rating in a report on Wednesday, January 7th. Finally, Barclays cut shares of Prosperity Bancshares from an “equal weight” rating to an “underweight” rating and decreased their price target for the company from $75.00 to $68.00 in a report on Monday, February 2nd. Seven research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target 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.