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

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned Holmes sold 600 shares of the firm’s stock in a transaction on Wednesday, October 7th. The shares were sold at an average price of $65.79, for a total value of $39,474.00. Following the completion of the sale, the director owned 38,500 shares of the company’s stock, valued at approximately $2,532,915. This trade represents a 1.53% 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 0.4%

PB stock traded up $0.24 during trading on Thursday, hitting $66.19. The company had a trading volume of 249,735 shares, compared to its average volume of 1,121,054. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.01. The firm has a 50-day moving average price of $71.44 and a 200-day moving average price of $70.45. Prosperity Bancshares, Inc. has a 12 month low of $61.06 and a 12 month high of $77.20. The stock has a market cap of $6.68 billion, a price-to-earnings ratio of 11.46, a PEG ratio of 0.73 and a beta of 0.66.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, July 29th. The bank reported $1.62 EPS for the quarter, beating analysts’ consensus estimates of $1.50 by $0.12. The firm had revenue of $391.25 million for the quarter, compared to analyst estimates of $380.73 million. Prosperity Bancshares had a return on equity of 7.39% and a net margin of 29.95%.The business’s quarterly revenue was up 25.9% compared to the same quarter last year. During the same period last year, the company earned $1.42 EPS. As a group, analysts predict that Prosperity Bancshares, Inc. will post 6.48 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th were issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend was Tuesday, September 15th. Prosperity Bancshares’s payout ratio is currently 41.59%.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Parkside Financial Bank & Trust boosted its position in shares of Prosperity Bancshares by 52.0% during the second quarter. Parkside Financial Bank & Trust now owns 576 shares of the bank’s stock worth $42,000 after purchasing an additional 197 shares in the last quarter. Global Retirement Partners LLC acquired a new stake in Prosperity Bancshares during the 2nd quarter worth $54,000. Root Financial Partners LLC raised its stake in Prosperity Bancshares by 310.6% during the 1st quarter. Root Financial Partners LLC now owns 1,162 shares of the bank’s stock worth $78,000 after buying an additional 879 shares during the period. GAMMA Investing LLC lifted its holdings in Prosperity Bancshares by 33.8% during the second quarter. GAMMA Investing LLC now owns 1,990 shares of the bank’s stock worth $145,000 after acquiring an additional 503 shares in the last quarter. Finally, Core Capital Management & Research inc. bought a new position in Prosperity Bancshares during the second quarter worth about $146,000. Institutional investors and hedge funds own 80.69% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on PB shares. TD Cowen lowered their price target on shares of Prosperity Bancshares from $84.00 to $78.00 and set a “buy” rating for the company in a research report on Monday. Wall Street Zen raised shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a research note on Saturday, August 1st. Barclays lifted their target price on shares of Prosperity Bancshares from $68.00 to $70.00 and gave the stock an “underweight” rating in a report on Monday. Royal Bank Of Canada upped their target price on shares of Prosperity Bancshares from $78.00 to $80.00 and gave the company a “sector perform” rating in a research report on Thursday, July 30th. Finally, Weiss Ratings downgraded Prosperity Bancshares from a “buy (b)” rating to a “buy (b-)” rating in a research note on Thursday, September 24th. Six analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $78.00.

About Prosperity Bancshares

Prosperity Bancshares, Inc is a bank holding company headquartered in Houston, Texas. Through its principal subsidiary, Prosperity Bank, the company provides a range of banking and financial services to individuals, businesses and institutional customers.

Prosperity Bank offers deposit accounts, commercial and consumer lending, mortgage and real estate loans, treasury management, cash management, online and mobile banking, and other related financial services. Its lending activities support businesses, agricultural customers, real estate projects and consumers.

Founded in 1983, Prosperity Bancshares has expanded through organic growth and acquisitions.