Insider Selling: Prosperity Bancshares (NYSE:PB) Director Sells $39,936.00 in Stock

Key Points

• Director sale: Prosperity Bancshares director Ned Holmes sold 600 shares for approximately $39,936, reducing his position by 1.53% to 38,600 shares.
• Quarterly performance: The bank reported earnings of $1.62 per share, exceeding estimates of $1.50, while revenue rose 25.9% year over year to $391.25 million.
• Dividend and analyst view: Prosperity Bancshares declared a quarterly dividend of $0.60, equivalent to a 3.6% annualized yield. Analysts maintain an overall “Hold” rating, with an average price target of $78.27 versus the stock’s reported price of $66.48.

Prosperity Bancshares, Inc. (NYSE:PB - Get Free Report) Director Ned Holmes sold 600 shares of the stock in a transaction that occurred on Wednesday, September 30th. The stock was sold at an average price of $66.56, for a total transaction of $39,936.00. Following the completion of the sale, the director owned 38,600 shares of the company's stock, valued at approximately $2,569,216. The trade was a 1.53% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Prosperity Bancshares Stock Up 0.4%

Shares of Prosperity Bancshares stock traded up $0.28 on Thursday, hitting $66.48. 684,438 shares of the company traded hands, compared to its average volume of 1,124,847. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.01. Prosperity Bancshares, Inc. has a 12-month low of $61.06 and a 12-month high of $77.20. The company has a 50-day moving average price of $72.07 and a 200 day moving average price of $70.37. The company has a market cap of $6.71 billion, a PE ratio of 11.53, a PEG ratio of 0.73 and a beta of 0.63.

Prosperity Bancshares (NYSE:PB - Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The bank reported $1.62 earnings per share for the quarter, topping analysts' consensus estimates of $1.50 by $0.12. The company had revenue of $391.25 million during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period last year, the business earned $1.42 EPS. Sell-side analysts predict that Prosperity Bancshares, Inc. will post 6.47 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be given a $0.60 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.6%. Prosperity Bancshares's payout ratio is currently 41.59%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on PB shares. Wall Street Zen upgraded shares of Prosperity Bancshares from a "sell" rating to a "hold" rating in a research note on Saturday, August 1st. Weiss Ratings lowered Prosperity Bancshares from a "buy (b)" rating to a "buy (b-)" rating in a research note on Thursday, September 24th. Benchmark assumed coverage on Prosperity Bancshares in a report on Wednesday, June 24th. They issued a "hold" rating for the company. Morgan Stanley lifted their price target on shares of Prosperity Bancshares from $80.00 to $81.00 and gave the stock an "underweight" rating in a research report on Monday. Finally, Royal Bank Of Canada boosted their price target on shares of Prosperity Bancshares from $78.00 to $80.00 and gave the company a "sector perform" rating in a report on Thursday, July 30th. Five investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $78.27.

Hedge Funds Weigh In On Prosperity Bancshares

Several large investors have recently modified their holdings of the stock. BlackRock Inc. bought a new position in Prosperity Bancshares during the second quarter worth about $746,776,000. Barrow Hanley Mewhinney & Strauss LLC bought a new position in shares of Prosperity Bancshares during the second quarter worth approximately $350,099,000. Dimensional Fund Advisors LP raised its position in shares of Prosperity Bancshares by 4.3% in the first quarter. Dimensional Fund Advisors LP now owns 4,929,309 shares of the bank's stock valued at $331,142,000 after buying an additional 205,291 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Prosperity Bancshares by 0.4% in the fourth quarter. Geode Capital Management LLC now owns 1,876,428 shares of the bank's stock valued at $129,710,000 after buying an additional 7,602 shares in the last quarter. Finally, North Reef Capital Management LP lifted its position in shares of Prosperity Bancshares by 149.0% during the 1st quarter. North Reef Capital Management LP now owns 1,107,877 shares of the bank's stock valued at $74,427,000 after acquiring an additional 662,877 shares during the period. 80.69% of the stock is owned by institutional investors.

Prosperity Bancshares Company Profile

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.

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