Insider Selling: Prosperity Bancshares (NYSE:PB) Director Sells $41,064.00 in Stock

Key Points

• Director Ned Holmes sold 600 Prosperity Bancshares shares at an average price of $68.44, worth $41,064, reducing his position by 1.53% to 38,700 shares.
• PB shares fell 2.4% to $67.24, while the company reported quarterly EPS of $1.62, exceeding the $1.50 analyst consensus, and revenue rose 25.9% year over year.
• Prosperity Bancshares declared a quarterly dividend of $0.60, equivalent to a 3.6% annualized yield; analysts’ consensus rating remains “Hold,” with an average price target of $78.18.

Prosperity Bancshares, Inc. (NYSE:PB - Get Free Report) Director Ned Holmes sold 600 shares of the stock in a transaction on Wednesday, September 23rd. The stock was sold at an average price of $68.44, for a total value of $41,064.00. Following the sale, the director owned 38,700 shares in the company, valued at $2,648,628. The trade was a 1.53% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Prosperity Bancshares Trading Down 2.4%

PB stock traded down $1.62 during trading on Wednesday, hitting $67.24. The company had a trading volume of 1,787,077 shares, compared to its average volume of 1,119,696. 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 $72.82 and a 200-day moving average price of $70.38. 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 $6.78 billion, a price-to-earnings ratio of 11.65, a PEG ratio of 0.76 and a beta of 0.63.

Prosperity Bancshares (NYSE:PB - Get Free Report) last released its earnings results on Wednesday, July 29th. The bank reported $1.62 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.50 by $0.12. Prosperity Bancshares had a net margin of 29.95% and a return on equity of 7.39%. The company had revenue of $391.25 million for the quarter, compared to the consensus estimate of $380.73 million. During the same period in the prior year, the company posted $1.42 EPS. The company's revenue was up 25.9% compared to the same quarter last year. As a group, analysts predict that Prosperity Bancshares, Inc. will post 6.48 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

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

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on PB. Citigroup reduced their price objective on shares of Prosperity Bancshares from $79.00 to $77.00 and set a "neutral" rating on the stock in a research note on Tuesday. Piper Sandler increased their target price on shares of Prosperity Bancshares from $75.00 to $80.00 and gave the stock a "neutral" rating in a report on Thursday, July 30th. TD Cowen lifted their price target on shares of Prosperity Bancshares from $82.00 to $84.00 and gave the stock a "buy" rating in a research report on Friday, July 31st. Morgan Stanley cut shares of Prosperity Bancshares from an "equal weight" rating to an "underweight" rating and set a $80.00 price target on the stock. in a research report on Tuesday, September 8th. Finally, Weiss Ratings upgraded shares of Prosperity Bancshares from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday, July 29th. Five investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $78.18.

Hedge Funds Weigh In On Prosperity Bancshares

Institutional investors and hedge funds have recently modified their holdings of the business. Core Capital Management & Research inc. acquired a new stake in Prosperity Bancshares during the 2nd quarter worth approximately $146,000. Sequoia Financial Advisors LLC boosted its holdings in shares of Prosperity Bancshares by 25.0% in the second quarter. Sequoia Financial Advisors LLC now owns 12,586 shares of the bank's stock valued at $919,000 after buying an additional 2,520 shares during the period. NewEdge Advisors LLC increased its position in shares of Prosperity Bancshares by 33.8% during the second quarter. NewEdge Advisors LLC now owns 17,075 shares of the bank's stock worth $1,247,000 after acquiring an additional 4,313 shares in the last quarter. IFP Advisors Inc raised its holdings in shares of Prosperity Bancshares by 304.9% during the second quarter. IFP Advisors Inc now owns 2,373 shares of the bank's stock worth $173,000 after acquiring an additional 1,787 shares during the period. Finally, Squarepoint Ops LLC acquired a new position in Prosperity Bancshares in the 2nd quarter worth $5,253,000. 80.69% of the stock is currently owned by institutional investors and hedge funds.

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 banking and financial services to individuals, businesses and institutions.

Prosperity Bank offers a range of deposit products, including checking, savings and time deposit accounts, along with consumer, residential mortgage, commercial and real estate lending. Its services also include treasury management, cash management, online and mobile banking, wealth management and other financial solutions designed for personal and business customers.

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

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