Insider Selling: Prosperity Bancshares (NYSE:PB) Director Sells $43,908.00 in Stock

Key Points

• Director sale: Prosperity Bancshares director Ned Holmes sold 600 shares at an average price of $73.18, totaling $43,908. After the transaction, he retained 39,100 shares.
• Financial performance: The bank reported quarterly earnings of $1.62 per share, beating estimates of $1.50, while revenue rose 25.9% year over year to $369.18 million.
• Dividend and outlook: Prosperity Bancshares declared a quarterly dividend of $0.60 per share, equivalent to a 3.3% yield. Analysts maintain a consensus “Hold” rating with an average price target of $78.36.

Prosperity Bancshares, Inc. (NYSE:PB - Get Free Report) Director Ned Holmes sold 600 shares of Prosperity Bancshares stock in a transaction that occurred on Wednesday, August 26th. The shares were sold at an average price of $73.18, for a total transaction of $43,908.00. Following the completion of the transaction, the director directly owned 39,100 shares in the company, valued at $2,861,338. This trade represents a 1.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Prosperity Bancshares Price Performance

Shares of NYSE PB traded up $0.58 during mid-day trading on Wednesday, hitting $73.11. 702,440 shares of the stock traded hands, compared to its average volume of 1,131,098. The firm has a 50 day simple moving average of $73.06 and a two-hundred day simple moving average of $70.55. The company has a market cap of $7.37 billion, a PE ratio of 12.67, a price-to-earnings-growth ratio of 0.79 and a beta of 0.64. Prosperity Bancshares, Inc. has a twelve month low of $61.06 and a twelve month high of $77.20. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.75 and a quick ratio of 0.75.

Prosperity Bancshares (NYSE:PB - Get Free Report) last posted its quarterly earnings data on Wednesday, July 29th. The bank reported $1.62 earnings per share for the quarter, beating analysts' consensus estimates of $1.50 by $0.12. Prosperity Bancshares had a return on equity of 7.39% and a net margin of 29.95%.The business had revenue of $369.18 million during the quarter, compared to the consensus estimate of $380.73 million. During the same period in the prior year, the business posted $1.42 earnings per share. Prosperity Bancshares's quarterly revenue was up 25.9% on a year-over-year basis. As a group, equities research analysts forecast that Prosperity Bancshares, Inc. will post 6.47 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be issued a dividend of $0.60 per share. The ex-dividend date is Tuesday, September 15th. This represents a $2.40 annualized dividend and a dividend yield of 3.3%. Prosperity Bancshares's payout ratio is currently 41.59%.

Institutional Investors Weigh In On Prosperity Bancshares

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Sepio Capital LP boosted its stake in Prosperity Bancshares by 2.4% during the 4th quarter. Sepio Capital LP now owns 5,701 shares of the bank's stock worth $394,000 after purchasing an additional 133 shares during the last quarter. Commonwealth Equity Services LLC raised its position in shares of Prosperity Bancshares by 1.0% in the fourth quarter. Commonwealth Equity Services LLC now owns 14,324 shares of the bank's stock valued at $990,000 after buying an additional 145 shares during the last quarter. Osaic Holdings Inc. raised its position in shares of Prosperity Bancshares by 34.9% in the second quarter. Osaic Holdings Inc. now owns 719 shares of the bank's stock valued at $51,000 after buying an additional 186 shares during the last quarter. Earned Wealth Advisors LLC lifted its stake in shares of Prosperity Bancshares by 6.2% in the first quarter. Earned Wealth Advisors LLC now owns 3,639 shares of the bank's stock worth $244,000 after buying an additional 213 shares in the last quarter. Finally, Public Employees Retirement System of Ohio boosted its position in Prosperity Bancshares by 0.6% during the third quarter. Public Employees Retirement System of Ohio now owns 39,655 shares of the bank's stock worth $2,631,000 after acquiring an additional 228 shares during the last quarter. Institutional investors own 80.69% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on PB shares. Benchmark started coverage on shares of Prosperity Bancshares in a research note on Wednesday, June 24th. They issued a "hold" rating for the company. Citigroup increased their target price on Prosperity Bancshares from $75.00 to $79.00 and gave the stock a "neutral" rating in a research report on Friday, July 31st. Royal Bank Of Canada lifted their price target on Prosperity Bancshares from $78.00 to $80.00 and gave the company a "sector perform" rating in a research report on Thursday, July 30th. Weiss Ratings upgraded Prosperity Bancshares from a "buy (b-)" rating to a "buy (b)" rating in a research note on Wednesday, July 29th. Finally, Piper Sandler increased their price objective on Prosperity Bancshares from $75.00 to $80.00 and gave the stock a "neutral" rating in a report on Thursday, July 30th. Five research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $78.36.

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.

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