Insider Selling: Prosperity Bancshares (NYSE:PB) Director Sells 500 Shares of Stock

Key Points

• Director Ned Holmes sold 500 Prosperity Bancshares shares at an average price of $73.19, generating $36,595 and reducing his direct holdings by 0.71% to 70,115 shares.
• Prosperity Bancshares reported quarterly EPS of $1.62, exceeding the $1.50 analyst consensus, while revenue rose 25.9% year over year to $369.18 million but fell short of estimates.
• The company declared a quarterly dividend of $0.60 per share, equivalent to a $2.40 annualized payout and 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 500 shares of the firm's stock in a transaction dated Wednesday, August 26th. The stock was sold at an average price of $73.19, for a total transaction of $36,595.00. Following the completion of the transaction, the director directly owned 70,115 shares in the company, valued at $5,131,716.85. This represents a 0.71% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Prosperity Bancshares Stock Performance

Prosperity Bancshares stock traded up $0.58 during midday trading on Wednesday, reaching $73.11. 702,440 shares of the stock traded hands, compared to its average volume of 899,798. Prosperity Bancshares, Inc. has a fifty-two week low of $61.06 and a fifty-two week high of $77.20. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.01. The firm has a market cap of $7.37 billion, a price-to-earnings ratio of 12.67, a PEG ratio of 0.79 and a beta of 0.64. The firm has a fifty day moving average price of $73.11 and a two-hundred day moving average price of $70.55.

Prosperity Bancshares (NYSE:PB - Get Free Report) last released its quarterly earnings results 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 company had revenue of $369.18 million for the quarter, compared to analysts' expectations of $380.73 million. During the same quarter in the previous year, the company posted $1.42 earnings per share. The business's revenue for the quarter was up 25.9% compared to the same quarter last year. On average, equities research analysts forecast that Prosperity Bancshares, Inc. will post 6.47 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The firm 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 is Tuesday, September 15th. This represents a $2.40 annualized dividend and a yield of 3.3%. Prosperity Bancshares's payout ratio is 41.59%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PB. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Prosperity Bancshares by 21.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 30,198 shares of the bank's stock valued at $2,155,000 after acquiring an additional 5,326 shares in the last quarter. NewEdge Advisors LLC grew its stake in Prosperity Bancshares by 36.8% in the first quarter. NewEdge Advisors LLC now owns 7,295 shares of the bank's stock valued at $521,000 after purchasing an additional 1,962 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Prosperity Bancshares by 5.3% during 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 last quarter. Jane Street Group LLC grew its stake in shares of 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 in the last quarter. Finally, Sivia Capital Partners LLC acquired a new position in Prosperity Bancshares in the second quarter worth approximately $359,000. 80.69% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on PB. TD Cowen lifted their price objective on shares of Prosperity Bancshares from $82.00 to $84.00 and gave the stock a "buy" rating in a research note on Friday, July 31st. Morgan Stanley restated an "equal weight" rating and set a $80.00 target price (down from $85.00) on shares of Prosperity Bancshares in a report on Monday, July 6th. Piper Sandler lifted their price target on shares of Prosperity Bancshares from $75.00 to $80.00 and gave the stock a "neutral" rating in a research report on Thursday, July 30th. Royal Bank Of Canada upped their price target on Prosperity Bancshares from $78.00 to $80.00 and gave the company a "sector perform" rating in a report on Thursday, July 30th. Finally, Weiss Ratings upgraded 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, eight have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $78.36.

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.

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