Prosperity Bancshares (NYSE:PB) Director Sells $42,858.00 in Stock

Key Points

• Director Ned Holmes sold 600 Prosperity Bancshares shares at an average price of $71.43, generating $42,858 and reducing his position by 1.52% to 38,900 shares.
• Prosperity Bancshares reported quarterly EPS of $1.62, beating estimates of $1.50, while revenue rose 25.9% year over year to $391.25 million.
• The company declared a quarterly dividend of $0.60 per share, equal to a 3.4% yield; analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $78.36.

Prosperity Bancshares, Inc. (NYSE:PB - Get Free Report) Director Ned Holmes sold 600 shares of the stock in a transaction on Wednesday, September 9th. The shares were sold at an average price of $71.43, for a total value of $42,858.00. Following the sale, the director owned 38,900 shares of the company's stock, valued at approximately $2,778,627. This represents a 1.52% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Prosperity Bancshares Stock Down 0.6%

Shares of Prosperity Bancshares stock traded down $0.42 during trading on Wednesday, reaching $71.37. The company's stock had a trading volume of 752,355 shares, compared to its average volume of 1,111,107. Prosperity Bancshares, Inc. has a 1-year low of $61.06 and a 1-year high of $77.20. The company has a 50-day simple moving average of $73.04 and a two-hundred day simple moving average of $70.42. 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 company has a market cap of $7.20 billion, a price-to-earnings ratio of 12.37, a P/E/G ratio of 0.79 and a beta of 0.63.

Prosperity Bancshares (NYSE:PB - Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The bank reported $1.62 EPS for the quarter, beating analysts' consensus estimates of $1.50 by $0.12. The company had revenue of $391.25 million during the quarter, compared to analysts' expectations of $380.73 million. Prosperity Bancshares had a return on equity of 7.39% and a net margin of 29.95%.The firm's revenue was up 25.9% compared to the same quarter last year. During the same period last year, the business posted $1.42 earnings per share. As a group, equities analysts forecast that Prosperity Bancshares, Inc. will post 6.47 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

The business also recently disclosed 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 annualized dividend and a dividend yield of 3.4%. The ex-dividend date of this dividend is Tuesday, September 15th. Prosperity Bancshares's dividend payout ratio (DPR) is presently 41.59%.

Analyst Ratings Changes

PB has been the subject of a number of research analyst reports. Morgan Stanley cut shares of Prosperity Bancshares from an "equal weight" rating to an "underweight" rating and set a $80.00 price target for the company. in a report on Tuesday. Cantor Fitzgerald reissued an "overweight" rating and issued a $80.00 target price on shares of Prosperity Bancshares in a research report on Tuesday, June 23rd. TD Cowen raised their target price on Prosperity Bancshares from $82.00 to $84.00 and gave the stock a "buy" rating in a research note on Friday, July 31st. Benchmark assumed coverage on Prosperity Bancshares in a research report on Wednesday, June 24th. They set a "hold" rating for the company. Finally, Weiss Ratings upgraded Prosperity Bancshares from a "buy (b-)" rating to a "buy (b)" rating in a research note on Wednesday, July 29th. Five equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Prosperity Bancshares currently has a consensus rating of "Hold" and an average target price of $78.36.

Institutional Trading of Prosperity Bancshares

Several large investors have recently made changes to their positions in PB. Parkside Financial Bank & Trust raised its holdings 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 during the last quarter. Danske Bank A S acquired a new stake in Prosperity Bancshares during the 3rd quarter worth about $40,000. SouthState Bank Corp acquired a new stake in Prosperity Bancshares during the 4th quarter worth about $49,000. Osaic Holdings Inc. raised its stake in shares of Prosperity Bancshares by 34.9% during the 2nd 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. Finally, Global Retirement Partners LLC acquired a new position in shares of Prosperity Bancshares in the 2nd quarter valued at about $54,000. 80.69% of the stock is owned by hedge funds and other institutional investors.

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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