Prosperity Bancshares (NYSE:PB) Director Sells 600 Shares

Key Points

• Director Ned Holmes sold 600 shares of Prosperity Bancshares at an average price of $70.93, generating $42,558 and reducing his direct ownership by 1.52% to 38,800 shares.
• Prosperity Bancshares recently beat quarterly expectations, reporting $1.62 in EPS versus the $1.50 estimate and $391.25 million in revenue, up 25.9% year over year.
• The company declared a quarterly dividend of $0.60 per share, representing a $2.40 annualized payout and a 3.4% 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 dated Wednesday, September 16th. The stock was sold at an average price of $70.93, for a total transaction of $42,558.00. Following the transaction, the director directly owned 38,800 shares in the company, valued at $2,752,084. This trade represents a 1.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Prosperity Bancshares Trading Down 0.3%

NYSE:PB traded down $0.23 on Friday, hitting $70.11. The stock had a trading volume of 734,214 shares, compared to its average volume of 1,102,980. The company has a fifty day moving average price of $72.98 and a two-hundred day moving average price of $70.39. Prosperity Bancshares, Inc. has a 1-year low of $61.06 and a 1-year high of $77.20. 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 stock has a market cap of $7.07 billion, a price-to-earnings ratio of 12.14, a PEG ratio of 0.77 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 the consensus estimate of $1.50 by $0.12. The firm had revenue of $391.25 million for the quarter, compared to analyst estimates of $380.73 million. Prosperity Bancshares had a net margin of 29.95% and a return on equity of 7.39%. The business's revenue for the quarter was up 25.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.42 EPS. Equities research analysts expect that Prosperity Bancshares, Inc. will post 6.48 earnings per share for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend is Tuesday, September 15th. Prosperity Bancshares's dividend payout ratio (DPR) is 41.59%.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Citigroup upped their price objective on shares of Prosperity Bancshares from $75.00 to $79.00 and gave the stock a "neutral" rating in a report on Friday, July 31st. Weiss Ratings upgraded Prosperity Bancshares from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday, July 29th. Royal Bank Of Canada increased their target price on Prosperity Bancshares from $78.00 to $80.00 and gave the stock a "sector perform" rating in a research note on Thursday, July 30th. Morgan Stanley lowered 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 note on Tuesday, September 8th. Finally, Piper Sandler raised their price objective on shares of Prosperity Bancshares from $75.00 to $80.00 and gave the company a "neutral" rating in a research note on Thursday, July 30th. Five investment 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. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $78.36.

Institutional Investors Weigh In On Prosperity Bancshares

Institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. purchased a new stake in shares of Prosperity Bancshares during the 2nd quarter worth approximately $746,776,000. Dimensional Fund Advisors LP raised its stake in Prosperity Bancshares by 4.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,929,309 shares of the bank's stock worth $331,142,000 after acquiring an additional 205,291 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC purchased a new stake in Prosperity Bancshares in the second quarter valued at $350,099,000. Geode Capital Management LLC lifted its position in 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 acquiring an additional 7,602 shares during the last quarter. Finally, North Reef Capital Management LP boosted its stake in Prosperity Bancshares by 149.0% in the first 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 in the last quarter. Hedge funds and other institutional investors own 80.69% of the company's stock.

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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