Prosperity Bancshares (NYSE:PB) Stock: Insider Ned Holmes Sells 600 Shares

Key Points

• Insider transaction: Director Ned Holmes sold 600 Prosperity Bancshares shares at an average price of $66.23, totaling $39,738. He retained 38,400 shares after the sale.
• Financial performance: Prosperity Bancshares beat quarterly earnings and revenue estimates, reporting EPS of $1.62 and revenue of $391.25 million, with revenue up 25.9% year over year.
• Investor outlook: The bank pays a quarterly dividend of $0.60 per share, equivalent to a 3.6% yield. Analysts maintain a consensus “Hold” rating with an average price target of $77.55.

Prosperity Bancshares, Inc. (NYSE:PB - Get Free Report) Director Ned Holmes sold 600 shares of the stock in a transaction on Wednesday, October 14th. The stock was sold at an average price of $66.23, for a total value of $39,738.00. Following the completion of the sale, the director directly owned 38,400 shares in the company, valued at $2,543,232. This represents a 1.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Prosperity Bancshares Stock Performance

PB stock traded up $0.37 during mid-day trading on Wednesday, reaching $66.70. The company had a trading volume of 1,189,725 shares, compared to its average volume of 1,117,758. 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 capitalization of $6.73 billion, a P/E ratio of 11.56, a P/E/G ratio of 0.74 and a beta of 0.66. Prosperity Bancshares, Inc. has a one year low of $61.06 and a one year high of $77.20. The stock's 50-day simple moving average is $70.75 and its two-hundred day simple moving average is $70.47.

Prosperity Bancshares (NYSE:PB - Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The bank reported $1.62 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $380.73 million. During the same quarter in the previous year, the company posted $1.42 earnings per share. The company's revenue for the quarter was up 25.9% compared to the same quarter last year. Research analysts anticipate that Prosperity Bancshares, Inc. will post 6.46 EPS for the current year.

Prosperity Bancshares Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th were paid a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date of this dividend was Tuesday, September 15th. Prosperity Bancshares's payout ratio is presently 41.59%.

Analyst Upgrades and Downgrades

PB has been the topic of several analyst reports. Benchmark began coverage on shares of Prosperity Bancshares in a research note on Wednesday, June 24th. They issued a "hold" rating on the stock. Wall Street Zen raised Prosperity Bancshares from a "sell" rating to a "hold" rating in a report on Saturday, August 1st. Weiss Ratings upgraded Prosperity Bancshares from a "buy (b-)" rating to a "buy (b)" rating in a research report on Friday. TD Cowen decreased their price objective on Prosperity Bancshares from $84.00 to $78.00 and set a "buy" rating for the company in a report on Monday, October 5th. Finally, Morgan Stanley increased their price objective on Prosperity Bancshares from $80.00 to $81.00 and gave the stock an "underweight" rating in a report on Monday, September 28th. Six investment analysts have rated the stock with a Buy rating, six have given a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, Prosperity Bancshares currently has a consensus rating of "Hold" and an average price target of $77.55.

Institutional Trading of Prosperity Bancshares

A number of hedge funds and other institutional investors have recently made changes to their positions in PB. FOCUS Wealth Advisors LLC acquired a new position in shares of Prosperity Bancshares during the third quarter valued at approximately $4,419,000. WJ Interests LLC bought a new stake in Prosperity Bancshares during the third quarter worth approximately $539,000. GAMMA Investing LLC raised its holdings in Prosperity Bancshares by 29.5% during the third quarter. GAMMA Investing LLC now owns 2,577 shares of the bank's stock worth $171,000 after purchasing an additional 587 shares in the last quarter. Farther Finance Advisors LLC lifted its position in Prosperity Bancshares by 15.9% in the third quarter. Farther Finance Advisors LLC now owns 1,867 shares of the bank's stock worth $124,000 after purchasing an additional 256 shares during the period. Finally, Kwmg LLC lifted its position in Prosperity Bancshares by 3.1% in the third quarter. Kwmg LLC now owns 104,332 shares of the bank's stock worth $6,908,000 after purchasing an additional 3,108 shares during the period. 80.69% of the stock is currently owned by institutional investors.

About Prosperity Bancshares

Prosperity Bancshares, Inc is a bank holding company headquartered in Houston, Texas. Through its principal subsidiary, Prosperity Bank, the company provides a range of banking and financial services to individuals, businesses and institutional customers.

Prosperity Bank offers deposit accounts, commercial and consumer lending, mortgage and real estate loans, treasury management, cash management, online and mobile banking, and other related financial services. Its lending activities support businesses, agricultural customers, real estate projects and consumers.

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

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