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

Key Points

• Director Ned Holmes sold 600 shares at $74.04 each, receiving $44,424; he retained 38,100 shares after the sale.
• Prosperity Bancshares reported quarterly EPS of $1.67, beating the $1.35 consensus, while revenue rose 56% year over year to $495.7 million.
• The bank raised its quarterly dividend from $0.60 to $0.64 per share, equivalent to an annualized $2.56 and a 3.5% yield. Analysts’ consensus rating was “Hold,” 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, November 4th. The stock was sold at an average price of $74.04, for a total transaction of $44,424.00. Following the completion of the transaction, the director owned 38,100 shares in the company, valued at approximately $2,820,924. This trade represents a 1.55% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

Prosperity Bancshares Price Performance

Shares of NYSE:PB traded down $1.25 on Thursday, reaching $72.33. 179,966 shares of the company traded hands, compared to its average volume of 1,103,252. Prosperity Bancshares, Inc. has a fifty-two week low of $63.20 and a fifty-two week high of $77.20. The company's 50 day moving average is $69.57 and its 200-day moving average is $70.37. The stock has a market capitalization of $7.30 billion, a PE ratio of 13.14, a P/E/G ratio of 0.81 and a beta of 0.64. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.77 and a quick ratio of 0.77.

Prosperity Bancshares (NYSE:PB - Get Free Report) last released its quarterly earnings data on Wednesday, October 28th. The bank reported $1.67 earnings per share for the quarter, topping the consensus estimate of $1.35 by $0.32. The business had revenue of $495.70 million during the quarter, compared to analyst estimates of $491.49 million. Prosperity Bancshares had a return on equity of 7.68% and a net margin of 26.99%. The company's revenue was up 56.0% compared to the same quarter last year. During the same period last year, the company posted $1.45 EPS. As a group, analysts anticipate that Prosperity Bancshares, Inc. will post 6.48 earnings per share for the current fiscal year.

Prosperity Bancshares Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, January 4th. Investors of record on Tuesday, December 15th will be paid a $0.64 dividend. The ex-dividend date of this dividend is Tuesday, December 15th. This represents a $2.56 dividend on an annualized basis and a yield of 3.5%. This is an increase from Prosperity Bancshares's previous quarterly dividend of $0.60. Prosperity Bancshares's dividend payout ratio (DPR) is 43.64%.

Analysts Set New Price Targets

PB has been the subject of a number of analyst reports. Royal Bank Of Canada upped their price objective on shares of Prosperity Bancshares from $77.00 to $79.00 and gave the company a "sector perform" rating in a research note on Thursday, October 29th. Wall Street Zen raised shares of Prosperity Bancshares from a "sell" rating to a "hold" rating in a research report on Saturday, August 1st. Keefe, Bruyette & Woods reissued an "outperform" rating on shares of Prosperity Bancshares in a research report on Thursday, October 29th. Cantor Fitzgerald cut their price target on shares of Prosperity Bancshares from $85.00 to $78.00 and set an "overweight" rating on the stock in a report on Wednesday, October 14th. Finally, Morgan Stanley upped their price target on shares of Prosperity Bancshares from $80.00 to $81.00 and gave the company an "underweight" rating in a research report on Monday, September 28th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $78.36.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of PB. Provenance Wealth Advisors LLC acquired a new stake in Prosperity Bancshares in the 3rd quarter valued at $25,000. Parkside Financial Bank & Trust grew its position in Prosperity Bancshares by 52.0% in the second quarter. Parkside Financial Bank & Trust now owns 576 shares of the bank's stock valued at $42,000 after acquiring an additional 197 shares during the period. Global Retirement Partners LLC acquired a new position in Prosperity Bancshares during the second quarter worth $54,000. MADDEN SECURITIES Corp acquired a new position in Prosperity Bancshares during the third quarter worth $67,000. Finally, Root Financial Partners LLC bought a new position in shares of Prosperity Bancshares during the third quarter valued at $82,000. 80.69% of the stock is owned by institutional investors and hedge funds.

Prosperity Bancshares Company Profile

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

Prosperity Bank offers deposit products, commercial and consumer lending, mortgage and real estate lending, treasury management, online and mobile banking, and other traditional banking services. Its lending activities include financing for commercial businesses, agriculture, residential and commercial real estate, and personal needs.

Founded in 1983, Prosperity Bancshares has expanded primarily through organic growth and the acquisition of community banks.

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