Prosperity Bancshares, Inc. (NYSE:PB) Director Ned S. Holmes Sells 500 Shares

Key Points

• Ned S. Holmes, a director at Prosperity Bancshares, sold 500 shares at an average price of $66.33, reducing his ownership by 0.52% to 95,915 shares valued at approximately $6.36 million.
• The company reported earnings of $1.42 per share for the last quarter, exceeding analysts' expectations, although revenue fell short of estimates at $310.70 million.
• Prosperity Bancshares will issue a quarterly dividend of $0.58 per share on October 1st, with a dividend yield of 3.5% and a payout ratio of 42.18%.

Prosperity Bancshares, Inc. (NYSE:PB - Get Free Report) Director Ned S. Holmes sold 500 shares of the business's stock in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $66.33, for a total value of $33,165.00. Following the completion of the sale, the director directly owned 95,915 shares of the company's stock, valued at $6,362,041.95. This represents a 0.52% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Prosperity Bancshares Trading Up 1.0%

PB traded up $0.67 on Friday, hitting $66.07. 647,387 shares of the stock traded hands, compared to its average volume of 862,361. Prosperity Bancshares, Inc. has a 52 week low of $61.57 and a 52 week high of $86.75. The firm has a market capitalization of $6.29 billion, a PE ratio of 12.01, a P/E/G ratio of 0.98 and a beta of 0.71. The business has a fifty day moving average price of $69.94 and a two-hundred day moving average price of $71.41.

Prosperity Bancshares (NYSE:PB - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The bank reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.40 by $0.02. Prosperity Bancshares had a return on equity of 6.99% and a net margin of 29.37%. The firm had revenue of $310.70 million for the quarter, compared to analyst estimates of $315.66 million. During the same period in the previous year, the company posted $1.22 earnings per share. On average, equities research analysts forecast that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be issued a $0.58 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.5%. Prosperity Bancshares's dividend payout ratio is presently 42.18%.

Analyst Ratings Changes

PB has been the subject of a number of analyst reports. Wall Street Zen raised Prosperity Bancshares from a "sell" rating to a "hold" rating in a research report on Tuesday, May 13th. Jefferies Financial Group initiated coverage on Prosperity Bancshares in a research report on Wednesday, May 21st. They issued a "buy" rating and a $85.00 price target for the company. Piper Sandler reduced their price target on Prosperity Bancshares from $86.00 to $84.00 and set an "overweight" rating for the company in a research report on Thursday, July 24th. Hovde Group reduced their price target on Prosperity Bancshares from $85.00 to $83.00 and set an "outperform" rating for the company in a research report on Thursday, July 24th. Finally, Keefe, Bruyette & Woods dropped their price objective on Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating on the stock in a research note on Monday, May 5th. Seven equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, Prosperity Bancshares presently has a consensus rating of "Moderate Buy" and a consensus price target of $84.57.

Institutional Investors Weigh In On Prosperity Bancshares

Several institutional investors and hedge funds have recently made changes to their positions in PB. Wealth Enhancement Advisory Services LLC lifted its holdings in Prosperity Bancshares by 8.2% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 7,362 shares of the bank's stock worth $525,000 after buying an additional 561 shares in the last quarter. Principal Financial Group Inc. lifted its stake in shares of Prosperity Bancshares by 0.4% in the 1st quarter. Principal Financial Group Inc. now owns 219,056 shares of the bank's stock valued at $15,634,000 after purchasing an additional 855 shares during the period. Envestnet Asset Management Inc. lifted its stake in shares of Prosperity Bancshares by 1.8% in the 1st quarter. Envestnet Asset Management Inc. now owns 58,236 shares of the bank's stock valued at $4,156,000 after purchasing an additional 1,016 shares during the period. Teacher Retirement System of Texas lifted its stake in shares of Prosperity Bancshares by 23.1% in the 1st quarter. Teacher Retirement System of Texas now owns 21,818 shares of the bank's stock valued at $1,557,000 after purchasing an additional 4,098 shares during the period. Finally, Cetera Investment Advisers lifted its stake in shares of Prosperity Bancshares by 5.9% in the 4th quarter. Cetera Investment Advisers now owns 7,675 shares of the bank's stock valued at $578,000 after purchasing an additional 427 shares during the period. Institutional investors and hedge funds own 80.69% of the company's stock.

Prosperity Bancshares Company Profile

Prosperity Bancshares, Inc operates as bank holding company for the Prosperity Bank that provides financial products and services to businesses and consumers. It accepts various deposit products, such as demand, savings, money market, and time accounts, as well as and certificates of deposit. The company also offers 1-4 family residential mortgage, commercial real estate and multifamily residential, commercial and industrial, agricultural, and non-real estate agricultural loans, as well as construction, land development, and other land loans; consumer loans, including automobile, recreational vehicle, boat, home improvement, personal, and deposit account collateralized loans; term loans and lines of credit; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and purchase of equipment and machinery.