Insider Selling: Prosperity Bancshares, Inc. (NYSE:PB) Director Sells 500 Shares of Stock

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 firm's stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $66.33, for a total transaction of $33,165.00. Following the completion of the sale, the director owned 95,915 shares of the company's stock, valued at $6,362,041.95. This trade represents a 0.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Prosperity Bancshares Stock Performance

Shares of PB traded down $0.48 during mid-day trading on Thursday, hitting $65.58. 257,233 shares of the stock were exchanged, compared to its average volume of 670,845. Prosperity Bancshares, Inc. has a 52-week low of $61.57 and a 52-week high of $86.75. The firm has a 50-day moving average of $70.11 and a two-hundred day moving average of $71.59. The company has a market cap of $6.25 billion, a PE ratio of 11.92, a price-to-earnings-growth ratio of 0.99 and a beta of 0.71.

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, topping analysts' consensus estimates of $1.40 by $0.02. The firm had revenue of $310.70 million during the quarter, compared to analyst estimates of $315.66 million. Prosperity Bancshares had a return on equity of 6.99% and a net margin of 29.37%. During the same period last year, the company earned $1.22 EPS. On average, sell-side analysts predict that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Prosperity Bancshares Announces Dividend

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

Institutional Trading of Prosperity Bancshares

Several large investors have recently bought and sold shares of the stock. Steph & Co. acquired a new position in Prosperity Bancshares during the second quarter valued at $38,000. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in Prosperity Bancshares during the 1st quarter worth $48,000. IFP Advisors Inc grew its holdings in shares of Prosperity Bancshares by 1,251.4% during the second quarter. IFP Advisors Inc now owns 973 shares of the bank's stock worth $68,000 after buying an additional 901 shares in the last quarter. Aster Capital Management DIFC Ltd raised its position in shares of Prosperity Bancshares by 349.5% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 917 shares of the bank's stock valued at $69,000 after buying an additional 713 shares during the last quarter. Finally, Parallel Advisors LLC boosted its position in Prosperity Bancshares by 16.8% during the second quarter. Parallel Advisors LLC now owns 978 shares of the bank's stock worth $69,000 after acquiring an additional 141 shares during the last quarter. Hedge funds and other institutional investors own 80.69% of the company's stock.

Analysts Set New Price Targets

PB has been the subject of several research analyst reports. Jefferies Financial Group assumed coverage on Prosperity Bancshares in a research note on Wednesday, May 21st. They set a "buy" rating and a $85.00 target price for the company. Keefe, Bruyette & Woods lowered their target price on Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating on the stock in a research report on Monday, May 5th. Wall Street Zen upgraded shares of Prosperity Bancshares from a "sell" rating to a "hold" rating in a report on Tuesday, May 13th. Piper Sandler reduced their price objective on Prosperity Bancshares from $86.00 to $84.00 and set an "overweight" rating for the company in a research note on Thursday, July 24th. Finally, Royal Bank Of Canada lowered their price target on shares of Prosperity Bancshares from $85.00 to $78.00 and set a "sector perform" rating on the stock in a report on Thursday, April 24th. Seven investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $84.57.

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.

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