Insider Selling: Prosperity Bancshares (NYSE:PB) Director Sells $44,202.00 in Stock

Key Points

• Director Ned Holmes sold 600 Prosperity Bancshares shares at an average price of $73.67, generating $44,202 and reducing his position by 1.51% to 39,200 shares.
• Prosperity Bancshares reported quarterly EPS of $1.62, beating estimates of $1.50, while revenue rose 25.9% year over year to $369.18 million but fell short of expectations.
• The company declared a quarterly dividend of $0.60 per share, equivalent to $2.40 annually and a 3.3% yield. Analysts’ consensus rating is “Hold,” with an average price target of $78.36.

Prosperity Bancshares, Inc. (NYSE:PB - Get Free Report) Director Ned Holmes sold 600 shares of the firm's stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $73.67, for a total value of $44,202.00. Following the sale, the director owned 39,200 shares in the company, valued at $2,887,864. The trade was a 1.51% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Prosperity Bancshares Price Performance

PB stock traded down $1.39 during mid-day trading on Wednesday, hitting $72.94. 895,732 shares of the stock were exchanged, compared to its average volume of 1,141,784. The business has a fifty day moving average price of $72.94 and a 200 day moving average price of $70.46. Prosperity Bancshares, Inc. has a 12 month low of $61.06 and a 12 month high of $77.20. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.75 and a quick ratio of 0.75. The stock has a market capitalization of $7.36 billion, a price-to-earnings ratio of 12.64, a PEG ratio of 0.82 and a beta of 0.64.

Prosperity Bancshares (NYSE:PB - Get Free Report) last announced its quarterly earnings data 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 $369.18 million for the quarter, compared to analyst estimates of $380.73 million. Prosperity Bancshares had a return on equity of 7.39% and a net margin of 29.95%.The company's revenue was up 25.9% on a year-over-year basis. During the same period in the prior year, the company earned $1.42 EPS. On average, sell-side analysts anticipate that Prosperity Bancshares, Inc. will post 6.45 EPS for the current year.

Prosperity Bancshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be paid a $0.60 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.3%. Prosperity Bancshares's dividend payout ratio is 41.59%.

Analyst Ratings Changes

Several analysts have weighed in on PB shares. Citigroup boosted their price target on shares of Prosperity Bancshares from $75.00 to $79.00 and gave the stock a "neutral" rating in a research note on Friday, July 31st. Wall Street Zen upgraded Prosperity Bancshares from a "sell" rating to a "hold" rating in a research report on Saturday, August 1st. Benchmark initiated coverage on Prosperity Bancshares in a research note on Wednesday, June 24th. They set a "hold" rating for the company. Weiss Ratings upgraded shares of Prosperity Bancshares from a "buy (b-)" rating to a "buy (b)" rating in a report on Wednesday, July 29th. Finally, Piper Sandler lifted their target price on shares of Prosperity Bancshares from $75.00 to $80.00 and gave the stock a "neutral" rating in a research note on Thursday, July 30th. Five research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $78.36.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Prosperity Bancshares by 21.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 30,198 shares of the bank's stock worth $2,155,000 after buying an additional 5,326 shares during the last quarter. NewEdge Advisors LLC lifted its stake in Prosperity Bancshares by 36.8% in the first quarter. NewEdge Advisors LLC now owns 7,295 shares of the bank's stock worth $521,000 after acquiring an additional 1,962 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Prosperity Bancshares by 5.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 346,151 shares of the bank's stock worth $24,705,000 after acquiring an additional 17,345 shares during the period. Jane Street Group LLC boosted its holdings in Prosperity Bancshares by 182.8% in the first quarter. Jane Street Group LLC now owns 104,755 shares of the bank's stock valued at $7,476,000 after acquiring an additional 67,712 shares in the last quarter. Finally, Sivia Capital Partners LLC purchased a new position in Prosperity Bancshares during the 2nd quarter valued at $359,000. Hedge funds and other institutional investors own 80.69% of the company's stock.

Prosperity Bancshares Company Profile

Prosperity Bancshares, Inc is a holding company for Prosperity Bank, offering a broad range of commercial and consumer banking services across Texas, Oklahoma, Arkansas and Louisiana. Through its network of branches and digital platforms, the company provides deposit products, business and real estate lending, treasury management, mortgage origination and servicing, as well as wealth management and trust services.

Originally chartered in 1911 as First National Bank in McKinney, Texas, the organization rebranded to Prosperity Bank in 2009 following a series of strategic acquisitions aimed at deepening its regional presence.

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