Insider Selling: Prosperity Bancshares (NYSE:PB) Director Sells 500 Shares

Key Points

• Prosperity Bancshares director Ned Holmes sold 500 shares on July 8 at an average price of $70.56, totaling $35,280. After the sale, he still held 73,615 shares, a 0.67% reduction in his stake.
• The stock rose 2.0% and traded at $71.83, near its 50-day and 200-day moving averages. The company has a market cap of $7.24 billion and a dividend yield of 3.3%.
• Recent fundamentals and analyst sentiment were mixed-to-positive: Prosperity Bancshares beat quarterly EPS and revenue estimates, while analysts currently rate the stock a consensus Hold with an average target price of $76.36.

Prosperity Bancshares, Inc. (NYSE:PB - Get Free Report) Director Ned Holmes sold 500 shares of the company's stock in a transaction on Wednesday, July 8th. The stock was sold at an average price of $70.56, for a total transaction of $35,280.00. Following the completion of the transaction, the director directly owned 73,615 shares in the company, valued at $5,194,274.40. This trade represents a 0.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

Prosperity Bancshares Stock Up 2.0%

PB traded up $1.41 during trading on Thursday, reaching $71.83. 317,269 shares of the stock traded hands, compared to its average volume of 1,180,488. The stock has a market cap of $7.24 billion, a price-to-earnings ratio of 13.02, a price-to-earnings-growth ratio of 1.10 and a beta of 0.63. Prosperity Bancshares, Inc. has a fifty-two week low of $61.06 and a fifty-two week high of $77.20. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.76 and a quick ratio of 0.76. The stock's 50-day simple moving average is $70.08 and its two-hundred day simple moving average is $69.97.

Prosperity Bancshares (NYSE:PB - Get Free Report) last issued its earnings results on Wednesday, April 29th. The bank reported $1.50 earnings per share for the quarter, topping the consensus estimate of $1.41 by $0.09. Prosperity Bancshares had a return on equity of 7.20% and a net margin of 29.50%.The company had revenue of $367.62 million for the quarter, compared to analyst estimates of $358.60 million. During the same period in the prior year, the firm posted $1.37 EPS. The business's revenue was up 19.9% compared to the same quarter last year. As a group, equities research analysts expect that Prosperity Bancshares, Inc. will post 6.27 EPS for the current year.

Prosperity Bancshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Monday, June 15th were given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend was Monday, June 15th. Prosperity Bancshares's dividend payout ratio (DPR) is presently 43.48%.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on PB shares. Weiss Ratings upgraded shares of Prosperity Bancshares from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Wednesday, July 1st. TD Cowen increased their target price on shares of Prosperity Bancshares from $77.00 to $79.00 and gave the stock a "buy" rating in a research report on Friday, May 1st. Benchmark began coverage on Prosperity Bancshares in a report on Wednesday, June 24th. They set a "hold" rating on the stock. Piper Sandler boosted their price target on Prosperity Bancshares from $74.00 to $75.00 and gave the stock a "neutral" rating in a research report on Thursday, April 30th. Finally, Cantor Fitzgerald reiterated an "overweight" rating and set a $80.00 price target on shares of Prosperity Bancshares in a research note on Tuesday, June 23rd. Five equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Prosperity Bancshares presently has an average rating of "Hold" and an average target price of $76.36.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. AQR Capital Management LLC grew its position in shares of Prosperity Bancshares by 175.1% in the second quarter. AQR Capital Management LLC now owns 2,383,162 shares of the bank's stock valued at $167,393,000 after purchasing an additional 1,516,939 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC lifted its position in shares of Prosperity Bancshares by 910.4% during the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,311,051 shares of the bank's stock worth $90,607,000 after purchasing an additional 1,181,295 shares during the last quarter. North Reef Capital Management LP boosted its stake in Prosperity Bancshares by 149.0% during the 1st quarter. North Reef Capital Management LP now owns 1,107,877 shares of the bank's stock valued at $74,427,000 after purchasing an additional 662,877 shares during the period. Artisan Partners Limited Partnership bought a new stake in Prosperity Bancshares during the 4th quarter valued at approximately $44,822,000. Finally, Norges Bank acquired a new stake in Prosperity Bancshares in the 4th quarter valued at approximately $37,645,000. 80.69% of the stock is currently owned by institutional investors and hedge funds.

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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