Insider Selling: Prosperity Bancshares (NYSE:PB) Director Sells 600 Shares

Key Points

• Prosperity Bancshares director Ned Holmes sold 600 shares at an average price of $74.61, generating $44,766. He retained 39,400 shares following the transaction.
• The bank reported quarterly EPS of $1.62, beating estimates of $1.50, while revenue rose 25.9% year over year to $391.25 million.
• Prosperity Bancshares declared a quarterly dividend of $0.60 per share, equivalent to a 3.2% yield. Analysts maintain an overall “Hold” rating with an average price target of $78.36.

Prosperity Bancshares, Inc. (NYSE:PB - Get Free Report) Director Ned Holmes sold 600 shares of the company's stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $74.61, for a total value of $44,766.00. Following the completion of the sale, the director directly owned 39,400 shares in the company, valued at approximately $2,939,634. The trade was a 1.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Prosperity Bancshares Stock Down 0.5%

PB traded down $0.34 during trading on Wednesday, reaching $74.55. The stock had a trading volume of 1,238,010 shares, compared to its average volume of 1,164,889. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $7.52 billion, a price-to-earnings ratio of 12.92, a P/E/G ratio of 0.82 and a beta of 0.64. The stock's 50 day moving average is $71.87 and its two-hundred day moving average is $70.32. Prosperity Bancshares, Inc. has a one year low of $61.06 and a one year high of $77.20.

Prosperity Bancshares (NYSE:PB - Get Free Report) last announced its earnings results on Wednesday, July 29th. The bank reported $1.62 EPS for the quarter, beating analysts' consensus estimates of $1.50 by $0.12. The firm had revenue of $391.25 million for the quarter, compared to analysts' expectations of $380.73 million. Prosperity Bancshares had a net margin of 29.95% and a return on equity of 7.39%. The company's quarterly revenue was up 25.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.42 EPS. As a group, analysts expect that Prosperity Bancshares, Inc. will post 6.43 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be given a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date of this dividend is Tuesday, September 15th. Prosperity Bancshares's dividend payout ratio (DPR) is 41.59%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on PB. TD Cowen boosted their price target on Prosperity Bancshares from $82.00 to $84.00 and gave the stock a "buy" rating in a research report on Friday, July 31st. Benchmark began coverage on Prosperity Bancshares in a research note on Wednesday, June 24th. They issued a "hold" rating on the stock. Wall Street Zen upgraded Prosperity Bancshares from a "sell" rating to a "hold" rating in a report on Saturday. Morgan Stanley reissued an "equal weight" rating and set a $80.00 price objective (down from $85.00) on shares of Prosperity Bancshares in a research report on Monday, July 6th. Finally, Weiss Ratings upgraded shares of Prosperity Bancshares from a "buy (b-)" rating to a "buy (b)" rating in a research note on Wednesday, July 29th. Five investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Prosperity Bancshares has an average rating of "Hold" and an average target price of $78.36.

Institutional Trading of Prosperity Bancshares

Institutional investors have recently made changes to their positions in the stock. Danske Bank A S purchased a new stake in Prosperity Bancshares during the 3rd quarter valued at $40,000. SouthState Bank Corp purchased a new stake in Prosperity Bancshares during the fourth quarter valued at $49,000. Osaic Holdings Inc. lifted its holdings in Prosperity Bancshares by 34.9% in the second quarter. Osaic Holdings Inc. now owns 719 shares of the bank's stock valued at $51,000 after acquiring an additional 186 shares during the period. Eurizon Capital SGR S.p.A. bought a new position in Prosperity Bancshares in the fourth quarter valued at about $55,000. Finally, Group One Trading LLC purchased a new position in Prosperity Bancshares in the fourth quarter worth about $66,000. 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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