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

Key Points

• Prosperity Bancshares Director Ned Holmes sold 600 shares of stock at an average price of $65.66, reducing his ownership by 1.35% to a total of 43,700 shares.
• The stock's current trading price is $65.25, down 0.2%, with a market cap of $6.20 billion and a P/E ratio of 11.85.
• The company recently announced a quarterly dividend of $0.58 per share, resulting in an annualized dividend of $2.32 and a yield of 3.6%.

Prosperity Bancshares, Inc. (NYSE:PB - Get Free Report) Director Ned Holmes sold 600 shares of the company's stock in a transaction dated Wednesday, October 8th. The stock was sold at an average price of $65.66, for a total value of $39,396.00. Following the completion of the transaction, the director directly owned 43,700 shares of the company's stock, valued at approximately $2,869,342. This trade represents a 1.35% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Prosperity Bancshares Stock Down 0.2%

Prosperity Bancshares stock traded down $0.12 during midday trading on Thursday, reaching $65.25. 133,978 shares of the stock traded hands, compared to its average volume of 751,126. The stock's fifty day moving average is $67.07 and its 200-day moving average is $68.76. Prosperity Bancshares, Inc. has a 12 month low of $61.57 and a 12 month high of $86.75. The stock has a market cap of $6.20 billion, a P/E ratio of 11.85, a PEG ratio of 0.98 and a beta of 0.73.

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

Prosperity Bancshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th were paid a $0.58 dividend. This represents a $2.32 annualized dividend and a dividend yield of 3.6%. The ex-dividend date of this dividend was Monday, September 15th. Prosperity Bancshares's dividend payout ratio (DPR) is presently 42.18%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Parallel Advisors LLC increased its holdings in shares of Prosperity Bancshares by 16.8% in the 2nd quarter. Parallel Advisors LLC now owns 978 shares of the bank's stock valued at $69,000 after acquiring an additional 141 shares during the period. U.S. Capital Wealth Advisors LLC increased its holdings in shares of Prosperity Bancshares by 4.9% in the 1st quarter. U.S. Capital Wealth Advisors LLC now owns 3,326 shares of the bank's stock valued at $237,000 after acquiring an additional 156 shares during the period. Tectonic Advisors LLC increased its holdings in shares of Prosperity Bancshares by 2.0% in the 1st quarter. Tectonic Advisors LLC now owns 8,319 shares of the bank's stock valued at $594,000 after acquiring an additional 165 shares during the period. AE Wealth Management LLC increased its holdings in shares of Prosperity Bancshares by 3.8% in the 2nd quarter. AE Wealth Management LLC now owns 4,640 shares of the bank's stock valued at $326,000 after acquiring an additional 172 shares during the period. Finally, Osaic Holdings Inc. increased its holdings in shares of Prosperity Bancshares by 34.9% in the 2nd 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. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on PB shares. Raymond James Financial set a $75.00 price objective on Prosperity Bancshares in a research note on Tuesday. Cowen assumed coverage on Prosperity Bancshares in a research note on Wednesday, September 24th. They set a "buy" rating for the company. Piper Sandler decreased their price target 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. Weiss Ratings reissued a "hold (c)" rating on shares of Prosperity Bancshares in a research note on Wednesday. Finally, TD Cowen assumed coverage on Prosperity Bancshares in a research note on Thursday, September 25th. They set a "buy" rating and a $79.00 price target for the company. Twelve research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $82.38.

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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