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

Key Points

• Ned Holmes, Director of Prosperity Bancshares, sold 600 shares at an average price of $63.43, leading to a total transaction value of $38,058 and a decrease of 1.36% in their ownership stake.
• The company has increased its quarterly dividend to $0.60 per share, with an annualized yield of 3.8%, up from the previous dividend of $0.58.
• Prosperity Bancshares recently reported earnings per share (EPS) of $1.42, surpassing expectations by $0.02, despite revenue falling short of estimates at $310.70 million.

Prosperity Bancshares, Inc. (NYSE:PB - Get Free Report) Director Ned Holmes sold 600 shares of Prosperity Bancshares stock in a transaction on Wednesday, October 22nd. The stock was sold at an average price of $63.43, for a total transaction of $38,058.00. Following the sale, the director directly owned 43,500 shares in the company, valued at $2,759,205. This trade represents a 1.36% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Prosperity Bancshares Price Performance

Prosperity Bancshares stock traded up $0.34 during midday trading on Thursday, hitting $63.23. 885,775 shares of the stock were exchanged, compared to its average volume of 765,085. Prosperity Bancshares, Inc. has a 1 year low of $61.06 and a 1 year high of $86.75. The firm has a market cap of $6.01 billion, a P/E ratio of 11.50, a P/E/G ratio of 0.95 and a beta of 0.73. The company has a 50 day moving average price of $66.57 and a two-hundred day moving average price of $68.32.

Prosperity Bancshares (NYSE:PB - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The bank reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.40 by $0.02. The firm had revenue of $310.70 million for the quarter, compared to the consensus estimate of $315.66 million. Prosperity Bancshares had a net margin of 29.37% and a return on equity of 6.99%. During the same quarter in the previous year, the firm posted $1.22 EPS. As a group, analysts predict that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Prosperity Bancshares Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Stockholders of record on Monday, December 15th will be given a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 3.8%. The ex-dividend date of this dividend is Monday, December 15th. This is an increase from Prosperity Bancshares's previous quarterly dividend of $0.58. Prosperity Bancshares's payout ratio is presently 42.18%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on PB shares. Citigroup reissued a "neutral" rating and issued a $68.00 target price (down previously from $78.00) on shares of Prosperity Bancshares in a research report on Monday, September 15th. Weiss Ratings reissued a "hold (c)" rating on shares of Prosperity Bancshares in a research report on Wednesday, October 8th. TD Cowen started coverage on shares of Prosperity Bancshares in a research report on Thursday, September 25th. They issued a "buy" rating and a $79.00 target price for the company. Cantor Fitzgerald assumed coverage on shares of Prosperity Bancshares in a research report on Wednesday, September 10th. They issued an "overweight" rating and a $78.00 target price for the company. Finally, Piper Sandler lowered their price objective on shares of Prosperity Bancshares from $86.00 to $84.00 and set an "overweight" rating for the company in a research report on Thursday, July 24th. Twelve analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, Prosperity Bancshares presently has a consensus rating of "Moderate Buy" and an average price target of $82.27.

Institutional Investors Weigh In On Prosperity Bancshares

Institutional investors have recently modified their holdings of the business. SG Americas Securities LLC boosted its stake in Prosperity Bancshares by 634.1% during the 3rd quarter. SG Americas Securities LLC now owns 16,371 shares of the bank's stock valued at $1,086,000 after purchasing an additional 14,141 shares during the period. HB Wealth Management LLC acquired a new position in Prosperity Bancshares during the 3rd quarter valued at about $299,000. KLP Kapitalforvaltning AS boosted its stake in Prosperity Bancshares by 7.1% during the 3rd quarter. KLP Kapitalforvaltning AS now owns 21,000 shares of the bank's stock valued at $1,404,000 after purchasing an additional 1,400 shares during the period. Vaughan Nelson Investment Management L.P. boosted its stake in Prosperity Bancshares by 8.2% during the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 1,373,974 shares of the bank's stock valued at $91,163,000 after purchasing an additional 104,340 shares during the period. Finally, Tectonic Advisors LLC boosted its stake in Prosperity Bancshares by 14.6% during the 3rd quarter. Tectonic Advisors LLC now owns 9,838 shares of the bank's stock valued at $653,000 after purchasing an additional 1,257 shares during the period. Institutional investors own 80.69% of the company's stock.

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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