Ned Holmes Sells 600 Shares of Prosperity Bancshares (NYSE:PB) Stock

Key Points

• Ned Holmes sold 600 shares of Prosperity Bancshares on March 11 at an average price of $65.97 for $39,582, leaving him with 41,500 shares (a 1.43% reduction in his position).
• Prosperity declared a quarterly dividend of $0.60 per share (annualized $2.40) payable April 1, with record/ex-dividend date March 13, representing a yield of about 3.6%.
• The bank reported quarterly EPS of $1.46 (beating estimates by $0.01) while revenue fell 5.9% year-over-year and analysts' consensus rating is a "Hold" with a $78.92 target.

Prosperity Bancshares, Inc. (NYSE:PB - Get Free Report) Director Ned Holmes sold 600 shares of Prosperity Bancshares stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $65.97, for a total transaction of $39,582.00. Following the sale, the director owned 41,500 shares of the company's stock, valued at $2,737,755. The trade was a 1.43% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Prosperity Bancshares Stock Performance

Prosperity Bancshares stock traded down $1.05 during trading hours on Wednesday, hitting $65.82. The company had a trading volume of 1,106,522 shares, compared to its average volume of 1,283,794. The firm has a market cap of $6.69 billion, a P/E ratio of 11.49, a P/E/G ratio of 0.95 and a beta of 0.66. The company has a 50-day moving average price of $71.58 and a two-hundred day moving average price of $68.92. Prosperity Bancshares, Inc. has a 1 year low of $61.06 and a 1 year high of $77.20.

Prosperity Bancshares (NYSE:PB - Get Free Report) last issued its earnings results on Wednesday, January 28th. The bank reported $1.46 EPS for the quarter, topping analysts' consensus estimates of $1.45 by $0.01. The business had revenue of $317.73 million for the quarter, compared to analyst estimates of $319.30 million. Prosperity Bancshares had a net margin of 31.22% and a return on equity of 7.11%. The company's quarterly revenue was down 5.9% compared to the same quarter last year. During the same period last year, the company posted $1.37 earnings per share. As a group, equities research analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Prosperity Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Friday, March 13th will be issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 3.6%. The ex-dividend date is Friday, March 13th. Prosperity Bancshares's dividend payout ratio (DPR) is presently 41.88%.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on PB. Janney Montgomery Scott cut Prosperity Bancshares from a "buy" rating to a "neutral" rating in a report on Tuesday, February 3rd. Piper Sandler downgraded Prosperity Bancshares from an "overweight" rating to a "neutral" rating and decreased their price objective for the company from $77.00 to $74.00 in a report on Thursday, January 29th. Barclays lowered shares of Prosperity Bancshares from an "equal weight" rating to an "underweight" rating and lowered their price objective for the stock from $75.00 to $68.00 in a research note on Monday, February 2nd. Cantor Fitzgerald increased their target price on shares of Prosperity Bancshares from $81.00 to $83.00 and gave the stock an "overweight" rating in a report on Tuesday, March 3rd. Finally, DA Davidson reissued a "neutral" rating and set a $76.00 target price on shares of Prosperity Bancshares in a research report on Thursday, January 29th. Seven investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Prosperity Bancshares has an average rating of "Hold" and a consensus target price of $78.92.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Sepio Capital LP lifted its stake in shares of Prosperity Bancshares by 2.4% during the 4th quarter. Sepio Capital LP now owns 5,701 shares of the bank's stock worth $394,000 after purchasing an additional 133 shares during the last quarter. Commonwealth Equity Services LLC grew its stake in Prosperity Bancshares by 1.0% in the fourth quarter. Commonwealth Equity Services LLC now owns 14,324 shares of the bank's stock valued at $990,000 after purchasing an additional 145 shares during the last quarter. Clearstead Advisors LLC raised its holdings in Prosperity Bancshares by 10.9% in the third quarter. Clearstead Advisors LLC now owns 1,614 shares of the bank's stock worth $107,000 after purchasing an additional 159 shares in the last quarter. Bfsg LLC raised its holdings in Prosperity Bancshares by 5.1% in the third quarter. Bfsg LLC now owns 3,363 shares of the bank's stock worth $223,000 after purchasing an additional 164 shares in the last quarter. Finally, AE Wealth Management LLC lifted its position in shares of Prosperity Bancshares by 3.8% during the second quarter. AE Wealth Management LLC now owns 4,640 shares of the bank's stock valued at $326,000 after buying an additional 172 shares during the last quarter. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

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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