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

Key Points

• Director Ned Holmes sold 600 shares of Prosperity Bancshares on June 10 at an average price of $71.39, totaling about $42,834. After the sale, he still owned 40,200 shares.
• The stock traded slightly higher on Wednesday, rising 0.9% to $71.13, near its 50-day and 200-day moving averages and within its 52-week range of $61.06 to $77.20.
• Prosperity Bancshares posted solid earnings and maintains a dividend, recently beating quarterly EPS estimates with $1.50 per share and announcing a quarterly dividend of $0.60 per share, or $2.40 annually, yielding about 3.4%.

Prosperity Bancshares, Inc. (NYSE:PB - Get Free Report) Director Ned Holmes sold 600 shares of the firm's stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $71.39, for a total value of $42,834.00. Following the completion of the transaction, the director owned 40,200 shares in the company, valued at approximately $2,869,878. This trade represents a 1.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Prosperity Bancshares Trading Up 0.9%

Shares of Prosperity Bancshares stock traded up $0.65 during trading hours on Wednesday, reaching $71.13. The stock had a trading volume of 1,108,445 shares, compared to its average volume of 1,111,592. The firm has a 50 day simple moving average of $68.66 and a two-hundred day simple moving average of $69.72. The firm has a market capitalization of $7.17 billion, a price-to-earnings ratio of 12.89, a P/E/G ratio of 1.07 and a beta of 0.64. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.01. 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 posted its earnings results on Wednesday, April 29th. The bank reported $1.50 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.41 by $0.09. Prosperity Bancshares had a return on equity of 7.20% and a net margin of 29.50%.The business had revenue of $367.62 million during the quarter, compared to analyst estimates of $358.60 million. During the same quarter last year, the firm earned $1.37 earnings per share. The company's revenue for the quarter was up 19.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Prosperity Bancshares, Inc. will post 6.27 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Monday, June 15th will be paid a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date is Monday, June 15th. Prosperity Bancshares's dividend payout ratio (DPR) is 43.48%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. TD Cowen raised their price objective on Prosperity Bancshares from $77.00 to $79.00 and gave the company a "buy" rating in a research note on Friday, May 1st. Wall Street Zen upgraded Prosperity Bancshares from a "strong sell" rating to a "sell" rating in a research note on Saturday, May 16th. Cantor Fitzgerald raised their price objective on Prosperity Bancshares from $81.00 to $83.00 and gave the company an "overweight" rating in a research note on Tuesday, March 3rd. Morgan Stanley decreased their target price on Prosperity Bancshares from $91.00 to $83.00 and set an "overweight" rating for the company in a research report on Tuesday, March 31st. Finally, Piper Sandler lifted their target price on Prosperity Bancshares from $74.00 to $75.00 and gave the stock a "neutral" rating in a research report on Thursday, April 30th. Five analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, Prosperity Bancshares has a consensus rating of "Hold" and an average price target of $76.82.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. American Century Companies Inc. boosted its position in Prosperity Bancshares by 48.7% during the 3rd quarter. American Century Companies Inc. now owns 2,122,031 shares of the bank's stock valued at $140,797,000 after purchasing an additional 695,114 shares during the period. Rafferty Asset Management LLC boosted its position in Prosperity Bancshares by 44.1% during the 3rd quarter. Rafferty Asset Management LLC now owns 159,871 shares of the bank's stock valued at $10,607,000 after purchasing an additional 48,943 shares during the period. Wealth Enhancement Advisory Services LLC boosted its position in Prosperity Bancshares by 81.2% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 59,752 shares of the bank's stock valued at $4,246,000 after purchasing an additional 26,774 shares during the period. Stieven Capital Advisors L.P. acquired a new position in Prosperity Bancshares during the 3rd quarter valued at approximately $7,893,000. Finally, Tudor Investment Corp ET AL bought a new stake in Prosperity Bancshares during the 3rd quarter valued at $4,882,000. Institutional investors and hedge funds own 80.69% of the company's stock.

About Prosperity Bancshares

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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