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

Key Points

• Director Ned Holmes sold 600 shares of Prosperity Bancshares at an average price of $72.72, totaling $43,632. After the sale, he still held 40,000 shares, reducing his ownership by 1.48%.
• The stock edged up 0.3% to $72.53 on trading volume slightly above average. The shares have traded between $61.06 and $77.20 over the past year, and the company has a market cap of about $7.32 billion.
• Prosperity Bancshares reported solid quarterly results and a dividend, with EPS of $1.50 beating estimates and revenue rising 19.9% year over year. It also declared a $0.60 quarterly dividend, equal to a 3.3% annualized yield.

Prosperity Bancshares, Inc. (NYSE:PB - Get Free Report) Director Ned Holmes sold 600 shares of the company's stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $72.72, for a total transaction of $43,632.00. Following the completion of the transaction, the director owned 40,000 shares of the company's stock, valued at $2,908,800. This trade represents a 1.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

Prosperity Bancshares Stock Up 0.3%

Prosperity Bancshares stock traded up $0.21 during midday trading on Wednesday, hitting $72.53. 1,162,880 shares of the stock were exchanged, compared to its average volume of 1,107,135. Prosperity Bancshares, Inc. has a 1 year low of $61.06 and a 1 year high of $77.20. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.76 and a quick ratio of 0.76. The firm has a market cap of $7.32 billion, a P/E ratio of 13.14, a P/E/G ratio of 1.10 and a beta of 0.64. The company has a 50 day moving average price of $69.44 and a two-hundred day moving average price of $69.92.

Prosperity Bancshares (NYSE:PB - Get Free Report) last announced its earnings results on Wednesday, April 29th. The bank reported $1.50 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.09. Prosperity Bancshares had a return on equity of 7.20% and a net margin of 29.50%.The company had revenue of $367.62 million during the quarter, compared to the consensus estimate of $358.60 million. During the same period last year, the firm earned $1.37 earnings per share. The company's revenue was up 19.9% on a year-over-year basis. On average, sell-side analysts predict that Prosperity Bancshares, Inc. will post 6.27 earnings per share for the current fiscal year.

Prosperity Bancshares Dividend Announcement

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 issued a dividend of $0.60 per share. The ex-dividend date is Monday, June 15th. This represents a $2.40 annualized dividend and a yield of 3.3%. Prosperity Bancshares's payout ratio is currently 43.48%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. AQR Capital Management LLC raised its position in Prosperity Bancshares by 175.1% in the second quarter. AQR Capital Management LLC now owns 2,383,162 shares of the bank's stock worth $167,393,000 after acquiring an additional 1,516,939 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC grew its stake in shares of Prosperity Bancshares by 910.4% in the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,311,051 shares of the bank's stock worth $90,607,000 after purchasing an additional 1,181,295 shares during the last quarter. American Century Companies Inc. raised its holdings in shares of Prosperity Bancshares by 48.7% in the 3rd quarter. American Century Companies Inc. now owns 2,122,031 shares of the bank's stock worth $140,797,000 after purchasing an additional 695,114 shares in the last quarter. North Reef Capital Management LP raised its holdings in shares of Prosperity Bancshares by 149.0% in the 1st quarter. North Reef Capital Management LP now owns 1,107,877 shares of the bank's stock worth $74,427,000 after purchasing an additional 662,877 shares in the last quarter. Finally, Artisan Partners Limited Partnership bought a new position in shares of Prosperity Bancshares in the fourth quarter valued at $44,822,000. 80.69% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on PB. Citigroup raised their price target on shares of Prosperity Bancshares from $72.00 to $74.00 and gave the stock a "neutral" rating in a research report on Monday, May 4th. Piper Sandler raised their price objective on shares of Prosperity Bancshares from $74.00 to $75.00 and gave the stock a "neutral" rating in a report on Thursday, April 30th. Wall Street Zen raised shares of Prosperity Bancshares from a "strong sell" rating to a "sell" rating in a research report on Saturday, May 16th. Weiss Ratings lowered shares of Prosperity Bancshares from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Monday, May 11th. Finally, TD Cowen lifted their target price on Prosperity Bancshares from $77.00 to $79.00 and gave the stock a "buy" rating in a research report on Friday, May 1st. Five research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, Prosperity Bancshares has an average rating of "Hold" and an average price target of $76.55.

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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