Ned S. Holmes Sells 600 Shares of Prosperity Bancshares, Inc. (NYSE:PB) Stock

Key Points

• Ned S. Holmes, a director at Prosperity Bancshares, sold 600 shares of the company's stock on August 6th, 2023, at an average price of $66.34, reducing his ownership by 1.33%.
• Prosperity Bancshares reported $1.42 earnings per share (EPS) for the most recent quarter, slightly exceeding analyst estimates, with total revenue of $310.70 million.
• The company declared a quarterly dividend of $0.58 per share, scheduled for payment on October 1st, which reflects an annual yield of 3.5% and a payout ratio of 42.18%.

Prosperity Bancshares, Inc. (NYSE:PB - Get Free Report) Director Ned S. Holmes sold 600 shares of Prosperity Bancshares stock in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $66.34, for a total value of $39,804.00. Following the sale, the director directly owned 44,600 shares of the company's stock, valued at $2,958,764. This trade represents a 1.33% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Prosperity Bancshares Stock Performance

PB stock traded up $0.67 on Friday, reaching $66.07. The company had a trading volume of 647,387 shares, compared to its average volume of 862,361. Prosperity Bancshares, Inc. has a 1 year low of $61.57 and a 1 year high of $86.75. The company has a market cap of $6.29 billion, a P/E ratio of 12.01, a PEG ratio of 0.98 and a beta of 0.71. The company's fifty day moving average is $69.94 and its 200 day moving average is $71.41.

Prosperity Bancshares (NYSE:PB - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The bank reported $1.42 earnings per share for the quarter, topping 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 for the quarter, compared to analyst estimates of $315.66 million. During the same quarter in the prior year, the company posted $1.22 EPS. On average, sell-side analysts predict that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be paid a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date of this dividend is Monday, September 15th. Prosperity Bancshares's dividend payout ratio is currently 42.18%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Hovde Group dropped their price target on Prosperity Bancshares from $85.00 to $83.00 and set an "outperform" rating on the stock in a research report on Thursday, July 24th. Piper Sandler dropped their target price on Prosperity Bancshares from $86.00 to $84.00 and set an "overweight" rating on the stock in a research report on Thursday, July 24th. Jefferies Financial Group initiated coverage on Prosperity Bancshares in a research report on Wednesday, May 21st. They set a "buy" rating and a $85.00 target price on the stock. Royal Bank Of Canada dropped their target price on Prosperity Bancshares from $85.00 to $78.00 and set a "sector perform" rating on the stock in a research report on Thursday, April 24th. Finally, Keefe, Bruyette & Woods dropped their target price on Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating on the stock in a research report on Monday, May 5th. Seven equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $84.57.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Steph & Co. acquired a new stake in shares of Prosperity Bancshares during the 2nd quarter worth $38,000. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of Prosperity Bancshares during the 1st quarter worth $48,000. IFP Advisors Inc increased its holdings in shares of Prosperity Bancshares by 1,251.4% during the 2nd quarter. IFP Advisors Inc now owns 973 shares of the bank's stock worth $68,000 after buying an additional 901 shares during the last quarter. Aster Capital Management DIFC Ltd increased its holdings in shares of Prosperity Bancshares by 349.5% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 917 shares of the bank's stock worth $69,000 after buying an additional 713 shares during the last quarter. Finally, Parallel Advisors LLC increased its holdings in shares of Prosperity Bancshares by 16.8% during the 2nd quarter. Parallel Advisors LLC now owns 978 shares of the bank's stock worth $69,000 after buying an additional 141 shares during the last quarter. Hedge funds and other institutional investors own 80.69% of the company's stock.

About Prosperity Bancshares

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.