Prosperity Bancshares, Inc. (NYSE:PB) Director Sells $40,746.00 in Stock

Key Points

• Ned S. Holmes, a director at Prosperity Bancshares, sold 600 shares at an average price of $67.91, resulting in a total transaction of $40,746, and reduced his ownership to 44,500 shares.
• Shares of Prosperity Bancshares, Inc. fell 1.1% to $67.70, with a current trading volume of 133,296 shares, below its average of 674,438 shares.
• The company declared a quarterly dividend of $0.58 per share, yielding 3.4%, payable on October 1st to investors of record as of September 15th.

Prosperity Bancshares, Inc. (NYSE:PB - Get Free Report) Director Ned S. Holmes sold 600 shares of the business's stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $67.91, for a total value of $40,746.00. Following the completion of the transaction, the director directly owned 44,500 shares in the company, valued at $3,021,995. The trade was a 1.33% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Prosperity Bancshares Stock Performance

NYSE:PB traded down $0.12 during mid-day trading on Monday, hitting $67.06. 19,688 shares of the stock were exchanged, compared to its average volume of 674,480. The stock has a market capitalization of $6.37 billion, a price-to-earnings ratio of 12.19, a price-to-earnings-growth ratio of 1.01 and a beta of 0.71. The firm's 50-day simple moving average is $69.75 and its 200 day simple moving average is $70.87. Prosperity Bancshares, Inc. has a fifty-two week low of $61.57 and a fifty-two week high of $86.75.

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

Prosperity Bancshares Announces Dividend

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

Wall Street Analyst Weigh In

PB has been the topic of several research reports. Piper Sandler cut their price target on Prosperity Bancshares from $86.00 to $84.00 and set an "overweight" rating on the stock in a research note on Thursday, July 24th. Wall Street Zen raised Prosperity Bancshares from a "sell" rating to a "hold" rating in a research note on Tuesday, May 13th. Jefferies Financial Group began coverage on Prosperity Bancshares in a research note on Wednesday, May 21st. They issued a "buy" rating and a $85.00 price target on the stock. Keefe, Bruyette & Woods cut their target price on Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating on the stock in a research note on Monday, May 5th. Finally, Hovde Group cut their target price on Prosperity Bancshares from $85.00 to $83.00 and set an "outperform" rating on the stock in a research note on Thursday, July 24th. Seven equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $84.57.

Institutional Investors Weigh In On Prosperity Bancshares

Several institutional investors and hedge funds have recently made changes to their positions in PB. AQR Capital Management LLC increased its stake in shares of Prosperity Bancshares by 175.1% in the second quarter. AQR Capital Management LLC now owns 2,383,162 shares of the bank's stock valued at $167,393,000 after buying an additional 1,516,939 shares during the period. American Century Companies Inc. grew its stake in Prosperity Bancshares by 4,674.9% during the second quarter. American Century Companies Inc. now owns 1,426,917 shares of the bank's stock worth $100,227,000 after purchasing an additional 1,397,033 shares during the period. Norges Bank acquired a new stake in Prosperity Bancshares during the second quarter worth approximately $53,398,000. T. Rowe Price Investment Management Inc. grew its stake in Prosperity Bancshares by 14.6% during the first quarter. T. Rowe Price Investment Management Inc. now owns 3,232,995 shares of the bank's stock worth $230,739,000 after purchasing an additional 412,283 shares during the period. Finally, North Reef Capital Management LP acquired a new stake in Prosperity Bancshares during the fourth quarter worth approximately $29,211,000. Institutional investors and hedge funds 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.