Insider Selling: Prosperity Bancshares, Inc. (NYSE:PB) Director Sells 600 Shares of Stock

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, July 23rd. The stock was sold at an average price of $70.21, for a total value of $42,126.00. Following the completion of the transaction, the director directly owned 44,800 shares in the company, valued at $3,145,408. The trade was a 1.32% 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 Trading Up 0.1%

Shares of NYSE PB traded up $0.06 during mid-day trading on Friday, hitting $67.65. The company had a trading volume of 513,836 shares, compared to its average volume of 653,310. Prosperity Bancshares, Inc. has a one year low of $61.57 and a one year high of $86.75. The company has a market capitalization of $6.44 billion, a PE ratio of 12.28, a price-to-earnings-growth ratio of 0.96 and a beta of 0.68. The firm has a 50-day simple moving average of $70.84 and a two-hundred day simple moving average of $72.18.

Prosperity Bancshares (NYSE:PB - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The bank reported $1.42 EPS 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 business had revenue of $310.70 million during the quarter, compared to analysts' expectations of $315.66 million. During the same quarter last year, the company posted $1.22 earnings per share. Sell-side analysts expect that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be issued a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.43%. The ex-dividend date is Monday, September 15th. Prosperity Bancshares's dividend payout ratio is presently 44.19%.

Wall Street Analyst Weigh In

Several analysts recently commented on PB shares. Jefferies Financial Group started coverage on Prosperity Bancshares in a research note on Wednesday, May 21st. They set a "buy" rating and a $85.00 price objective on the stock. Piper Sandler dropped their price objective on Prosperity Bancshares from $86.00 to $84.00 and set an "overweight" rating on the stock in a research note on Thursday. Royal Bank Of Canada dropped their price objective on Prosperity Bancshares from $85.00 to $78.00 and set a "sector perform" rating on the stock in a research note on Thursday, April 24th. Hovde Group dropped their price objective on Prosperity Bancshares from $85.00 to $83.00 and set an "outperform" rating on the stock in a research note on Thursday. Finally, Keefe, Bruyette & Woods dropped their price objective 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. Seven research analysts have rated the stock with a hold rating and ten have given a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $84.27.

Institutional Investors Weigh In On Prosperity Bancshares

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Steph & Co. bought a new stake in shares of Prosperity Bancshares during the second quarter worth $38,000. BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of Prosperity Bancshares during the first quarter worth $48,000. IFP Advisors Inc grew its stake in shares of Prosperity Bancshares by 1,251.4% during the second 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 grew its stake in shares of Prosperity Bancshares by 349.5% during the fourth 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 grew its stake in shares of Prosperity Bancshares by 16.8% during the second 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. 80.69% of the stock is currently owned by institutional investors and hedge funds.

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.