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

Key Points

• Ned S. Holmes, a director of Prosperity Bancshares, sold 600 shares at an average price of $67.33, reducing his ownership by 1.32%.
• The bank reported a quarterly earnings per share (EPS) of $1.42, exceeding analyst expectations of $1.40, but its revenue of $310.70 million was below the consensus estimate of $315.66 million.
• Prosperity Bancshares announced a quarterly dividend of $0.58, representing an annual yield of 3.5%, with the ex-dividend date set for 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, July 30th. The shares were sold at an average price of $67.33, for a total value of $40,398.00. Following the completion of the transaction, the director owned 44,700 shares of the company's stock, valued at $3,009,651. This represents a 1.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this link.

Prosperity Bancshares Stock Up 0.1%

Shares of Prosperity Bancshares stock opened at $66.63 on Friday. The company has a market capitalization of $6.35 billion, a price-to-earnings ratio of 12.11, a PEG ratio of 0.99 and a beta of 0.68. Prosperity Bancshares, Inc. has a 12-month low of $61.57 and a 12-month high of $86.75. The firm's 50-day moving average price is $70.41 and its two-hundred day moving average price is $71.93.

Prosperity Bancshares (NYSE:PB - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The bank reported $1.42 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.40 by $0.02. The firm had revenue of $310.70 million for the quarter, compared to the consensus estimate 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 in the prior year, the company posted $1.22 earnings per share. On average, sell-side analysts expect that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

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

Institutional Trading of Prosperity Bancshares

Several hedge funds and other institutional investors have recently made changes to their positions in PB. American Century Companies Inc. grew its holdings in shares of Prosperity Bancshares by 0.8% during the fourth quarter. American Century Companies Inc. now owns 31,013 shares of the bank's stock worth $2,337,000 after purchasing an additional 255 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in Prosperity Bancshares by 10.5% during the 4th quarter. JPMorgan Chase & Co. now owns 273,936 shares of the bank's stock worth $20,641,000 after purchasing an additional 26,122 shares during the last quarter. Norges Bank acquired a new position in shares of Prosperity Bancshares in the 4th quarter worth approximately $68,986,000. Pictet Asset Management Holding SA lifted its position in shares of Prosperity Bancshares by 7.1% in the 4th quarter. Pictet Asset Management Holding SA now owns 13,397 shares of the bank's stock worth $1,009,000 after purchasing an additional 883 shares during the period. Finally, CIBC Private Wealth Group LLC boosted its stake in shares of Prosperity Bancshares by 4.4% in the 4th quarter. CIBC Private Wealth Group LLC now owns 3,069 shares of the bank's stock valued at $229,000 after purchasing an additional 128 shares during the last quarter. 80.69% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Barclays decreased their price objective on Prosperity Bancshares from $88.00 to $86.00 and set an "equal weight" rating for the company in a research report on Tuesday, April 8th. Piper Sandler decreased their price objective on shares of Prosperity Bancshares from $86.00 to $84.00 and set an "overweight" rating for the company in a research report on Thursday, July 24th. Keefe, Bruyette & Woods decreased their price objective on shares of Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating for the company in a research report on Monday, May 5th. Royal Bank Of Canada decreased their price objective on shares of Prosperity Bancshares from $85.00 to $78.00 and set a "sector perform" rating for the company in a research report on Thursday, April 24th. Finally, Hovde Group decreased their price objective on shares of Prosperity Bancshares from $85.00 to $83.00 and set an "outperform" rating for the company in a research report on Thursday, July 24th. Seven analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, Prosperity Bancshares currently has a consensus rating of "Moderate Buy" and an average price target of $84.57.

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.

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