Prosperity Bancshares, Inc. (NYSE:PB) Director Sells $33,645.00 in Stock

Key Points

• Ned S. Holmes, a director at Prosperity Bancshares, sold 500 shares for a total of $33,645, reducing his ownership by 0.52% to 96,415 shares.
• The company declared a quarterly dividend of $0.58 per share, representing a yield of 3.5%, payable on October 1st.
• Recent earnings reported showed $1.42 EPS, surpassing analysts' estimates, though revenue was slightly below expectations at $310.70 million.

Prosperity Bancshares, Inc. (NYSE:PB - Get Free Report) Director Ned S. Holmes sold 500 shares of the firm's stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $67.29, for a total transaction of $33,645.00. Following the completion of the transaction, the director directly owned 96,415 shares of the company's stock, valued at $6,487,765.35. This represents a 0.52% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Prosperity Bancshares Trading Up 0.1%

Prosperity Bancshares stock opened at $66.63 on Friday. The company has a market capitalization of $6.35 billion, a P/E ratio of 12.11, a P/E/G ratio of 0.99 and a beta of 0.68. The firm's fifty day simple moving average is $70.41 and its 200-day simple moving average is $71.93. Prosperity Bancshares, Inc. has a 1-year low of $61.57 and a 1-year high of $86.75.

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

Prosperity Bancshares Announces Dividend

The business also recently declared 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 annualized dividend and a yield of 3.5%. The ex-dividend date is Monday, September 15th. Prosperity Bancshares's dividend payout ratio (DPR) is currently 42.18%.

Wall Street Analyst Weigh In

A number of research firms recently commented on PB. 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 note on Thursday, April 24th. Wall Street Zen upgraded shares of Prosperity Bancshares from a "sell" rating to a "hold" rating in a research report on Tuesday, May 13th. Jefferies Financial Group started coverage on shares of Prosperity Bancshares in a research report on Wednesday, May 21st. They issued a "buy" rating and a $85.00 target price for the company. Piper Sandler cut their target price 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. Finally, Keefe, Bruyette & Woods cut their target price 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. Seven analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, Prosperity Bancshares has a consensus rating of "Moderate Buy" and an average target price of $84.57.

Institutional Trading of Prosperity Bancshares

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. CIBC Private Wealth Group LLC boosted its position in shares of Prosperity Bancshares by 4.4% during the 4th quarter. CIBC Private Wealth Group LLC now owns 3,069 shares of the bank's stock valued at $229,000 after acquiring an additional 128 shares in the last quarter. Parallel Advisors LLC boosted its position in shares of Prosperity Bancshares by 16.8% during the 2nd quarter. Parallel Advisors LLC now owns 978 shares of the bank's stock valued at $69,000 after acquiring an additional 141 shares in the last quarter. U.S. Capital Wealth Advisors LLC boosted its position in Prosperity Bancshares by 4.9% in the first quarter. U.S. Capital Wealth Advisors LLC now owns 3,326 shares of the bank's stock valued at $237,000 after buying an additional 156 shares in the last quarter. Tectonic Advisors LLC increased its stake in Prosperity Bancshares by 2.0% in the first quarter. Tectonic Advisors LLC now owns 8,319 shares of the bank's stock valued at $594,000 after purchasing an additional 165 shares in the last quarter. Finally, Quarry LP boosted its holdings in shares of Prosperity Bancshares by 16.7% in the first quarter. Quarry LP now owns 1,366 shares of the bank's stock valued at $97,000 after buying an additional 195 shares during the period. 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.

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