Prosperity Bancshares (NYSE:PB) Director Ned Holmes Sells 600 Shares

Key Points

• Director Ned Holmes of Prosperity Bancshares sold 600 shares at an average price of $66.62, reducing his ownership by 1.35% to a total of 43,800 shares valued at approximately $2.9 million.
• The company's stock closed down 1.7% to $65.80, reflecting a significant decrease compared to its one-year high of $86.75.
• Prosperity Bancshares declared a quarterly dividend of $0.58 per share, representing a 3.5% dividend yield and a payout ratio of 42.18%.

Prosperity Bancshares, Inc. (NYSE:PB - Get Free Report) Director Ned Holmes sold 600 shares of the business's stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $66.62, for a total value of $39,972.00. Following the completion of the transaction, the director owned 43,800 shares in the company, valued at $2,917,956. The trade was a 1.35% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Prosperity Bancshares Stock Down 1.7%

Prosperity Bancshares stock traded down $1.16 during trading on Thursday, hitting $65.80. The stock had a trading volume of 357,709 shares, compared to its average volume of 746,620. The stock has a market cap of $6.25 billion, a price-to-earnings ratio of 11.97, a price-to-earnings-growth ratio of 0.99 and a beta of 0.73. Prosperity Bancshares, Inc. has a 1 year low of $61.57 and a 1 year high of $86.75. The stock's 50 day moving average is $67.23 and its two-hundred day moving average is $68.93.

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, beating 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 firm had revenue of $310.70 million for the quarter, compared to analysts' expectations of $315.66 million. During the same period last year, the firm earned $1.22 earnings per share. As a group, equities research analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Investors of record on Monday, September 15th were given a dividend of $0.58 per share. The ex-dividend date of this dividend was Monday, September 15th. This represents a $2.32 annualized dividend and a dividend yield of 3.5%. Prosperity Bancshares's dividend payout ratio (DPR) is 42.18%.

Analyst Ratings Changes

Several brokerages recently weighed in on PB. Piper Sandler reduced their price target 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. TD Cowen assumed coverage on shares of Prosperity Bancshares in a research report on Thursday, September 25th. They issued a "buy" rating and a $79.00 target price for the company. Cowen started coverage on shares of Prosperity Bancshares in a research report on Wednesday, September 24th. They issued a "buy" rating for the company. Hovde Group cut 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. Finally, Cantor Fitzgerald started coverage on shares of Prosperity Bancshares in a research report on Wednesday, September 10th. They set an "overweight" rating and a $78.00 price objective for the company. Twelve research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, Prosperity Bancshares currently has a consensus rating of "Moderate Buy" and an average price target of $83.13.

Hedge Funds Weigh In On Prosperity Bancshares

Hedge funds have recently added to or reduced their stakes in the company. Steph & Co. bought a new position in Prosperity Bancshares during the 2nd quarter valued at about $38,000. BI Asset Management Fondsmaeglerselskab A S bought a new position in Prosperity Bancshares during the 1st quarter valued at about $48,000. Employees Retirement System of Texas bought a new position in Prosperity Bancshares during the 2nd quarter valued at about $48,000. Osaic Holdings Inc. grew its holdings in Prosperity Bancshares by 34.9% during the 2nd quarter. Osaic Holdings Inc. now owns 719 shares of the bank's stock valued at $51,000 after purchasing an additional 186 shares during the last quarter. Finally, IFP Advisors Inc grew its holdings in Prosperity Bancshares by 1,251.4% during the 2nd quarter. IFP Advisors Inc now owns 973 shares of the bank's stock valued at $68,000 after purchasing an additional 901 shares during the last quarter. 80.69% of the stock is currently owned by institutional investors.

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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