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

Key Points

• Director Ned Holmes sold 600 shares on April 1 under a pre-arranged Rule 10b5-1 plan at an average price of $67.79 for $40,674, leaving him with 41,200 shares (a 1.44% reduction).
• Prosperity paid a quarterly dividend of $0.60 per share on April 1 (annualized $2.40), implying a yield of 3.6% and a dividend payout ratio of about 41.9%.
• Quarterly EPS was $1.46, beating estimates by $0.01 while revenue of $317.7M slightly missed projections; the company has a market cap of about $6.8B, a P/E of 11.7, and a consensus analyst rating of "Hold" with an average target of $78.31.

Prosperity Bancshares, Inc. (NYSE:PB - Get Free Report) Director Ned Holmes sold 600 shares of the stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $67.79, for a total value of $40,674.00. Following the transaction, the director directly owned 41,200 shares in the company, valued at approximately $2,792,948. This represents a 1.44% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Prosperity Bancshares Stock Down 0.0%

Shares of NYSE:PB traded down $0.01 during midday trading on Friday, reaching $67.02. The company's stock had a trading volume of 1,020,132 shares, compared to its average volume of 1,256,907. The firm has a market cap of $6.80 billion, a price-to-earnings ratio of 11.70, a price-to-earnings-growth ratio of 0.94 and a beta of 0.66. The business has a 50 day moving average price of $69.52 and a 200 day moving average price of $68.57. Prosperity Bancshares, Inc. has a 1 year low of $61.06 and a 1 year high of $77.20.

Prosperity Bancshares (NYSE:PB - Get Free Report) last released its earnings results on Wednesday, January 28th. The bank reported $1.46 earnings per share for the quarter, topping the consensus estimate of $1.45 by $0.01. Prosperity Bancshares had a return on equity of 7.11% and a net margin of 31.22%.The firm had revenue of $317.73 million for the quarter, compared to the consensus estimate of $319.30 million. During the same period in the prior year, the business posted $1.37 earnings per share. The firm's revenue for the quarter was down 5.9% compared to the same quarter last year. Sell-side analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 1st. Shareholders of record on Friday, March 13th were paid a dividend of $0.60 per share. The ex-dividend date of this dividend was Friday, March 13th. This represents a $2.40 dividend on an annualized basis and a yield of 3.6%. Prosperity Bancshares's dividend payout ratio (DPR) is currently 41.88%.

Institutional Investors Weigh In On Prosperity Bancshares

Large investors have recently made changes to their positions in the business. Rockefeller Capital Management L.P. lifted its holdings in shares of Prosperity Bancshares by 69.4% during the 4th quarter. Rockefeller Capital Management L.P. now owns 3,375 shares of the bank's stock valued at $233,000 after acquiring an additional 1,383 shares in the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in Prosperity Bancshares in the 4th quarter valued at $165,000. DGS Capital Management LLC purchased a new position in Prosperity Bancshares in the fourth quarter valued at about $289,000. Dean Capital Management raised its position in Prosperity Bancshares by 3.2% in the fourth quarter. Dean Capital Management now owns 36,115 shares of the bank's stock valued at $2,496,000 after purchasing an additional 1,127 shares during the period. Finally, Corient Private Wealth LLC lifted its stake in shares of Prosperity Bancshares by 6.4% during the fourth quarter. Corient Private Wealth LLC now owns 26,870 shares of the bank's stock worth $1,857,000 after purchasing an additional 1,628 shares in the last quarter. Institutional investors and hedge funds own 80.69% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on PB shares. Morgan Stanley lowered their price objective on shares of Prosperity Bancshares from $91.00 to $83.00 and set an "overweight" rating for the company in a research note on Tuesday. Hovde Group lifted their target price on Prosperity Bancshares from $75.00 to $77.00 and gave the company an "outperform" rating in a report on Thursday, January 29th. Raymond James Financial downgraded Prosperity Bancshares from an "outperform" rating to a "market perform" rating in a research report on Wednesday, January 7th. Piper Sandler lowered Prosperity Bancshares from an "overweight" rating to a "neutral" rating and dropped their price target for the stock from $77.00 to $74.00 in a research note on Thursday, January 29th. Finally, Barclays downgraded Prosperity Bancshares from an "equal weight" rating to an "underweight" rating and cut their price objective for the stock from $75.00 to $68.00 in a report on Monday, February 2nd. Seven equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $78.31.

About Prosperity Bancshares

Prosperity Bancshares, Inc is a holding company for Prosperity Bank, offering a broad range of commercial and consumer banking services across Texas, Oklahoma, Arkansas and Louisiana. Through its network of branches and digital platforms, the company provides deposit products, business and real estate lending, treasury management, mortgage origination and servicing, as well as wealth management and trust services.

Originally chartered in 1911 as First National Bank in McKinney, Texas, the organization rebranded to Prosperity Bank in 2009 following a series of strategic acquisitions aimed at deepening its regional presence.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.