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

Key Points

• Director Ned Holmes sold 600 shares on April 22 at an average price of $69.85 for $41,910, reducing his stake by 1.45% to 40,900 shares (≈$2.86M).
• Quarterly dividend declared: $0.60 per share (ex-dividend June 15, payable July 1), annualized $2.40 for a yield of 3.4% and a dividend payout ratio of 41.88%.
• Prosperity traded near $69.61 with a market cap of $7.06B and a P/E of 12.15; the company reported $1.46 EPS (beat $1.45) while revenue fell 5.9%, and analysts have a consensus rating of "Hold" with a $78.31 price target.

Prosperity Bancshares, Inc. (NYSE:PB - Get Free Report) Director Ned Holmes sold 600 shares of the firm's stock in a transaction dated Wednesday, April 22nd. The shares were sold at an average price of $69.85, for a total value of $41,910.00. Following the completion of the transaction, the director directly owned 40,900 shares in the company, valued at $2,856,865. This trade represents a 1.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Prosperity Bancshares Trading Down 0.2%

NYSE:PB traded down $0.17 during mid-day trading on Thursday, hitting $69.61. The company had a trading volume of 582,243 shares, compared to its average volume of 1,200,503. The business has a fifty day simple moving average of $68.62 and a 200-day simple moving average of $68.88. Prosperity Bancshares, Inc. has a 1 year low of $61.06 and a 1 year high of $77.20. The firm has a market capitalization of $7.06 billion, a price-to-earnings ratio of 12.15, a PEG ratio of 1.11 and a beta of 0.66.

Prosperity Bancshares (NYSE:PB - Get Free Report) last released its quarterly earnings data on Wednesday, January 28th. The bank reported $1.46 EPS for the quarter, beating 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 company had revenue of $317.73 million for the quarter, compared to analyst estimates of $319.30 million. During the same period last year, the company posted $1.37 earnings per share. The firm's revenue was down 5.9% compared to the same quarter last year. As a group, research analysts anticipate that Prosperity Bancshares, Inc. will post 6.19 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Monday, June 15th will be given a $0.60 dividend. The ex-dividend date of this dividend is Monday, June 15th. This represents a $2.40 annualized dividend and a yield of 3.4%. Prosperity Bancshares's dividend payout ratio (DPR) is 41.88%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Mather Group LLC. acquired a new stake in shares of Prosperity Bancshares in the 3rd quarter valued at about $26,000. Community Bank N.A. acquired a new position in Prosperity Bancshares in the third quarter worth about $29,000. Danske Bank A S bought a new stake in Prosperity Bancshares in the third quarter valued at about $40,000. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in Prosperity Bancshares during the third quarter valued at approximately $42,000. Finally, SouthState Bank Corp acquired a new stake in Prosperity Bancshares during the fourth quarter valued at approximately $49,000. 80.69% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. TD Cowen reissued a "buy" rating on shares of Prosperity Bancshares in a research report on Wednesday, January 7th. Hovde Group raised their price objective on Prosperity Bancshares from $75.00 to $77.00 and gave the company an "outperform" rating in a research report on Thursday, January 29th. Raymond James Financial lowered Prosperity Bancshares from an "outperform" rating to a "market perform" rating in a research report on Wednesday, January 7th. Barclays lowered Prosperity Bancshares from an "equal weight" rating to an "underweight" rating and dropped their target price for the stock from $75.00 to $68.00 in a research report on Monday, February 2nd. Finally, Cantor Fitzgerald boosted their price target on Prosperity Bancshares from $81.00 to $83.00 and gave the stock an "overweight" rating in a research note on Tuesday, March 3rd. Eight research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Prosperity Bancshares has a consensus rating of "Hold" and a consensus 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.

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