Prosperity Bancshares (NYSE:PB) Director Sells $39,174.00 in Stock

Key Points

• Director Ned Holmes of Prosperity Bancshares sold 600 shares for a total of $39,174.00, reducing his ownership stake by 1.36% to 43,600 shares.
• The company's stock recently traded at $64.87, experiencing a decline of $1.23, with a market capitalization of $6.16 billion.
• Prosperity Bancshares has received mixed ratings from analysts, with a consensus rating of "Moderate Buy" and a price target averaging $82.27.

Prosperity Bancshares, Inc. (NYSE:PB - Get Free Report) Director Ned Holmes sold 600 shares of the company's stock in a transaction on Wednesday, October 15th. The shares were sold at an average price of $65.29, for a total value of $39,174.00. Following the completion of the sale, the director owned 43,600 shares in the company, valued at $2,846,644. This represents a 1.36% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Prosperity Bancshares Stock Performance

Prosperity Bancshares stock traded down $1.23 during trading on Wednesday, hitting $64.87. The company's stock had a trading volume of 932,509 shares, compared to its average volume of 755,479. The stock has a market capitalization of $6.16 billion, a price-to-earnings ratio of 11.79, a P/E/G ratio of 0.96 and a beta of 0.73. The stock's fifty day moving average is $66.94 and its 200 day moving average is $68.55. 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 released its quarterly earnings data on Wednesday, July 23rd. The bank reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.40 by $0.02. The business had revenue of $310.70 million for the quarter, compared to analyst estimates of $315.66 million. Prosperity Bancshares had a return on equity of 6.99% and a net margin of 29.37%.During the same period in the previous year, the company posted $1.22 EPS. On average, research analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

PB has been the subject of a number of recent research reports. Cowen initiated coverage on Prosperity Bancshares in a research note on Wednesday, September 24th. They issued a "buy" rating for the company. Weiss Ratings restated a "hold (c)" rating on shares of Prosperity Bancshares in a research report on Wednesday, October 8th. Citigroup reiterated a "neutral" rating and set a $68.00 price target (down from $78.00) on shares of Prosperity Bancshares in a research report on Monday, September 15th. TD Cowen initiated coverage on Prosperity Bancshares in a research note on Thursday, September 25th. They set a "buy" rating and a $79.00 price objective for the company. Finally, Raymond James Financial set a $75.00 price objective on Prosperity Bancshares in a research report on Tuesday, October 7th. Twelve research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $82.27.

Institutional Investors Weigh In On Prosperity Bancshares

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