Insider Selling: Prosperity Bancshares (NYSE:PB) Director Sells 600 Shares of Stock

Key Points

• Director Ned Holmes sold 600 shares of Prosperity Bancshares stock for $40,308.00, reducing their ownership by 1.34% to 44,100 shares.
• The company recently announced a quarterly dividend of $0.58 per share, with a payout scheduled for October 1st, implying a yearly yield of 3.4%.
• Prosperity Bancshares is currently assessed with an average rating of "Moderate Buy" and a consensus target price of $83.75 from analysts.

Prosperity Bancshares, Inc. (NYSE:PB - Get Free Report) Director Ned S. Holmes sold 600 shares of the firm's stock in a transaction dated Wednesday, September 10th. The stock was sold at an average price of $67.18, for a total transaction of $40,308.00. Following the transaction, the director directly owned 44,100 shares in the company, valued at approximately $2,962,638. This represents a 1.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

Prosperity Bancshares Stock Performance

NYSE:PB traded down $1.95 during mid-day trading on Monday, reaching $65.89. 794,492 shares of the company's stock were exchanged, compared to its average volume of 1,017,877. Prosperity Bancshares, Inc. has a one year low of $61.57 and a one year high of $86.75. The firm has a market capitalization of $6.26 billion, a PE ratio of 11.98, a price-to-earnings-growth ratio of 1.02 and a beta of 0.74. The business's fifty day simple moving average is $68.97 and its two-hundred day simple moving average is $69.41.

Prosperity Bancshares (NYSE:PB - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The bank reported $1.42 EPS for the quarter, topping 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 firm earned $1.22 earnings per share. As a group, equities research analysts forecast that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Prosperity Bancshares Announces Dividend

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

Institutional Investors Weigh In On Prosperity Bancshares

A number of hedge funds have recently made changes to their positions in the stock. State Street Corp boosted its stake in shares of Prosperity Bancshares by 3.2% in the 2nd quarter. State Street Corp now owns 5,236,977 shares of the bank's stock valued at $370,768,000 after purchasing an additional 160,740 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Prosperity Bancshares by 2.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,688,304 shares of the bank's stock worth $334,595,000 after buying an additional 102,044 shares during the period. T. Rowe Price Investment Management Inc. boosted its position in Prosperity Bancshares by 14.6% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 3,232,995 shares of the bank's stock worth $230,739,000 after buying an additional 412,283 shares during the period. AQR Capital Management LLC boosted its position in Prosperity Bancshares by 175.1% during the 2nd quarter. AQR Capital Management LLC now owns 2,383,162 shares of the bank's stock worth $167,393,000 after buying an additional 1,516,939 shares during the period. Finally, Geode Capital Management LLC boosted its position in Prosperity Bancshares by 0.7% during the 2nd quarter. Geode Capital Management LLC now owns 1,788,114 shares of the bank's stock worth $125,615,000 after buying an additional 11,606 shares during the period. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PB has been the topic of a number of analyst reports. Jefferies Financial Group initiated coverage on shares of Prosperity Bancshares in a research note on Wednesday, May 21st. They set a "buy" rating and a $85.00 price objective on the stock. Citigroup reiterated a "neutral" rating and set a $68.00 price objective (down from $78.00) on shares of Prosperity Bancshares in a research note on Monday. Piper Sandler reduced their price objective on shares of Prosperity Bancshares from $86.00 to $84.00 and set an "overweight" rating on the stock in a research note on Thursday, July 24th. Cantor Fitzgerald initiated coverage on shares of Prosperity Bancshares in a research note on Wednesday, September 10th. They set an "overweight" rating and a $78.00 price objective on the stock. Finally, Hovde Group reduced their price objective on shares of Prosperity Bancshares from $85.00 to $83.00 and set an "outperform" rating on the stock in a research note on Thursday, July 24th. Ten equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $83.13.

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.