Prosperity Bancshares (NYSE:PB) Director Sells $44,484.00 in Stock

Key Points

• Director Ned Holmes sold 600 Prosperity Bancshares shares at an average price of $74.14, generating $44,484 and reducing his holdings by 1.5% to 39,300 shares.
• Prosperity Bancshares reported quarterly EPS of $1.62, beating estimates of $1.50, while revenue rose 25.9% year over year to $369.18 million.
• The company announced a quarterly dividend of $0.60 per share, equivalent to a $2.40 annualized payout and a 3.2% yield; analysts maintain a consensus “Hold” rating with an average price target of $78.36.

Prosperity Bancshares, Inc. (NYSE:PB - Get Free Report) Director Ned Holmes sold 600 shares of the firm's stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $74.14, for a total transaction of $44,484.00. Following the completion of the transaction, the director directly owned 39,300 shares of the company's stock, valued at approximately $2,913,702. This trade represents a 1.50% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Prosperity Bancshares Stock Performance

NYSE PB traded up $0.02 on Thursday, hitting $74.48. 73,984 shares of the stock were exchanged, compared to its average volume of 1,147,257. The company has a market capitalization of $7.51 billion, a PE ratio of 12.92, a P/E/G ratio of 0.81 and a beta of 0.64. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.75 and a quick ratio of 0.75. The business's fifty day moving average is $72.54 and its 200 day moving average is $70.35. Prosperity Bancshares, Inc. has a 52 week low of $61.06 and a 52 week high of $77.20.

Prosperity Bancshares (NYSE:PB - Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The bank reported $1.62 earnings per share for the quarter, topping the consensus estimate of $1.50 by $0.12. Prosperity Bancshares had a net margin of 29.95% and a return on equity of 7.39%. The company had revenue of $369.18 million for the quarter, compared to analyst estimates of $380.73 million. During the same period in the previous year, the business earned $1.42 EPS. Prosperity Bancshares's revenue for the quarter was up 25.9% compared to the same quarter last year. Research analysts anticipate that Prosperity Bancshares, Inc. will post 6.45 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 3.2%. The ex-dividend date is Tuesday, September 15th. Prosperity Bancshares's payout ratio is currently 41.59%.

Hedge Funds Weigh In On Prosperity Bancshares

Hedge funds and other institutional investors have recently modified their holdings of the business. BlackRock Inc. acquired a new position in Prosperity Bancshares during the 2nd quarter worth approximately $746,776,000. Barrow Hanley Mewhinney & Strauss LLC acquired a new position in Prosperity Bancshares during the 2nd quarter worth about $350,099,000. AQR Capital Management LLC boosted its holdings in Prosperity Bancshares by 175.1% in the second quarter. AQR Capital Management LLC now owns 2,383,162 shares of the bank's stock valued at $167,393,000 after acquiring an additional 1,516,939 shares during the last quarter. Algebris UK Ltd. bought a new stake in Prosperity Bancshares during the second quarter valued at $59,465,000. Finally, Bank of New York Mellon Corp acquired a new position in Prosperity Bancshares in the second quarter valued at approximately $57,877,000. Institutional investors own 80.69% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Weiss Ratings raised Prosperity Bancshares from a "buy (b-)" rating to a "buy (b)" rating in a report on Wednesday, July 29th. Citigroup lifted their target price on shares of Prosperity Bancshares from $75.00 to $79.00 and gave the stock a "neutral" rating in a report on Friday, July 31st. TD Cowen upped their price target on shares of Prosperity Bancshares from $82.00 to $84.00 and gave the company a "buy" rating in a research note on Friday, July 31st. Piper Sandler increased their price target on shares of Prosperity Bancshares from $75.00 to $80.00 and gave the company a "neutral" rating in a report on Thursday, July 30th. Finally, Benchmark started coverage on shares of Prosperity Bancshares in a research report on Wednesday, June 24th. They set a "hold" rating for the company. Five research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, Prosperity Bancshares has a consensus rating of "Hold" and an average target price of $78.36.

Prosperity Bancshares Company Profile

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source