Prosperity Bancshares (NYSE:PB) Director Sells 600 Shares

Key Points

• Director Ned Holmes sold 600 shares on April 15 at an average price of $68.73 for $41,238, reducing his ownership by 1.44% to 41,000 shares (disclosed in an SEC filing).
• Shares traded up 0.7% to $69.19; the company has a market cap of $7.02 billion and a P/E of 12.07, and it reported Q-quarter EPS of $1.46 (beating by $0.01) while quarterly revenue fell 5.9% year‑over‑year.
• Prosperity pays a quarterly dividend of $0.60 (annualized $2.40, yield 3.5%), and analysts hold an average "Hold" rating with a $78.31 price target amid mixed upgrades and downgrades.

Prosperity Bancshares, Inc. (NYSE:PB - Get Free Report) Director Ned Holmes sold 600 shares of the stock in a transaction on Wednesday, April 15th. The stock was sold at an average price of $68.73, for a total value of $41,238.00. Following the sale, the director directly owned 41,000 shares in the company, valued at approximately $2,817,930. This trade represents a 1.44% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link.

Prosperity Bancshares Stock Up 0.7%

Shares of PB traded up $0.52 during trading hours on Wednesday, hitting $69.19. 1,054,253 shares of the company were exchanged, compared to its average volume of 1,242,935. The company has a market cap of $7.02 billion, a price-to-earnings ratio of 12.07, a P/E/G ratio of 1.10 and a beta of 0.66. Prosperity Bancshares, Inc. has a fifty-two week low of $61.06 and a fifty-two week high of $77.20. The firm's fifty day moving average is $69.21 and its 200 day moving average is $68.75.

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

Prosperity Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th were issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 3.5%. The ex-dividend date of this dividend was Friday, March 13th. Prosperity Bancshares's dividend payout ratio is 41.88%.

Analysts Set New Price Targets

Several analysts have recently issued reports on PB shares. Citigroup reissued a "neutral" rating on shares of Prosperity Bancshares in a report on Monday, February 2nd. Barclays lowered Prosperity Bancshares from an "equal weight" rating to an "underweight" rating and reduced their target price for the stock from $75.00 to $68.00 in a report on Monday, February 2nd. Morgan Stanley reduced their target price on Prosperity Bancshares from $91.00 to $83.00 and set an "overweight" rating on the stock in a report on Tuesday, March 31st. Raymond James Financial lowered Prosperity Bancshares from an "outperform" rating to a "market perform" rating in a report on Wednesday, January 7th. Finally, TD Cowen reaffirmed a "buy" rating on shares of Prosperity Bancshares in a research note on Wednesday, January 7th. Eight equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $78.31.

Institutional Trading of Prosperity Bancshares

Large investors have recently bought and sold shares of the business. Mather Group LLC. acquired a new stake in Prosperity Bancshares in the third quarter valued at about $26,000. Community Bank N.A. acquired a new stake in Prosperity Bancshares in the third quarter valued at about $29,000. Danske Bank A S acquired 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 in the third quarter valued at about $42,000. Finally, SouthState Bank Corp acquired a new stake in Prosperity Bancshares in the fourth quarter valued at about $49,000. 80.69% of the stock is owned by institutional investors and hedge funds.

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.

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