Prosperity Bancshares (NYSE:PB) Hits New 12-Month Low After Insider Selling

Key Points

• Prosperity Bancshares hit a new 52-week low of $61.23 following insider sales, with a total trading volume of 977,714 shares.
• Director Ned S. Holmes sold a total of 1,100 shares at an average price of around $65.25, decreasing his stake in the company.
• Analysts have mixed perspectives, with 12 rated the stock as "Buy," while the average price target has been adjusted to $82.27.

Shares of Prosperity Bancshares, Inc. (NYSE:PB - Get Free Report) hit a new 52-week low during trading on Thursday after an insider sold shares in the company. The company traded as low as $61.35 and last traded at $61.23, with a volume of 977714 shares changing hands. The stock had previously closed at $64.92.

Specifically, Director Ned S. Holmes sold 600 shares of the stock in a transaction that occurred on Wednesday, October 15th. The stock was sold at an average price of $65.29, for a total value of $39,174.00. Following the transaction, the director owned 43,600 shares in the company, valued at approximately $2,846,644. This represents a 1.36% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction dated Wednesday, October 15th. The shares were sold at an average price of $65.24, for a total value of $32,620.00. Following the completion of the transaction, the director directly owned 90,915 shares of the company's stock, valued at $5,931,294.60. This represents a 0.55% decrease in their ownership of the stock. The disclosure for this sale can be found here.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Cantor Fitzgerald began coverage on Prosperity Bancshares in a research report on Wednesday, September 10th. They issued an "overweight" rating and a $78.00 price objective for the company. Royal Bank Of Canada lowered their price objective on Prosperity Bancshares from $78.00 to $72.00 and set a "sector perform" rating for the company in a research report on Friday, October 10th. TD Cowen initiated coverage on Prosperity Bancshares in a report on Thursday, September 25th. They issued a "buy" rating and a $79.00 target price for the company. Citigroup reaffirmed a "neutral" rating and set a $68.00 target price (down previously from $78.00) on shares of Prosperity Bancshares in a research report on Monday, September 15th. Finally, Cowen began coverage on Prosperity Bancshares in a research note on Wednesday, September 24th. They issued a "buy" rating on the stock. Twelve analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat, Prosperity Bancshares presently has an average rating of "Moderate Buy" and a consensus price target of $82.27.

Prosperity Bancshares Trading Down 5.9%

The stock has a market capitalization of $5.80 billion, a PE ratio of 11.16, a P/E/G ratio of 0.99 and a beta of 0.73. The stock has a 50 day moving average price of $66.92 and a 200-day moving average price of $68.52.

Prosperity Bancshares (NYSE:PB - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The bank reported $1.42 EPS 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 the consensus estimate 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 business earned $1.22 earnings per share. Research analysts forecast that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Institutional Investors Weigh In On Prosperity Bancshares

A number of institutional investors have recently modified their holdings of the business. Parallel Advisors LLC boosted its holdings in shares of Prosperity Bancshares by 16.8% during the 2nd quarter. Parallel Advisors LLC now owns 978 shares of the bank's stock worth $69,000 after purchasing an additional 141 shares during the last quarter. U.S. Capital Wealth Advisors LLC grew its holdings in shares of Prosperity Bancshares by 4.9% during the first quarter. U.S. Capital Wealth Advisors LLC now owns 3,326 shares of the bank's stock worth $237,000 after purchasing an additional 156 shares during the last quarter. Tectonic Advisors LLC boosted its stake in shares of Prosperity Bancshares by 2.0% during the first quarter. Tectonic Advisors LLC now owns 8,319 shares of the bank's stock worth $594,000 after buying an additional 165 shares during the period. AE Wealth Management LLC boosted its stake in shares of Prosperity Bancshares by 3.8% during the second quarter. AE Wealth Management LLC now owns 4,640 shares of the bank's stock worth $326,000 after buying an additional 172 shares during the period. Finally, Osaic Holdings Inc. lifted its position in Prosperity Bancshares by 34.9% in the second quarter. Osaic Holdings Inc. now owns 719 shares of the bank's stock valued at $51,000 after purchasing an additional 186 shares during the period. 80.69% of the stock is currently 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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