Prosperity Bancshares (NYSE:PB) Director Ned Holmes Sells 600 Shares

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned Holmes sold 600 shares of the firm’s stock in a transaction on Wednesday, January 21st. The stock was sold at an average price of $74.29, for a total value of $44,574.00. Following the completion of the sale, the director directly owned 42,200 shares of the company’s stock, valued at approximately $3,135,038. This trade represents a 1.40% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Prosperity Bancshares Price Performance

PB traded up $2.47 on Wednesday, hitting $74.69. The company had a trading volume of 739,298 shares, compared to its average volume of 588,689. The company’s fifty day moving average price is $70.30 and its 200 day moving average price is $68.39. The stock has a market cap of $7.09 billion, a price-to-earnings ratio of 12.87, a price-to-earnings-growth ratio of 0.94 and a beta of 0.68. Prosperity Bancshares, Inc. has a 1-year low of $61.06 and a 1-year high of $82.75.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings data on Wednesday, October 29th. The bank reported $1.45 earnings per share for the quarter, hitting the consensus estimate of $1.45. The business had revenue of $314.67 million during the quarter, compared to analysts’ expectations of $317.94 million. Prosperity Bancshares had a return on equity of 7.06% and a net margin of 30.28%.The firm’s revenue was up 3.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.34 EPS. On average, sell-side analysts forecast that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Analysts Set New Price Targets

Several research analysts recently commented on the company. Hovde Group cut Prosperity Bancshares from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 26th. Barclays raised their target price on Prosperity Bancshares from $82.00 to $83.00 and gave the stock an “equal weight” rating in a research report on Friday, December 19th. Royal Bank Of Canada cut their price objective on Prosperity Bancshares from $78.00 to $72.00 and set a “sector perform” rating for the company in a report on Friday, October 10th. Raymond James Financial lowered shares of Prosperity Bancshares from an “outperform” rating to a “market perform” rating in a report on Wednesday, January 7th. Finally, Piper Sandler cut their price target on shares of Prosperity Bancshares from $84.00 to $77.00 and set an “overweight” rating for the company in a report on Thursday, October 30th. Seven equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $80.75.

Hedge Funds Weigh In On Prosperity Bancshares

Hedge funds have recently made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Prosperity Bancshares by 21.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 30,198 shares of the bank’s stock worth $2,155,000 after purchasing an additional 5,326 shares in the last quarter. NewEdge Advisors LLC grew its stake in shares of Prosperity Bancshares by 36.8% during the 1st quarter. NewEdge Advisors LLC now owns 7,295 shares of the bank’s stock worth $521,000 after acquiring an additional 1,962 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Prosperity Bancshares by 5.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 346,151 shares of the bank’s stock valued at $24,705,000 after buying an additional 17,345 shares in the last quarter. Jane Street Group LLC boosted its holdings in shares of Prosperity Bancshares by 182.8% in the first quarter. Jane Street Group LLC now owns 104,755 shares of the bank’s stock worth $7,476,000 after acquiring an additional 67,712 shares during the period. Finally, Parallel Advisors LLC grew its holdings in Prosperity Bancshares by 16.8% during the 2nd quarter. Parallel Advisors LLC now owns 978 shares of the bank’s stock valued at $69,000 after buying an additional 141 shares in the last quarter. 80.69% of the stock is currently owned by institutional investors.

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.