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

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned Holmes sold 600 shares of the firm’s stock in a transaction dated Wednesday, July 8th. The stock was sold at an average price of $70.61, for a total transaction of $42,366.00. Following the completion of the sale, the director directly owned 39,800 shares of the company’s stock, valued at approximately $2,810,278. The trade was a 1.49% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Prosperity Bancshares Trading Up 1.6%

Shares of NYSE:PB traded up $1.14 during trading hours on Thursday, hitting $71.56. 133,688 shares of the company’s stock traded hands, compared to its average volume of 1,179,501. The firm has a market capitalization of $7.22 billion, a P/E ratio of 12.96, a price-to-earnings-growth ratio of 1.10 and a beta of 0.63. The business has a fifty day moving average price of $70.08 and a 200-day moving average price of $69.97. Prosperity Bancshares, Inc. has a 1 year low of $61.06 and a 1 year high of $77.20. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.76 and a quick ratio of 0.76.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results on Wednesday, April 29th. The bank reported $1.50 earnings per share for the quarter, topping the consensus estimate of $1.41 by $0.09. Prosperity Bancshares had a return on equity of 7.20% and a net margin of 29.50%.The firm had revenue of $367.62 million for the quarter, compared to the consensus estimate of $358.60 million. During the same period in the prior year, the business posted $1.37 earnings per share. The company’s revenue for the quarter was up 19.9% on a year-over-year basis. Equities analysts expect that Prosperity Bancshares, Inc. will post 6.27 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Monday, June 15th were given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 3.4%. The ex-dividend date was Monday, June 15th. Prosperity Bancshares’s dividend payout ratio (DPR) is 43.48%.

Wall Street Analysts Forecast Growth

Several research firms recently commented on PB. Morgan Stanley reaffirmed an “equal weight” rating and issued a $80.00 price target (down from $85.00) on shares of Prosperity Bancshares in a research note on Monday. Benchmark initiated coverage on shares of Prosperity Bancshares in a research note on Wednesday, June 24th. They issued a “hold” rating on the stock. TD Cowen lifted their price target on shares of Prosperity Bancshares from $77.00 to $79.00 and gave the company a “buy” rating in a research note on Friday, May 1st. Citigroup boosted their price target on Prosperity Bancshares from $74.00 to $75.00 and gave the company a “neutral” rating in a report on Thursday, June 25th. Finally, Piper Sandler increased their price objective on Prosperity Bancshares from $74.00 to $75.00 and gave the stock a “neutral” rating in a research note on Thursday, April 30th. Five investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $76.36.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in PB. Lexington Hill Partners LLC raised its holdings in shares of Prosperity Bancshares by 25.1% in the 2nd quarter. Lexington Hill Partners LLC now owns 5,284 shares of the bank’s stock valued at $386,000 after purchasing an additional 1,059 shares in the last quarter. Kwmg LLC increased its holdings in Prosperity Bancshares by 2.4% during the second quarter. Kwmg LLC now owns 101,224 shares of the bank’s stock valued at $7,392,000 after buying an additional 2,399 shares during the period. GAMMA Investing LLC raised its stake in Prosperity Bancshares by 33.8% in the second quarter. GAMMA Investing LLC now owns 1,990 shares of the bank’s stock worth $145,000 after buying an additional 503 shares in the last quarter. Versant Capital Management Inc raised its stake in Prosperity Bancshares by 3.3% in the second quarter. Versant Capital Management Inc now owns 10,921 shares of the bank’s stock worth $798,000 after buying an additional 348 shares in the last quarter. Finally, Pacer Advisors Inc. lifted its holdings in Prosperity Bancshares by 5.6% during the first quarter. Pacer Advisors Inc. now owns 11,998 shares of the bank’s stock worth $806,000 after buying an additional 635 shares during the period. Hedge funds and other institutional investors own 80.69% of the company’s stock.

About Prosperity Bancshares

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.