Insider Selling: Prosperity Bancshares (NYSE:PB) Director Sells 600 Shares of Stock

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned Holmes sold 600 shares of the company’s stock in a transaction dated Wednesday, January 14th. The stock was sold at an average price of $71.65, for a total transaction of $42,990.00. Following the completion of the sale, the director directly owned 42,300 shares of the company’s stock, valued at $3,030,795. The trade was a 1.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

Prosperity Bancshares Stock Up 1.6%

Prosperity Bancshares stock traded up $1.11 during mid-day trading on Wednesday, reaching $72.46. 514,321 shares of the company’s stock were exchanged, compared to its average volume of 795,547. The firm has a market capitalization of $6.88 billion, a PE ratio of 12.92, a P/E/G ratio of 0.94 and a beta of 0.68. Prosperity Bancshares, Inc. has a one year low of $61.06 and a one year high of $82.75. The business’s fifty day simple moving average is $69.59 and its 200 day simple moving average is $68.36.

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

Prosperity Bancshares Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, January 2nd. Shareholders of record on Monday, December 15th were paid a $0.60 dividend. The ex-dividend date was Monday, December 15th. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.58. This represents a $2.40 annualized dividend and a dividend yield of 3.3%. Prosperity Bancshares’s dividend payout ratio is presently 42.78%.

Institutional Trading of Prosperity Bancshares

Several institutional investors and hedge funds have recently bought and sold shares of PB. Parallel Advisors LLC grew its position in shares of 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 purchasing an additional 141 shares in the last quarter. Clearstead Advisors LLC boosted its stake in Prosperity Bancshares by 10.9% during the third quarter. Clearstead Advisors LLC now owns 1,614 shares of the bank’s stock valued at $107,000 after buying an additional 159 shares during the period. Bfsg LLC grew its position in Prosperity Bancshares by 5.1% during the third quarter. Bfsg LLC now owns 3,363 shares of the bank’s stock worth $223,000 after buying an additional 164 shares in the last quarter. AE Wealth Management LLC increased its stake in Prosperity Bancshares by 3.8% in the 2nd quarter. AE Wealth Management LLC now owns 4,640 shares of the bank’s stock worth $326,000 after acquiring an additional 172 shares during the last quarter. Finally, Belpointe Asset Management LLC raised its holdings in shares of Prosperity Bancshares by 5.1% in the 3rd quarter. Belpointe Asset Management LLC now owns 3,621 shares of the bank’s stock valued at $240,000 after acquiring an additional 176 shares in the last quarter. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have commented on PB. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Prosperity Bancshares in a report on Wednesday, October 8th. Raymond James Financial lowered shares of Prosperity Bancshares from an “outperform” rating to a “market perform” rating in a research report on Wednesday, January 7th. TD Cowen raised their price objective on shares of Prosperity Bancshares from $83.00 to $84.00 and gave the stock a “buy” rating in a report on Wednesday, January 7th. Cowen reiterated a “buy” rating on shares of Prosperity Bancshares in a research note on Wednesday, January 7th. Finally, Royal Bank Of Canada dropped their target price on Prosperity Bancshares from $78.00 to $72.00 and set a “sector perform” rating on the stock in a research report on Friday, October 10th. Eight analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $80.75.

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.