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

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned Holmes sold 600 shares of the stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $73.67, for a total transaction of $44,202.00. Following the completion of the transaction, the director directly owned 39,200 shares of the company’s stock, valued at approximately $2,887,864. The trade was a 1.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Prosperity Bancshares Stock Down 1.9%

Prosperity Bancshares stock traded down $1.39 during trading hours on Wednesday, hitting $72.94. 895,732 shares of the stock traded hands, compared to its average volume of 1,141,784. The firm’s 50-day moving average price is $72.94 and its two-hundred day moving average price is $70.46. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.01. The company has a market cap of $7.36 billion, a PE ratio of 12.64, a PEG ratio of 0.82 and a beta of 0.64. Prosperity Bancshares, Inc. has a one year low of $61.06 and a one year high of $77.20.

Prosperity Bancshares (NYSE:PB) last announced its earnings results on Wednesday, July 29th. The bank reported $1.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.50 by $0.12. The firm had revenue of $369.18 million during the quarter, compared to analyst estimates of $380.73 million. Prosperity Bancshares had a return on equity of 7.39% and a net margin of 29.95%.The business’s revenue was up 25.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.42 EPS. On average, research analysts forecast that Prosperity Bancshares, Inc. will post 6.45 EPS for the current year.

Prosperity Bancshares Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be paid a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend is Tuesday, September 15th. Prosperity Bancshares’s dividend payout ratio is presently 41.59%.

Institutional Investors Weigh In On Prosperity Bancshares

Several institutional investors and hedge funds have recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in 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 acquiring an additional 5,326 shares during the last quarter. NewEdge Advisors LLC increased its holdings in shares of Prosperity Bancshares by 36.8% in the 1st quarter. NewEdge Advisors LLC now owns 7,295 shares of the bank’s stock worth $521,000 after purchasing an additional 1,962 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Prosperity Bancshares by 5.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 346,151 shares of the bank’s stock worth $24,705,000 after purchasing an additional 17,345 shares during the last quarter. Jane Street Group LLC raised its stake 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 purchasing an additional 67,712 shares during the last quarter. Finally, Sivia Capital Partners LLC bought a new position in shares of Prosperity Bancshares during the second quarter valued at $359,000. Institutional investors own 80.69% of the company’s stock.

Analysts Set New Price Targets

PB has been the subject of several recent research reports. Wall Street Zen raised Prosperity Bancshares from a “sell” rating to a “hold” rating in a research report on Saturday, August 1st. Benchmark started coverage on shares of Prosperity Bancshares in a research note on Wednesday, June 24th. They issued a “hold” rating for the company. Morgan Stanley reissued an “equal weight” rating and set a $80.00 price target (down from $85.00) on shares of Prosperity Bancshares in a research report on Monday, July 6th. Citigroup boosted their price target on Prosperity Bancshares from $75.00 to $79.00 and gave the stock a “neutral” rating in a research report on Friday, July 31st. Finally, Piper Sandler upped their price target on Prosperity Bancshares from $75.00 to $80.00 and gave the stock a “neutral” rating in a research note on Thursday, July 30th. Five investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $78.36.

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.