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

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned Holmes sold 600 shares of the stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $71.74, for a total transaction of $43,044.00. Following the completion of the sale, the director directly owned 39,000 shares in the company, valued at approximately $2,797,860. This trade represents a 1.52% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Prosperity Bancshares Stock Performance

Prosperity Bancshares stock traded up $0.28 during midday trading on Thursday, reaching $72.37. 592,886 shares of the stock traded hands, compared to its average volume of 1,120,294. 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 firm has a fifty day moving average price of $73.12 and a two-hundred day moving average price of $70.44. The firm has a market cap of $7.30 billion, a price-to-earnings ratio of 12.54, a PEG ratio of 0.77 and a beta of 0.63. Prosperity Bancshares, Inc. has a fifty-two week low of $61.06 and a fifty-two week high of $77.20.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings results on Wednesday, July 29th. The bank reported $1.62 EPS for the quarter, beating the consensus estimate of $1.50 by $0.12. The company had revenue of $391.25 million for the quarter, compared to analyst estimates of $380.73 million. Prosperity Bancshares had a net margin of 29.95% and a return on equity of 7.39%. Prosperity Bancshares’s revenue was up 25.9% compared to the same quarter last year. During the same quarter last year, the business earned $1.42 earnings per share. On average, equities research analysts forecast that Prosperity Bancshares, Inc. will post 6.47 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on PB shares. Morgan Stanley restated an “equal weight” rating and set a $80.00 price objective (down from $85.00) on shares of Prosperity Bancshares in a research note on Monday, July 6th. Piper Sandler increased their target price on shares of Prosperity Bancshares from $75.00 to $80.00 and gave the company a “neutral” rating in a research report on Thursday, July 30th. Royal Bank Of Canada raised their target price on shares of Prosperity Bancshares from $78.00 to $80.00 and gave the company a “sector perform” rating in a research note on Thursday, July 30th. TD Cowen boosted their price target on shares of Prosperity Bancshares from $82.00 to $84.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. Finally, Citigroup increased their price objective on shares of Prosperity Bancshares from $75.00 to $79.00 and gave the company a “neutral” rating in a report on Friday, July 31st. Five analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $78.36.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Prosperity Bancshares by 21.4% in the first 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 in the last quarter. NewEdge Advisors LLC grew its stake 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 during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Prosperity Bancshares by 5.3% in 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 worth $24,705,000 after purchasing an additional 17,345 shares in the last quarter. Jane Street Group LLC raised its holdings in shares of Prosperity Bancshares by 182.8% in the 1st 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 in the last quarter. Finally, Sivia Capital Partners LLC acquired a new stake in Prosperity Bancshares during the second quarter valued at approximately $359,000. 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.