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

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned Holmes sold 600 shares of the company’s stock in a transaction dated Wednesday, December 24th. The shares were sold at an average price of $70.97, for a total transaction of $42,582.00. Following the sale, the director directly owned 42,600 shares of the company’s stock, valued at approximately $3,023,322. This represents a 1.39% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink.

Prosperity Bancshares Stock Down 0.6%

PB traded down $0.40 during trading on Monday, reaching $69.92. The company’s stock had a trading volume of 234,096 shares, compared to its average volume of 805,173. The company has a market cap of $6.64 billion, a price-to-earnings ratio of 12.46, a PEG ratio of 1.04 and a beta of 0.70. The firm has a fifty day simple moving average of $68.11 and a two-hundred day simple moving average of $68.20. 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 results on Wednesday, October 29th. The bank reported $1.45 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.45. Prosperity Bancshares had a return on equity of 7.06% and a net margin of 30.28%.The business had revenue of $314.67 million during the quarter, compared to analyst estimates of $317.94 million. During the same period in the prior year, the business earned $1.34 earnings per share. The business’s revenue was up 3.9% compared to the same quarter last year. As a group, equities analysts forecast that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Monday, December 15th will be paid a $0.60 dividend. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.58. The ex-dividend date of this dividend is Monday, December 15th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.4%. Prosperity Bancshares’s dividend payout ratio is 42.78%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on PB. Cantor Fitzgerald started coverage on shares of Prosperity Bancshares in a report on Wednesday, September 10th. They issued an “overweight” rating and a $78.00 price objective for the company. Piper Sandler reduced their target price on shares of Prosperity Bancshares from $84.00 to $77.00 and set an “overweight” rating on the stock in a research note on Thursday, October 30th. Raymond James Financial reiterated an “outperform” rating and issued a $77.00 target price (up from $75.00) on shares of Prosperity Bancshares in a report on Thursday, October 30th. Stephens raised their price target on shares of Prosperity Bancshares from $77.00 to $81.00 and gave the stock an “overweight” rating in a report on Thursday, October 30th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Prosperity Bancshares in a research report on Wednesday, October 8th. Nine investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, Prosperity Bancshares has an average rating of “Moderate Buy” and a consensus price target of $80.62.

Hedge Funds Weigh In On Prosperity Bancshares

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Parallel Advisors LLC grew its position in shares of Prosperity Bancshares by 16.8% in the second quarter. Parallel Advisors LLC now owns 978 shares of the bank’s stock valued at $69,000 after purchasing an additional 141 shares during the last quarter. Clearstead Advisors LLC raised its holdings in shares of Prosperity Bancshares by 10.9% in the third quarter. Clearstead Advisors LLC now owns 1,614 shares of the bank’s stock worth $107,000 after acquiring an additional 159 shares during the last quarter. Bfsg LLC lifted its position in shares of Prosperity Bancshares by 5.1% in the third quarter. Bfsg LLC now owns 3,363 shares of the bank’s stock valued at $223,000 after acquiring an additional 164 shares in the last quarter. AE Wealth Management LLC boosted its stake in shares of Prosperity Bancshares by 3.8% during the second quarter. AE Wealth Management LLC now owns 4,640 shares of the bank’s stock valued at $326,000 after acquiring an additional 172 shares during the last quarter. Finally, Belpointe Asset Management LLC increased its position in Prosperity Bancshares by 5.1% during the 3rd quarter. Belpointe Asset Management LLC now owns 3,621 shares of the bank’s stock worth $240,000 after purchasing an additional 176 shares in the last quarter. Institutional investors and hedge funds own 80.69% of the company’s stock.

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.