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

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned Holmes sold 600 shares of the business’s stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $74.29, for a total transaction of $44,574.00. Following the completion of the sale, the director owned 42,200 shares of the company’s stock, valued at approximately $3,135,038. The trade was a 1.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.

Prosperity Bancshares Price Performance

PB traded up $2.47 during midday trading on Wednesday, reaching $74.69. 739,298 shares of the company’s stock traded hands, compared to its average volume of 588,689. The firm has a fifty day moving average of $70.30 and a two-hundred day moving average of $68.39. Prosperity Bancshares, Inc. has a 52 week low of $61.06 and a 52 week high of $82.75. The stock has a market capitalization of $7.09 billion, a price-to-earnings ratio of 12.87, a P/E/G ratio of 0.94 and a beta of 0.68.

Prosperity Bancshares (NYSE:PB) last issued 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. The company had revenue of $314.67 million during the quarter, compared to analysts’ expectations of $317.94 million. Prosperity Bancshares had a net margin of 30.28% and a return on equity of 7.06%. Prosperity Bancshares’s revenue was up 3.9% on a year-over-year basis. During the same period last year, the company posted $1.34 EPS. Sell-side analysts forecast that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on PB shares. Piper Sandler dropped their price objective on Prosperity Bancshares from $84.00 to $77.00 and set an “overweight” rating for the company in a report on Thursday, October 30th. TD Cowen reaffirmed a “buy” rating on shares of Prosperity Bancshares in a report on Wednesday, January 7th. Raymond James Financial lowered Prosperity Bancshares from an “outperform” rating to a “market perform” rating in a report on Wednesday, January 7th. Barclays upped their price target on Prosperity Bancshares from $82.00 to $83.00 and gave the company an “equal weight” rating in a research report on Friday, December 19th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Prosperity Bancshares in a research note on Wednesday, October 8th. Seven analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $80.75.

Institutional Trading of Prosperity Bancshares

Institutional investors have recently modified their holdings of the company. Mather Group LLC. acquired a new position in Prosperity Bancshares in the 3rd quarter worth $26,000. Community Bank N.A. acquired a new position in Prosperity Bancshares during the third quarter worth about $29,000. Steph & Co. acquired a new position in shares of Prosperity Bancshares in the 2nd quarter valued at $38,000. Danske Bank A S purchased a new stake in shares of Prosperity Bancshares in the 3rd quarter valued at approximately $40,000. Finally, Annis Gardner Whiting Capital Advisors LLC acquired a new position in Prosperity Bancshares during the third quarter valued at $42,000. 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.