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

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned Holmes sold 600 shares of the firm’s stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $69.30, for a total value of $41,580.00. Following the sale, the director directly owned 40,400 shares in the company, valued at approximately $2,799,720. The trade was a 1.46% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Prosperity Bancshares Stock Down 1.3%

Prosperity Bancshares stock traded down $0.91 during trading hours on Wednesday, reaching $68.94. The stock had a trading volume of 586,769 shares, compared to its average volume of 1,124,940. The company has a market cap of $6.95 billion, a price-to-earnings ratio of 12.49, a PEG ratio of 1.06 and a beta of 0.65. The business’s 50 day moving average price is $67.93 and its 200-day moving average price is $69.56. Prosperity Bancshares, Inc. has a 52 week low of $61.06 and a 52 week high of $77.20. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.76 and a quick ratio of 0.76.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings data on Wednesday, April 29th. The bank reported $1.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.41 by $0.09. The firm had revenue of $367.62 million for the quarter, compared to the consensus estimate of $358.60 million. Prosperity Bancshares had a net margin of 29.50% and a return on equity of 7.20%. The company’s quarterly revenue was up 19.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.37 EPS. Sell-side analysts anticipate that Prosperity Bancshares, Inc. will post 6.27 EPS for the current year.

Prosperity Bancshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Monday, June 15th will be given a $0.60 dividend. The ex-dividend date of this dividend is Monday, June 15th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.5%. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 43.48%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on PB. Citigroup upped their target price on Prosperity Bancshares from $72.00 to $74.00 and gave the company a “neutral” rating in a research report on Monday, May 4th. Barclays lowered Prosperity Bancshares from an “equal weight” rating to an “underweight” rating and dropped their price target for the stock from $75.00 to $68.00 in a research note on Monday, February 2nd. Weiss Ratings lowered shares of Prosperity Bancshares from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday, May 11th. Morgan Stanley lowered their target price on shares of Prosperity Bancshares from $91.00 to $83.00 and set an “overweight” rating for the company in a research note on Tuesday, March 31st. Finally, Piper Sandler boosted their target price on shares of Prosperity Bancshares from $74.00 to $75.00 and gave the stock a “neutral” rating in a research report on Thursday, April 30th. Five analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Prosperity Bancshares has an average rating of “Hold” and an average price target of $76.82.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Prosperity Bancshares by 21.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 30,198 shares of the bank’s stock worth $2,155,000 after purchasing an additional 5,326 shares during the period. NewEdge Advisors LLC raised its position in Prosperity Bancshares by 36.8% during the 1st quarter. NewEdge Advisors LLC now owns 7,295 shares of the bank’s stock worth $521,000 after buying an additional 1,962 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Prosperity Bancshares by 5.3% during 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 valued at $24,705,000 after acquiring an additional 17,345 shares during the period. Jane Street Group LLC lifted its stake in Prosperity Bancshares by 182.8% during the 1st quarter. Jane Street Group LLC now owns 104,755 shares of the bank’s stock valued at $7,476,000 after acquiring an additional 67,712 shares during the period. Finally, Sivia Capital Partners LLC purchased a new stake in shares of Prosperity Bancshares in the 2nd quarter valued at $359,000. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

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.