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

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned Holmes sold 600 shares of the company’s stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $72.72, for a total value of $43,632.00. Following the sale, the director directly owned 40,000 shares of the company’s stock, valued at approximately $2,908,800. This represents a 1.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Prosperity Bancshares Trading Up 0.3%

NYSE PB traded up $0.21 on Wednesday, hitting $72.53. 1,162,880 shares of the company were exchanged, compared to its average volume of 1,107,135. 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, Inc. has a twelve month low of $61.06 and a twelve month high of $77.20. The firm has a market capitalization of $7.32 billion, a P/E ratio of 13.14, a price-to-earnings-growth ratio of 1.10 and a beta of 0.64. The company’s 50 day moving average price is $69.44 and its 200-day moving average price is $69.92.

Prosperity Bancshares (NYSE:PB) last released its earnings results on Wednesday, April 29th. The bank reported $1.50 earnings per share for the quarter, topping the consensus estimate of $1.41 by $0.09. Prosperity Bancshares had a net margin of 29.50% and a return on equity of 7.20%. The business had revenue of $367.62 million for the quarter, compared to the consensus estimate of $358.60 million. During the same period last year, the firm posted $1.37 earnings per share. The firm’s quarterly revenue was up 19.9% compared to the same quarter last year. Analysts predict that Prosperity Bancshares, Inc. will post 6.27 earnings per share for the current fiscal year.

Prosperity Bancshares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Monday, June 15th will be paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend is Monday, June 15th. Prosperity Bancshares’s payout ratio is 43.48%.

Institutional Investors Weigh In On Prosperity Bancshares

A number of large investors have recently added to or reduced their stakes in PB. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of 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 valued at $2,155,000 after acquiring an additional 5,326 shares during the period. NewEdge Advisors LLC increased its position in Prosperity Bancshares by 36.8% during the first quarter. NewEdge Advisors LLC now owns 7,295 shares of the bank’s stock worth $521,000 after acquiring an additional 1,962 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised 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 purchasing an additional 17,345 shares during the last quarter. Jane Street Group LLC boosted its holdings in Prosperity Bancshares by 182.8% in the 1st quarter. Jane Street Group LLC now owns 104,755 shares of the bank’s stock valued at $7,476,000 after purchasing an additional 67,712 shares during the period. Finally, Sivia Capital Partners LLC bought a new stake in Prosperity Bancshares in the 2nd quarter valued at $359,000. Institutional investors own 80.69% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on PB shares. Wall Street Zen raised Prosperity Bancshares from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 16th. Citigroup boosted their price objective on shares of Prosperity Bancshares from $72.00 to $74.00 and gave the company a “neutral” rating in a research report on Monday, May 4th. TD Cowen upped their price objective on shares of Prosperity Bancshares from $77.00 to $79.00 and gave the company a “buy” rating in a research note on Friday, May 1st. Morgan Stanley cut 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 report on Tuesday, March 31st. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $80.00 target price on shares of Prosperity Bancshares in a research note on Tuesday. Five investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $76.55.

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.