Insider Selling: Prosperity Bancshares (NYSE:PB) Director Sells $43,044.00 in Stock

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned Holmes sold 600 shares of the stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $71.74, for a total value of $43,044.00. Following the sale, the director owned 39,000 shares of the company’s stock, valued at $2,797,860. This trade represents a 1.52% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link.

Prosperity Bancshares Price Performance

Shares of PB traded up $0.28 during trading hours on Thursday, hitting $72.37. 592,886 shares of the company were exchanged, compared to its average volume of 1,120,294. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.75 and a quick ratio of 0.75. The company has a market capitalization of $7.30 billion, a PE ratio of 12.54, a PEG ratio of 0.77 and a beta of 0.63. The firm has a fifty day simple moving average of $73.12 and a 200-day simple moving average of $70.44. Prosperity Bancshares, Inc. has a one year low of $61.06 and a one year high of $77.20.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, July 29th. The bank reported $1.62 earnings per share for the quarter, beating analysts’ consensus estimates of $1.50 by $0.12. The business had revenue of $391.25 million during the quarter, compared to analyst estimates of $380.73 million. Prosperity Bancshares had a return on equity of 7.39% and a net margin of 29.95%.Prosperity Bancshares’s revenue for the quarter was up 25.9% on a year-over-year basis. During the same quarter last year, the company posted $1.42 EPS. As a group, sell-side analysts predict that Prosperity Bancshares, Inc. will post 6.47 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be issued a dividend of $0.60 per share. The ex-dividend date is Tuesday, September 15th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.3%. Prosperity Bancshares’s payout ratio is currently 41.59%.

Analyst Upgrades and Downgrades

PB has been the topic of several research analyst reports. Wall Street Zen upgraded shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a research report on Saturday, August 1st. Weiss Ratings raised Prosperity Bancshares from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, July 29th. TD Cowen lifted their price target on Prosperity Bancshares from $82.00 to $84.00 and gave the company a “buy” rating in a report on Friday, July 31st. Citigroup upped their price target on Prosperity Bancshares from $75.00 to $79.00 and gave the company a “neutral” rating in a research report on Friday, July 31st. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $80.00 price objective on shares of Prosperity Bancshares in a research note on Tuesday, June 23rd. Five analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $78.36.

Institutional Investors Weigh In On Prosperity Bancshares

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PB. Danske Bank A S purchased a new position in shares of Prosperity Bancshares during the 3rd quarter valued at $40,000. SouthState Bank Corp acquired a new position in shares of Prosperity Bancshares in the fourth quarter worth $49,000. Osaic Holdings Inc. raised its holdings in shares of Prosperity Bancshares by 34.9% during the second quarter. Osaic Holdings Inc. now owns 719 shares of the bank’s stock worth $51,000 after acquiring an additional 186 shares in the last quarter. Global Retirement Partners LLC purchased a new stake in shares of Prosperity Bancshares during the second quarter worth $54,000. Finally, Eurizon Capital SGR S.p.A. acquired a new stake in Prosperity Bancshares during the fourth quarter valued at $55,000. 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.