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

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned Holmes sold 600 shares of the company’s stock in a transaction dated Wednesday, August 26th. The shares were sold at an average price of $73.18, for a total transaction of $43,908.00. Following the completion of the sale, the director directly owned 39,100 shares of the company’s stock, valued at $2,861,338. This represents a 1.51% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link.

Prosperity Bancshares Trading Up 0.8%

PB stock traded up $0.58 during trading on Wednesday, reaching $73.11. 702,440 shares of the stock were exchanged, compared to its average volume of 1,131,098. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $7.37 billion, a price-to-earnings ratio of 12.67, a P/E/G ratio of 0.79 and a beta of 0.64. The business has a 50 day moving average price of $73.06 and a 200-day moving average price of $70.55. Prosperity Bancshares, Inc. has a 1 year low of $61.06 and a 1 year high of $77.20.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings results on Wednesday, July 29th. The bank reported $1.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.50 by $0.12. Prosperity Bancshares had a net margin of 29.95% and a return on equity of 7.39%. The business had revenue of $369.18 million during the quarter, compared to the consensus estimate of $380.73 million. During the same quarter last year, the firm earned $1.42 EPS. The business’s revenue was up 25.9% compared to the same quarter last year. On average, research analysts predict that Prosperity Bancshares, Inc. will post 6.47 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The firm 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 dividend payout ratio is currently 41.59%.

Hedge Funds Weigh In On Prosperity Bancshares

Several institutional investors have recently bought and sold shares of the company. Danske Bank A S purchased a new position in shares of Prosperity Bancshares in the third quarter valued at approximately $40,000. SouthState Bank Corp purchased a new stake in Prosperity Bancshares during the 4th quarter worth approximately $49,000. Osaic Holdings Inc. lifted its holdings in Prosperity Bancshares by 34.9% during the 2nd quarter. Osaic Holdings Inc. now owns 719 shares of the bank’s stock worth $51,000 after buying an additional 186 shares in the last quarter. Global Retirement Partners LLC acquired a new stake in Prosperity Bancshares during the 2nd quarter worth approximately $54,000. Finally, Eurizon Capital SGR S.p.A. purchased a new position in Prosperity Bancshares in the 4th quarter valued at approximately $55,000. 80.69% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have commented on PB. TD Cowen upped their target price on shares of Prosperity Bancshares from $82.00 to $84.00 and gave the company a “buy” rating in a research report on Friday, July 31st. Benchmark started coverage on shares of Prosperity Bancshares in a research note on Wednesday, June 24th. They issued a “hold” rating on the stock. Royal Bank Of Canada upped their price objective on shares of Prosperity Bancshares from $78.00 to $80.00 and gave the stock a “sector perform” rating in a report on Thursday, July 30th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $80.00 price objective on shares of Prosperity Bancshares in a research report on Tuesday, June 23rd. Finally, Piper Sandler lifted their target price on shares of Prosperity Bancshares from $75.00 to $80.00 and gave the company a “neutral” rating in a report on Thursday, July 30th. Five research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $78.36.

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.