Insider Selling: Prosperity Bancshares (NYSE:PB) Director Sells 600 Shares

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned Holmes sold 600 shares of the business’s stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $73.53, for a total value of $44,118.00. Following the sale, the director owned 39,900 shares in the company, valued at approximately $2,933,847. This trade represents a 1.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

Prosperity Bancshares Trading Up 0.1%

NYSE PB traded up $0.07 during trading hours on Wednesday, reaching $73.10. The company’s stock had a trading volume of 1,951,064 shares, compared to its average volume of 1,140,715. The firm has a fifty day simple moving average of $69.86 and a 200-day simple moving average of $70.01. The stock has a market cap of $7.37 billion, a P/E ratio of 13.24, a P/E/G ratio of 1.13 and a beta of 0.64. 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 posted its earnings results on Wednesday, April 29th. The bank reported $1.50 earnings per share for the quarter, topping analysts’ consensus estimates of $1.41 by $0.09. Prosperity Bancshares had a net margin of 29.50% and a return on equity of 7.20%. The firm had revenue of $367.62 million for the quarter, compared to analyst estimates of $358.60 million. During the same period in the previous year, the firm posted $1.37 EPS. The company’s revenue for the quarter was up 19.9% compared to the same quarter last year. Equities analysts forecast that Prosperity Bancshares, Inc. will post 6.27 earnings per share for the current fiscal year.

Prosperity Bancshares Announces Dividend

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

Hedge Funds Weigh In On Prosperity Bancshares

Hedge funds have recently bought and sold shares of the company. Community Bank N.A. acquired a new stake in Prosperity Bancshares during the 3rd quarter worth about $29,000. Danske Bank A S bought a new position in shares of Prosperity Bancshares in the 3rd quarter worth about $40,000. SouthState Bank Corp acquired a new position in shares of Prosperity Bancshares in the 4th quarter valued at about $49,000. Osaic Holdings Inc. lifted its stake in shares of Prosperity Bancshares by 34.9% in the 2nd quarter. Osaic Holdings Inc. now owns 719 shares of the bank’s stock valued at $51,000 after purchasing an additional 186 shares during the period. Finally, Eurizon Capital SGR S.p.A. bought a new stake in shares of Prosperity Bancshares during the 4th quarter valued at about $55,000. Institutional investors own 80.69% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the company. Morgan Stanley increased their price objective on Prosperity Bancshares from $83.00 to $85.00 and gave the company an “overweight” rating in a report on Monday. Cantor Fitzgerald reiterated an “overweight” rating and issued a $80.00 price target on shares of Prosperity Bancshares in a research report on Tuesday, June 23rd. TD Cowen increased their price target on Prosperity Bancshares from $77.00 to $79.00 and gave the company a “buy” rating in a research note on Friday, May 1st. Piper Sandler raised their price objective on Prosperity Bancshares from $74.00 to $75.00 and gave the stock a “neutral” rating in a research report on Thursday, April 30th. Finally, Citigroup lifted their price objective on Prosperity Bancshares from $74.00 to $75.00 and gave the stock a “neutral” rating in a research note on Thursday, June 25th. Five equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Prosperity Bancshares has a consensus rating of “Hold” and a consensus price target of $76.82.

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.