Prosperity Bancshares (NYSE:PB) Director Sells $35,280.00 in Stock

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned Holmes sold 500 shares of the firm’s stock in a transaction on Wednesday, July 8th. The stock was sold at an average price of $70.56, for a total value of $35,280.00. Following the completion of the transaction, the director owned 73,615 shares in the company, valued at $5,194,274.40. This represents a 0.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Prosperity Bancshares Trading Up 0.7%

NYSE PB traded up $0.50 on Friday, reaching $72.00. The company had a trading volume of 996,212 shares, compared to its average volume of 1,515,850. Prosperity Bancshares, Inc. has a 52 week low of $61.06 and a 52 week high of $77.20. The stock’s 50 day moving average is $70.18 and its 200-day moving average is $69.99. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.01. The stock has a market cap of $7.26 billion, a price-to-earnings ratio of 13.04, a PEG ratio of 1.15 and a beta of 0.63.

Prosperity Bancshares (NYSE:PB) last issued its earnings results 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 analysts’ expectations of $358.60 million. Prosperity Bancshares had a return on equity of 7.20% and a net margin of 29.50%.The company’s revenue was up 19.9% compared to the same quarter last year. During the same quarter last year, the business earned $1.37 earnings per share. Equities analysts predict that Prosperity Bancshares, Inc. will post 6.25 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Monday, June 15th were paid a dividend of $0.60 per share. The ex-dividend date of this dividend was Monday, June 15th. This represents a $2.40 annualized dividend and a yield of 3.3%. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 43.48%.

Institutional Investors Weigh In On Prosperity Bancshares

Hedge funds and other institutional investors have recently made changes to their positions in the stock. AQR Capital Management LLC raised its stake in shares of Prosperity Bancshares by 175.1% in the 2nd quarter. AQR Capital Management LLC now owns 2,383,162 shares of the bank’s stock valued at $167,393,000 after purchasing an additional 1,516,939 shares during the period. Barrow Hanley Mewhinney & Strauss LLC grew its holdings in shares of Prosperity Bancshares by 910.4% during the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,311,051 shares of the bank’s stock worth $90,607,000 after buying an additional 1,181,295 shares in the last quarter. North Reef Capital Management LP raised its position in Prosperity Bancshares by 149.0% in the 1st quarter. North Reef Capital Management LP now owns 1,107,877 shares of the bank’s stock valued at $74,427,000 after buying an additional 662,877 shares during the last quarter. Artisan Partners Limited Partnership bought a new stake in Prosperity Bancshares in the 4th quarter valued at approximately $44,822,000. Finally, Norges Bank bought a new stake in Prosperity Bancshares in the 4th quarter valued at approximately $37,645,000. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on PB. Cantor Fitzgerald reissued an “overweight” rating and set a $80.00 price target on shares of Prosperity Bancshares in a research report on Tuesday, June 23rd. Morgan Stanley reaffirmed an “equal weight” rating and set a $80.00 price objective (down from $85.00) on shares of Prosperity Bancshares in a research note on Monday, July 6th. Benchmark assumed coverage on Prosperity Bancshares in a report on Wednesday, June 24th. They set a “hold” rating on the stock. Weiss Ratings raised Prosperity Bancshares from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, July 1st. Finally, Citigroup increased their price target on Prosperity Bancshares from $74.00 to $75.00 and gave the stock a “neutral” rating in a report 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 company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $76.36.

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.