Prosperity Bancshares (NYSE:PB) Director Sells $36,595.00 in Stock

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned Holmes sold 500 shares of Prosperity Bancshares stock in a transaction dated Wednesday, August 26th. The shares were sold at an average price of $73.19, for a total value of $36,595.00. Following the sale, the director owned 70,115 shares of the company’s stock, valued at approximately $5,131,716.85. This represents a 0.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Prosperity Bancshares Trading Down 0.5%

NYSE:PB opened at $72.35 on Friday. The company has a market capitalization of $7.30 billion, a P/E ratio of 12.54, a P/E/G ratio of 0.79 and a beta of 0.64. The stock’s 50 day moving average price is $73.16 and its 200 day moving average price is $70.55. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.75 and a current ratio of 0.75. Prosperity Bancshares, Inc. has a 52 week low of $61.06 and a 52 week high of $77.20.

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

Prosperity Bancshares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be given 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 Tuesday, September 15th. Prosperity Bancshares’s dividend payout ratio is presently 41.59%.

Analyst Ratings Changes

Several research firms have recently issued reports on PB. TD Cowen upped their price target on Prosperity Bancshares from $82.00 to $84.00 and gave the stock a “buy” rating in a research note on Friday, July 31st. Weiss Ratings raised Prosperity Bancshares from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, July 29th. Citigroup boosted their target price on Prosperity Bancshares from $75.00 to $79.00 and gave the stock a “neutral” rating in a report on Friday, July 31st. Benchmark began coverage on Prosperity Bancshares in a research report on Wednesday, June 24th. They set a “hold” rating for the company. Finally, Piper Sandler increased their price target on Prosperity Bancshares from $75.00 to $80.00 and gave the company a “neutral” rating in a report on Thursday, July 30th. Five equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $78.36.

Hedge Funds Weigh In On Prosperity Bancshares

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Sepio Capital LP lifted its position in shares of Prosperity Bancshares by 2.4% in the 4th quarter. Sepio Capital LP now owns 5,701 shares of the bank’s stock worth $394,000 after acquiring an additional 133 shares during the period. Commonwealth Equity Services LLC increased its position in shares of Prosperity Bancshares by 1.0% during the fourth quarter. Commonwealth Equity Services LLC now owns 14,324 shares of the bank’s stock valued at $990,000 after purchasing an additional 145 shares during the period. Osaic Holdings Inc. raised its stake in shares of Prosperity Bancshares by 34.9% in the second quarter. Osaic Holdings Inc. now owns 719 shares of the bank’s stock valued at $51,000 after purchasing an additional 186 shares in the last quarter. Earned Wealth Advisors LLC raised its stake in shares of Prosperity Bancshares by 6.2% in the first quarter. Earned Wealth Advisors LLC now owns 3,639 shares of the bank’s stock valued at $244,000 after purchasing an additional 213 shares in the last quarter. Finally, Public Employees Retirement System of Ohio lifted its position in Prosperity Bancshares by 0.6% in the third quarter. Public Employees Retirement System of Ohio now owns 39,655 shares of the bank’s stock worth $2,631,000 after purchasing an additional 228 shares during the period. 80.69% of the stock is currently owned by institutional investors.

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.