Prosperity Bancshares, Inc. (NYSE:PB) Director Ned S. Holmes Sells 500 Shares of Stock

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned S. Holmes sold 500 shares of the business’s stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $74.12, for a total value of $37,060.00. Following the completion of the sale, the director now owns 109,315 shares in the company, valued at $8,102,427.80. This represents a 0.46 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link.

Prosperity Bancshares Stock Down 1.7 %

Shares of NYSE PB opened at $73.39 on Friday. The stock has a market cap of $6.99 billion, a PE ratio of 15.58, a price-to-earnings-growth ratio of 1.19 and a beta of 0.93. Prosperity Bancshares, Inc. has a 52-week low of $57.16 and a 52-week high of $86.75. The business has a 50-day moving average price of $79.25 and a 200 day moving average price of $73.12.

Prosperity Bancshares (NYSE:PB) last announced its earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.31 by $0.03. The firm had revenue of $459.00 million during the quarter, compared to analysts’ expectations of $299.83 million. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%. During the same period in the prior year, the firm earned $1.20 EPS. Sell-side analysts anticipate that Prosperity Bancshares, Inc. will post 5.05 earnings per share for the current year.

Prosperity Bancshares Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th were paid a dividend of $0.58 per share. The ex-dividend date of this dividend was Friday, December 13th. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.56. This represents a $2.32 annualized dividend and a yield of 3.16%. Prosperity Bancshares’s dividend payout ratio is currently 49.26%.

Analysts Set New Price Targets

Several research analysts recently commented on the company. UBS Group lowered their target price on Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating for the company in a research note on Thursday, December 26th. StockNews.com cut Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Wednesday. Royal Bank of Canada reissued a “sector perform” rating and set a $77.00 target price on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Wedbush reissued an “outperform” rating and set a $90.00 target price on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Finally, Truist Financial cut Prosperity Bancshares from a “buy” rating to a “hold” rating and lowered their target price for the stock from $81.00 to $79.00 in a research note on Friday, September 20th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $81.38.

Institutional Trading of Prosperity Bancshares

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Los Angeles Capital Management LLC purchased a new stake in Prosperity Bancshares during the 3rd quarter valued at approximately $4,804,000. Prospector Partners LLC grew its holdings in shares of Prosperity Bancshares by 24.6% in the 3rd quarter. Prospector Partners LLC now owns 228,992 shares of the bank’s stock worth $16,503,000 after acquiring an additional 45,177 shares during the period. Thrivent Financial for Lutherans grew its holdings in shares of Prosperity Bancshares by 16.0% in the 2nd quarter. Thrivent Financial for Lutherans now owns 811,772 shares of the bank’s stock worth $49,632,000 after acquiring an additional 112,101 shares during the period. Sanctuary Advisors LLC acquired a new stake in shares of Prosperity Bancshares in the 3rd quarter worth approximately $372,000. Finally, US Bancorp DE grew its holdings in shares of Prosperity Bancshares by 3.4% in the 3rd quarter. US Bancorp DE now owns 4,720 shares of the bank’s stock worth $340,000 after acquiring an additional 153 shares during the period. 80.69% of the stock is owned by hedge funds and other institutional investors.

About Prosperity Bancshares

Prosperity Bancshares, Inc operates as bank holding company for the Prosperity Bank that provides financial products and services to businesses and consumers. It accepts various deposit products, such as demand, savings, money market, and time accounts, as well as and certificates of deposit. The company also offers 1-4 family residential mortgage, commercial real estate and multifamily residential, commercial and industrial, agricultural, and non-real estate agricultural loans, as well as construction, land development, and other land loans; consumer loans, including automobile, recreational vehicle, boat, home improvement, personal, and deposit account collateralized loans; term loans and lines of credit; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and purchase of equipment and machinery.