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

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned Holmes sold 600 shares of the stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $67.69, for a total value of $40,614.00. Following the completion of the transaction, the director owned 40,300 shares of the company’s stock, valued at approximately $2,727,907. This trade represents a 1.47% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

Prosperity Bancshares Stock Up 1.7%

Shares of Prosperity Bancshares stock traded up $1.18 during trading on Thursday, hitting $68.73. The company’s stock had a trading volume of 452,396 shares, compared to its average volume of 1,105,128. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.76 and a current ratio of 0.76. The company has a fifty day simple moving average of $68.38 and a two-hundred day simple moving average of $69.62. The company has a market capitalization of $6.93 billion, a PE ratio of 12.44, a P/E/G ratio of 1.05 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.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results on Wednesday, April 29th. The bank reported $1.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.41 by $0.09. The company had revenue of $367.62 million during the quarter, compared to analyst estimates of $358.60 million. Prosperity Bancshares had a net margin of 29.50% and a return on equity of 7.20%. Prosperity Bancshares’s quarterly revenue was up 19.9% compared to the same quarter last year. During the same period last year, the business earned $1.37 EPS. Equities research analysts predict that Prosperity Bancshares, Inc. will post 6.27 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Monday, June 15th will be paid a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 3.5%. The ex-dividend date is Monday, June 15th. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 43.48%.

Hedge Funds Weigh In On Prosperity Bancshares

Several hedge funds have recently modified their holdings of PB. Community Bank N.A. purchased a new position in Prosperity Bancshares in the 3rd quarter worth $29,000. Danske Bank A S purchased a new position in shares of Prosperity Bancshares in the 3rd quarter valued at about $40,000. SouthState Bank Corp purchased a new position in shares of Prosperity Bancshares in the 4th quarter valued at about $49,000. Osaic Holdings Inc. increased 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 in the last quarter. Finally, Eurizon Capital SGR S.p.A. purchased a new position in shares of Prosperity Bancshares in the 4th quarter valued at about $55,000. Institutional investors and hedge funds own 80.69% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on PB shares. Morgan Stanley reduced their price objective on Prosperity Bancshares from $91.00 to $83.00 and set an “overweight” rating for the company in a research report on Tuesday, March 31st. Weiss Ratings lowered Prosperity Bancshares from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday, May 11th. Citigroup raised their price target on Prosperity Bancshares from $72.00 to $74.00 and gave the stock a “neutral” rating in a research note on Monday, May 4th. TD Cowen boosted their price objective on Prosperity Bancshares from $77.00 to $79.00 and gave the company a “buy” rating in a research report on Friday, May 1st. Finally, Wall Street Zen raised Prosperity Bancshares from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 16th. Five analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Prosperity Bancshares has an average rating of “Hold” and an average target price 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.