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

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned Holmes sold 600 shares of the business’s stock in a transaction on Wednesday, January 14th. The shares were sold at an average price of $71.65, for a total transaction of $42,990.00. Following the completion of the sale, the director directly owned 42,300 shares in the company, valued at $3,030,795. This trade represents a 1.40% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Prosperity Bancshares Trading Up 1.6%

NYSE PB traded up $1.11 during trading hours on Wednesday, reaching $72.46. 514,321 shares of the company’s stock were exchanged, compared to its average volume of 795,547. The firm has a fifty day moving average of $69.59 and a 200-day moving average of $68.36. Prosperity Bancshares, Inc. has a one year low of $61.06 and a one year high of $82.75. The stock has a market cap of $6.88 billion, a PE ratio of 12.92, a price-to-earnings-growth ratio of 0.94 and a beta of 0.68.

Prosperity Bancshares (NYSE:PB) last announced its earnings results on Wednesday, October 29th. The bank reported $1.45 EPS for the quarter, hitting the consensus estimate of $1.45. Prosperity Bancshares had a return on equity of 7.06% and a net margin of 30.28%.The company had revenue of $314.67 million for the quarter, compared to analysts’ expectations of $317.94 million. During the same quarter in the prior year, the business earned $1.34 earnings per share. The business’s revenue for the quarter was up 3.9% on a year-over-year basis. As a group, research analysts forecast that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Prosperity Bancshares Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, January 2nd. Investors of record on Monday, December 15th were issued a $0.60 dividend. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.58. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend was Monday, December 15th. Prosperity Bancshares’s dividend payout ratio (DPR) is 42.78%.

Institutional Investors Weigh In On Prosperity Bancshares

A number of hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. increased its holdings in Prosperity Bancshares by 4.8% in the third quarter. Vanguard Group Inc. now owns 10,116,892 shares of the bank’s stock valued at $671,256,000 after purchasing an additional 465,227 shares during the period. State Street Corp increased its holdings in shares of Prosperity Bancshares by 6.6% during the third quarter. State Street Corp now owns 5,580,039 shares of the bank’s stock valued at $373,231,000 after acquiring an additional 343,062 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Prosperity Bancshares by 0.6% during the third quarter. Dimensional Fund Advisors LP now owns 4,784,022 shares of the bank’s stock worth $317,416,000 after purchasing an additional 28,994 shares during the period. AQR Capital Management LLC lifted its holdings in shares of Prosperity Bancshares by 43.6% in the 3rd quarter. AQR Capital Management LLC now owns 3,421,408 shares of the bank’s stock worth $226,531,000 after purchasing an additional 1,038,246 shares in the last quarter. Finally, American Century Companies Inc. grew its position in Prosperity Bancshares by 48.7% in the 3rd quarter. American Century Companies Inc. now owns 2,122,031 shares of the bank’s stock valued at $140,797,000 after purchasing an additional 695,114 shares during the period. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have commented on PB shares. Weiss Ratings reiterated a “hold (c)” rating on shares of Prosperity Bancshares in a research report on Wednesday, October 8th. Raymond James Financial cut shares of Prosperity Bancshares from an “outperform” rating to a “market perform” rating in a report on Wednesday, January 7th. TD Cowen lifted their target price on Prosperity Bancshares from $83.00 to $84.00 and gave the company a “buy” rating in a research report on Wednesday, January 7th. Cowen restated a “buy” rating on shares of Prosperity Bancshares in a research note on Wednesday, January 7th. Finally, Hovde Group downgraded shares of Prosperity Bancshares from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 26th. Eight analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat.com, Prosperity Bancshares currently has a consensus rating of “Moderate Buy” and an average price target of $80.75.

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.