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

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned Holmes sold 600 shares of the firm’s stock in a transaction that occurred on Wednesday, March 18th. The stock was sold at an average price of $64.29, for a total transaction of $38,574.00. Following the transaction, the director directly owned 41,400 shares of the company’s stock, valued at approximately $2,661,606. This trade represents a 1.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Prosperity Bancshares Price Performance

NYSE:PB traded down $0.09 on Thursday, reaching $64.01. The stock had a trading volume of 420,103 shares, compared to its average volume of 1,264,766. The company has a market cap of $6.50 billion, a price-to-earnings ratio of 11.16, a P/E/G ratio of 0.91 and a beta of 0.66. The firm’s fifty day moving average is $70.97 and its two-hundred day moving average is $68.74. Prosperity Bancshares, Inc. has a 12-month low of $61.06 and a 12-month high of $77.20.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings data on Wednesday, January 28th. The bank reported $1.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.45 by $0.01. The business had revenue of $317.73 million for the quarter, compared to analysts’ expectations of $319.30 million. Prosperity Bancshares had a return on equity of 7.11% and a net margin of 31.22%.The business’s revenue was down 5.9% on a year-over-year basis. During the same quarter last year, the firm earned $1.37 earnings per share. As a group, research analysts forecast that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Friday, March 13th will be paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 3.7%. The ex-dividend date is Friday, March 13th. Prosperity Bancshares’s payout ratio is currently 41.88%.

Institutional Trading of Prosperity Bancshares

Several institutional investors have recently added to or reduced their stakes in PB. AQR Capital Management LLC lifted its position 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 worth $167,393,000 after buying an additional 1,516,939 shares during the last quarter. American Century Companies Inc. lifted its holdings in shares of Prosperity Bancshares by 4,674.9% in the 2nd quarter. American Century Companies Inc. now owns 1,426,917 shares of the bank’s stock worth $100,227,000 after purchasing an additional 1,397,033 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC boosted its position in Prosperity Bancshares by 910.4% during the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,311,051 shares of the bank’s stock valued at $90,607,000 after purchasing an additional 1,181,295 shares during the period. Norges Bank bought a new position in Prosperity Bancshares during the 2nd quarter worth $53,398,000. Finally, Artisan Partners Limited Partnership bought a new position in Prosperity Bancshares during the 4th quarter worth $44,822,000. Institutional investors own 80.69% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. DA Davidson reiterated a “neutral” rating and issued a $76.00 target price on shares of Prosperity Bancshares in a research note on Thursday, January 29th. TD Cowen reissued a “buy” rating on shares of Prosperity Bancshares in a research report on Wednesday, January 7th. Morgan Stanley increased their price objective on shares of Prosperity Bancshares from $80.00 to $91.00 and gave the company an “overweight” rating in a research report on Monday, March 2nd. Hovde Group raised their price objective on Prosperity Bancshares from $75.00 to $77.00 and gave the company an “outperform” rating in a research note on Thursday, January 29th. Finally, Raymond James Financial lowered Prosperity Bancshares from an “outperform” rating to a “market perform” rating in a research report on Wednesday, January 7th. Seven analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $78.92.

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.