Insider Selling: Prosperity Bancshares (NYSE:PB) Director Sells $42,366.00 in Stock

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned Holmes sold 600 shares of the company’s stock in a transaction that occurred on Wednesday, July 8th. The stock was sold at an average price of $70.61, for a total transaction of $42,366.00. Following the completion of the transaction, the director owned 39,800 shares of the company’s stock, valued at approximately $2,810,278. The trade was a 1.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Prosperity Bancshares Price Performance

Shares of NYSE PB traded up $1.14 during midday trading on Thursday, reaching $71.56. The stock had a trading volume of 133,688 shares, compared to its average volume of 1,179,501. The stock has a 50-day moving average of $70.08 and a 200-day moving average of $69.97. 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 market capitalization of $7.22 billion, a price-to-earnings ratio of 12.96, a price-to-earnings-growth ratio of 1.10 and a beta of 0.63. Prosperity Bancshares, Inc. has a 12-month low of $61.06 and a 12-month high of $77.20.

Prosperity Bancshares (NYSE:PB) last released its earnings results on Wednesday, April 29th. The bank reported $1.50 earnings per share for the quarter, beating analysts’ consensus estimates of $1.41 by $0.09. The company had revenue of $367.62 million for the quarter, compared to analysts’ expectations of $358.60 million. Prosperity Bancshares had a net margin of 29.50% and a return on equity of 7.20%. Prosperity Bancshares’s revenue for the quarter was up 19.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.37 EPS. As a group, research analysts anticipate that Prosperity Bancshares, Inc. will post 6.27 EPS for the current fiscal year.

Prosperity Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Monday, June 15th were issued a $0.60 dividend. The ex-dividend date of this dividend was Monday, June 15th. This represents a $2.40 dividend on an annualized basis and a yield of 3.4%. Prosperity Bancshares’s payout ratio is currently 43.48%.

Institutional Investors Weigh In On Prosperity Bancshares

Several large investors have recently added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Prosperity Bancshares by 21.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 30,198 shares of the bank’s stock worth $2,155,000 after purchasing an additional 5,326 shares during the period. NewEdge Advisors LLC lifted its position in Prosperity Bancshares by 36.8% in the first quarter. NewEdge Advisors LLC now owns 7,295 shares of the bank’s stock worth $521,000 after buying an additional 1,962 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Prosperity Bancshares by 5.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 346,151 shares of the bank’s stock worth $24,705,000 after buying an additional 17,345 shares during the period. Jane Street Group LLC increased its position in Prosperity Bancshares by 182.8% during the first quarter. Jane Street Group LLC now owns 104,755 shares of the bank’s stock valued at $7,476,000 after acquiring an additional 67,712 shares during the last quarter. Finally, Sivia Capital Partners LLC bought a new position in Prosperity Bancshares during the second quarter valued at $359,000. 80.69% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on PB shares. TD Cowen boosted their target price on shares of Prosperity Bancshares from $77.00 to $79.00 and gave the stock a “buy” rating in a report on Friday, May 1st. Cantor Fitzgerald reiterated an “overweight” rating and issued a $80.00 price target on shares of Prosperity Bancshares in a research note on Tuesday, June 23rd. Piper Sandler raised their price objective on Prosperity Bancshares from $74.00 to $75.00 and gave the company a “neutral” rating in a research report on Thursday, April 30th. Citigroup boosted their target price on Prosperity Bancshares from $74.00 to $75.00 and gave the stock a “neutral” rating in a research report on Thursday, June 25th. Finally, Morgan Stanley restated an “equal weight” rating and set a $80.00 price target (down from $85.00) on shares of Prosperity Bancshares in a report on Monday. Five research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Prosperity Bancshares currently has a consensus rating of “Hold” and an average target price of $76.36.

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.