Prosperity Bancshares (NYSE:PB) Director Ned Holmes Sells 500 Shares of Stock

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned Holmes sold 500 shares of the stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $70.56, for a total value of $35,280.00. Following the completion of the sale, the director directly owned 73,615 shares of the company’s stock, valued at $5,194,274.40. This represents a 0.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

Prosperity Bancshares Trading Up 1.5%

Shares of Prosperity Bancshares stock opened at $71.47 on Friday. Prosperity Bancshares, Inc. has a 1 year low of $61.06 and a 1 year high of $77.20. The company’s fifty day simple moving average is $70.12 and its 200-day simple moving average is $69.97. The company has a market cap of $7.21 billion, a price-to-earnings ratio of 12.95, a PEG ratio of 1.13 and a beta of 0.63. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.01.

Prosperity Bancshares (NYSE:PB) last released its earnings results on Wednesday, April 29th. The bank reported $1.50 EPS for the quarter, beating the consensus estimate of $1.41 by $0.09. Prosperity Bancshares had a net margin of 29.50% and a return on equity of 7.20%. The firm had revenue of $367.62 million during the quarter, compared to analysts’ expectations of $358.60 million. During the same period in the prior year, the company earned $1.37 EPS. The business’s quarterly revenue was up 19.9% compared to the same quarter last year. As a group, sell-side analysts expect that Prosperity Bancshares, Inc. will post 6.25 EPS for the current year.

Prosperity Bancshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Monday, June 15th were issued a dividend of $0.60 per share. The ex-dividend date was Monday, June 15th. This represents a $2.40 annualized dividend and a dividend yield of 3.4%. Prosperity Bancshares’s payout ratio is presently 43.48%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Weiss Ratings upgraded shares of Prosperity Bancshares from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, July 1st. Benchmark began coverage on Prosperity Bancshares in a report on Wednesday, June 24th. They issued a “hold” rating for the company. Piper Sandler raised their price objective on Prosperity Bancshares from $74.00 to $75.00 and gave the stock a “neutral” rating in a research report on Thursday, April 30th. Wall Street Zen upgraded Prosperity Bancshares from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 16th. Finally, Citigroup lifted their price objective on Prosperity Bancshares from $74.00 to $75.00 and gave the stock a “neutral” rating in a report on Thursday, June 25th. Five analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $76.36.

Hedge Funds Weigh In On Prosperity Bancshares

A number of hedge funds have recently modified their holdings of PB. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in 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 valued at $2,155,000 after buying an additional 5,326 shares in the last quarter. NewEdge Advisors LLC grew 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 valued at $521,000 after acquiring an additional 1,962 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised 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 acquiring an additional 17,345 shares in the last quarter. Jane Street Group LLC raised its stake in Prosperity Bancshares by 182.8% during the first quarter. Jane Street Group LLC now owns 104,755 shares of the bank’s stock worth $7,476,000 after acquiring an additional 67,712 shares in the last quarter. Finally, Sivia Capital Partners LLC bought a new position in shares of Prosperity Bancshares during the second quarter valued at $359,000. 80.69% of the stock is owned by institutional investors and hedge funds.

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.