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, August 26th. The stock was sold at an average price of $73.19, for a total transaction of $36,595.00. Following the completion of the sale, the director owned 70,115 shares in the company, valued at $5,131,716.85. This represents a 0.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Prosperity Bancshares Trading Up 0.8%

Prosperity Bancshares stock opened at $73.11 on Thursday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.75 and a current ratio of 0.75. Prosperity Bancshares, Inc. has a fifty-two week low of $61.06 and a fifty-two week high of $77.20. The stock has a market cap of $7.37 billion, a P/E ratio of 12.67, a PEG ratio of 0.79 and a beta of 0.64. The firm’s fifty day moving average price is $73.11 and its 200-day moving average price is $70.55.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings data on Wednesday, July 29th. The bank reported $1.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.50 by $0.12. The company had revenue of $369.18 million during the quarter, compared to analyst estimates of $380.73 million. Prosperity Bancshares had a return on equity of 7.39% and a net margin of 29.95%.The firm’s quarterly revenue was up 25.9% on a year-over-year basis. During the same quarter last year, the company earned $1.42 earnings per share. Equities research analysts forecast that Prosperity Bancshares, Inc. will post 6.47 earnings per share for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 3.3%. The ex-dividend date is Tuesday, September 15th. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 41.59%.

Institutional Investors Weigh In On Prosperity Bancshares

Several hedge funds and other institutional investors have recently modified their holdings of PB. BlackRock Inc. purchased a new stake in Prosperity Bancshares in the second quarter worth about $746,776,000. California State Teachers Retirement System grew its stake in shares of Prosperity Bancshares by 6,498.9% during the 2nd quarter. California State Teachers Retirement System now owns 7,924,120 shares of the bank’s stock valued at $578,698,000 after acquiring an additional 7,804,038 shares during the period. Barrow Hanley Mewhinney & Strauss LLC purchased a new stake in Prosperity Bancshares in the 2nd quarter worth approximately $350,099,000. AQR Capital Management LLC increased its holdings in 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 acquiring an additional 1,516,939 shares in the last quarter. Finally, Algebris UK Ltd. bought a new stake in Prosperity Bancshares during the 2nd quarter worth approximately $59,465,000. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on PB. Weiss Ratings upgraded Prosperity Bancshares from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, July 29th. TD Cowen raised their target price on shares of Prosperity Bancshares from $82.00 to $84.00 and gave the company a “buy” rating in a research note on Friday, July 31st. Royal Bank Of Canada increased their target price on Prosperity Bancshares from $78.00 to $80.00 and gave the stock a “sector perform” rating in a research note on Thursday, July 30th. Citigroup lifted their price target on Prosperity Bancshares from $75.00 to $79.00 and gave the stock a “neutral” rating in a research report on Friday, July 31st. Finally, 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. Five research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Prosperity Bancshares currently has a consensus rating of “Hold” and a consensus target price of $78.36.

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.