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

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned Holmes sold 600 shares of the business’s stock in a transaction dated Wednesday, October 14th. The stock was sold at an average price of $66.23, for a total value of $39,738.00. Following the sale, the director owned 38,400 shares in the company, valued at approximately $2,543,232. The trade was a 1.54% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Prosperity Bancshares Stock Up 0.6%

Shares of PB stock traded up $0.37 on Wednesday, reaching $66.70. 1,189,725 shares of the company’s stock traded hands, compared to its average volume of 1,117,758. The company has a market capitalization of $6.73 billion, a P/E ratio of 11.56, a price-to-earnings-growth ratio of 0.74 and a beta of 0.66. Prosperity Bancshares, Inc. has a 12-month low of $61.06 and a 12-month high of $77.20. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.75 and a current ratio of 0.75. The business’s 50 day moving average price is $70.75 and its two-hundred day moving average price is $70.47.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, July 29th. The bank reported $1.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.50 by $0.12. Prosperity Bancshares had a return on equity of 7.39% and a net margin of 29.95%. The firm had revenue of $391.25 million during the quarter, compared to the consensus estimate of $380.73 million. During the same period in the prior year, the business earned $1.42 EPS. The business’s revenue for the quarter was up 25.9% on a year-over-year basis. On average, equities analysts forecast that Prosperity Bancshares, Inc. will post 6.46 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, October 1st. Investors of record on Tuesday, September 15th were issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 3.6%. The ex-dividend date was Tuesday, September 15th. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 41.59%.

Institutional Investors Weigh In On Prosperity Bancshares

A number of hedge funds and other institutional investors have recently made changes to their positions in PB. FOCUS Wealth Advisors LLC purchased a new stake in shares of Prosperity Bancshares during the 3rd quarter worth about $4,419,000. WJ Interests LLC bought a new stake in shares of Prosperity Bancshares in the 3rd quarter valued at approximately $539,000. GAMMA Investing LLC grew its stake in shares of Prosperity Bancshares by 29.5% in the 3rd quarter. GAMMA Investing LLC now owns 2,577 shares of the bank’s stock valued at $171,000 after buying an additional 587 shares in the last quarter. Farther Finance Advisors LLC increased its holdings in Prosperity Bancshares by 15.9% in the third quarter. Farther Finance Advisors LLC now owns 1,867 shares of the bank’s stock worth $124,000 after buying an additional 256 shares during the last quarter. Finally, Kwmg LLC increased its holdings in Prosperity Bancshares by 3.1% in the third quarter. Kwmg LLC now owns 104,332 shares of the bank’s stock worth $6,908,000 after buying an additional 3,108 shares during the last quarter. 80.69% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the stock. Cantor Fitzgerald lowered their price objective on shares of Prosperity Bancshares from $85.00 to $78.00 and set an “overweight” rating on the stock in a research report on Wednesday. TD Cowen cut their target price on shares of Prosperity Bancshares from $84.00 to $78.00 and set a “buy” rating for the company in a research report on Monday, October 5th. Benchmark began coverage on shares of Prosperity Bancshares in a research note on Wednesday, June 24th. They set a “hold” rating for the company. Weiss Ratings raised shares of Prosperity Bancshares from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday. Finally, Piper Sandler boosted their price target on shares of Prosperity Bancshares from $75.00 to $80.00 and gave the company a “neutral” rating in a report on Thursday, July 30th. Six equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $77.55.

Prosperity Bancshares Company Profile

Prosperity Bancshares, Inc is a bank holding company headquartered in Houston, Texas. Through its principal subsidiary, Prosperity Bank, the company provides a range of banking and financial services to individuals, businesses and institutional customers.

Prosperity Bank offers deposit accounts, commercial and consumer lending, mortgage and real estate loans, treasury management, cash management, online and mobile banking, and other related financial services. Its lending activities support businesses, agricultural customers, real estate projects and consumers.

Founded in 1983, Prosperity Bancshares has expanded through organic growth and acquisitions.