Ned S. Holmes Sells 500 Shares of Prosperity Bancshares, Inc. (NYSE:PB) Stock

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned S. Holmes sold 500 shares of the firm’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $75.25, for a total transaction of $37,625.00. Following the completion of the transaction, the director now directly owns 109,815 shares in the company, valued at $8,263,578.75. This trade represents a 0.45 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

Prosperity Bancshares Stock Down 1.4 %

Shares of PB stock opened at $73.73 on Wednesday. The firm has a market cap of $7.02 billion, a P/E ratio of 15.65, a PEG ratio of 1.19 and a beta of 0.93. The company has a 50 day moving average of $79.20 and a 200-day moving average of $73.10. Prosperity Bancshares, Inc. has a 12-month low of $57.16 and a 12-month high of $86.75.

Prosperity Bancshares (NYSE:PB) last released its earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.31 by $0.03. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%. The business had revenue of $459.00 million during the quarter, compared to the consensus estimate of $299.83 million. During the same period last year, the business posted $1.20 earnings per share. As a group, equities analysts expect that Prosperity Bancshares, Inc. will post 5.05 EPS for the current year.

Prosperity Bancshares Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th were issued a dividend of $0.58 per share. The ex-dividend date of this dividend was Friday, December 13th. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.56. This represents a $2.32 annualized dividend and a yield of 3.15%. Prosperity Bancshares’s dividend payout ratio is 49.26%.

Analyst Ratings Changes

Several equities analysts recently weighed in on PB shares. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $77.00 price target on shares of Prosperity Bancshares in a research report on Thursday, October 24th. Raymond James lowered Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 target price on the stock. in a report on Tuesday, September 17th. Truist Financial downgraded Prosperity Bancshares from a “buy” rating to a “hold” rating and decreased their price target for the stock from $81.00 to $79.00 in a report on Friday, September 20th. DA Davidson cut Prosperity Bancshares from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $80.00 to $78.00 in a research note on Tuesday, October 15th. Finally, Wolfe Research reiterated a “peer perform” rating on shares of Prosperity Bancshares in a research note on Thursday, December 5th. One research analyst has rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $81.38.

Hedge Funds Weigh In On Prosperity Bancshares

Large investors have recently modified their holdings of the business. TD Asset Management Inc lifted its stake in shares of Prosperity Bancshares by 9.5% during the 2nd quarter. TD Asset Management Inc now owns 35,600 shares of the bank’s stock valued at $2,177,000 after buying an additional 3,086 shares in the last quarter. Arizona State Retirement System lifted its position in shares of Prosperity Bancshares by 1.7% during the second quarter. Arizona State Retirement System now owns 26,184 shares of the bank’s stock worth $1,601,000 after acquiring an additional 429 shares in the last quarter. Cullen Frost Bankers Inc. bought a new position in shares of Prosperity Bancshares in the second quarter worth $1,937,000. Strategic Financial Concepts LLC purchased a new position in shares of Prosperity Bancshares in the second quarter valued at $43,000. Finally, Quest Partners LLC raised its stake in shares of Prosperity Bancshares by 3,147.1% during the 2nd quarter. Quest Partners LLC now owns 552 shares of the bank’s stock valued at $34,000 after purchasing an additional 535 shares during the period. Hedge funds and other institutional investors own 80.69% of the company’s stock.

About Prosperity Bancshares

Prosperity Bancshares, Inc operates as bank holding company for the Prosperity Bank that provides financial products and services to businesses and consumers. It accepts various deposit products, such as demand, savings, money market, and time accounts, as well as and certificates of deposit. The company also offers 1-4 family residential mortgage, commercial real estate and multifamily residential, commercial and industrial, agricultural, and non-real estate agricultural loans, as well as construction, land development, and other land loans; consumer loans, including automobile, recreational vehicle, boat, home improvement, personal, and deposit account collateralized loans; term loans and lines of credit; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and purchase of equipment and machinery.