Prosperity Bancshares (NYSE:PB) Director Sells 600 Shares

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned Holmes sold 600 shares of the company’s stock in a transaction that occurred on Wednesday, February 4th. The stock was sold at an average price of $72.62, for a total transaction of $43,572.00. Following the completion of the sale, the director directly owned 42,000 shares of the company’s stock, valued at $3,050,040. The trade was a 1.41% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

Prosperity Bancshares Stock Performance

Shares of PB traded down $0.12 during mid-day trading on Thursday, hitting $72.84. 1,144,021 shares of the company were exchanged, compared to its average volume of 1,241,684. The company has a 50 day moving average of $71.07 and a 200-day moving average of $68.20. The stock has a market cap of $6.92 billion, a price-to-earnings ratio of 12.70, a price-to-earnings-growth ratio of 0.92 and a beta of 0.67. Prosperity Bancshares, Inc. has a 1-year low of $61.06 and a 1-year high of $81.53.

Prosperity Bancshares (NYSE:PB) last posted its earnings results on Wednesday, January 28th. The bank reported $1.46 earnings per share for the quarter, beating the consensus estimate of $1.45 by $0.01. Prosperity Bancshares had a net margin of 31.22% and a return on equity of 7.11%. The firm had revenue of $317.73 million during the quarter, compared to the consensus estimate of $319.30 million. During the same quarter last year, the firm earned $1.37 EPS. The firm’s revenue for the quarter was down 5.9% on a year-over-year basis. Research analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Friday, March 13th will be issued a $0.60 dividend. The ex-dividend date is Friday, March 13th. This represents a $2.40 annualized dividend and a yield of 3.3%. Prosperity Bancshares’s payout ratio is 41.88%.

Wall Street Analysts Forecast Growth

PB has been the subject of several recent research reports. DA Davidson reissued a “neutral” rating and set a $76.00 target price on shares of Prosperity Bancshares in a research note on Thursday, January 29th. Raymond James Financial cut shares of Prosperity Bancshares from an “outperform” rating to a “market perform” rating in a research note on Wednesday, January 7th. Royal Bank Of Canada dropped their price objective on Prosperity Bancshares from $78.00 to $72.00 and set a “sector perform” rating for the company in a research note on Friday, October 10th. Piper Sandler cut shares of Prosperity Bancshares from an “overweight” rating to a “neutral” rating and lowered their price target for the stock from $77.00 to $74.00 in a research report on Thursday, January 29th. Finally, Barclays cut shares of Prosperity Bancshares from an “equal weight” rating to an “underweight” rating and lowered their price objective for the company from $75.00 to $68.00 in a research report on Monday. Seven analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $78.77.

Institutional Investors Weigh In On Prosperity Bancshares

Hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in Prosperity Bancshares by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 10,256,927 shares of the bank’s stock worth $708,856,000 after purchasing an additional 140,035 shares in the last quarter. State Street Corp lifted its position in Prosperity Bancshares by 6.6% in the third quarter. State Street Corp now owns 5,580,039 shares of the bank’s stock valued at $373,231,000 after purchasing an additional 343,062 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Prosperity Bancshares by 0.6% in the third quarter. Dimensional Fund Advisors LP now owns 4,784,022 shares of the bank’s stock worth $317,416,000 after purchasing an additional 28,994 shares during the last quarter. AQR Capital Management LLC increased its stake in shares of Prosperity Bancshares by 43.6% during the third quarter. AQR Capital Management LLC now owns 3,421,408 shares of the bank’s stock valued at $226,531,000 after buying an additional 1,038,246 shares during the period. Finally, American Century Companies Inc. grew its stake in Prosperity Bancshares by 48.7% in the third quarter. American Century Companies Inc. now owns 2,122,031 shares of the bank’s stock worth $140,797,000 after purchasing an additional 695,114 shares during the period. 80.69% of the stock is owned by institutional investors.

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.