Prosperity Bancshares, Inc. (NYSE:PB – Get Free Report) Director Ned Holmes sold 500 shares of Prosperity Bancshares stock in a transaction that occurred on Wednesday, August 26th. The shares were sold at an average price of $73.19, for a total transaction of $36,595.00. Following the completion of the transaction, the director directly owned 70,115 shares in the company, valued at $5,131,716.85. This trade represents a 0.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
Prosperity Bancshares Stock Down 0.5%
NYSE PB opened at $72.72 on Friday. The business has a fifty day moving average price of $73.14 and a two-hundred day moving average price of $70.53. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.75 and a quick 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 capitalization of $7.33 billion, a PE ratio of 12.60, a PEG ratio of 0.80 and a beta of 0.64.
Prosperity Bancshares (NYSE:PB – Get Free Report) last issued its earnings results on Wednesday, July 29th. The bank reported $1.62 earnings per share for the quarter, beating analysts’ consensus estimates 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 $369.18 million for the quarter, compared to the consensus estimate of $380.73 million. During the same quarter last year, the business posted $1.42 EPS. The company’s revenue was up 25.9% compared to the same quarter last year. Equities analysts expect that Prosperity Bancshares, Inc. will post 6.47 earnings per share for the current fiscal year.
Prosperity Bancshares Announces Dividend
Hedge Funds Weigh In On Prosperity Bancshares
Several large investors have recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Prosperity Bancshares by 21.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 30,198 shares of the bank’s stock valued at $2,155,000 after purchasing an additional 5,326 shares in the last quarter. NewEdge Advisors LLC increased its stake in shares of 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 buying an additional 1,962 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Prosperity Bancshares by 5.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 346,151 shares of the bank’s stock valued at $24,705,000 after buying an additional 17,345 shares during the last quarter. Jane Street Group LLC raised its holdings in Prosperity Bancshares by 182.8% in the 1st quarter. Jane Street Group LLC now owns 104,755 shares of the bank’s stock valued at $7,476,000 after buying an additional 67,712 shares during the last quarter. Finally, Sivia Capital Partners LLC acquired a new stake in Prosperity Bancshares during the 2nd quarter worth approximately $359,000. 80.69% of the stock is currently owned by institutional investors.
Analysts Set New Price Targets
Several brokerages have commented on PB. TD Cowen boosted their target price on Prosperity Bancshares from $82.00 to $84.00 and gave the stock a “buy” rating in a research note on Friday, July 31st. Cantor Fitzgerald restated an “overweight” rating and issued a $80.00 price target on shares of Prosperity Bancshares in a research note on Tuesday, June 23rd. Weiss Ratings raised shares of Prosperity Bancshares from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, July 29th. Morgan Stanley reiterated an “equal weight” rating and set a $80.00 price objective (down from $85.00) on shares of Prosperity Bancshares in a research report on Monday, July 6th. Finally, Piper Sandler increased their price objective on shares of Prosperity Bancshares from $75.00 to $80.00 and gave the company a “neutral” rating in a research note on Thursday, July 30th. Five research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $78.36.
Check Out Our Latest Report on Prosperity Bancshares
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.
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