Prosperity Bancshares, Inc. (NYSE:PB – Get Free Report) Director Ned Holmes sold 600 shares of Prosperity Bancshares stock in a transaction that occurred on Wednesday, September 23rd. The shares were sold at an average price of $68.44, for a total value of $41,064.00. Following the completion of the sale, the director directly owned 38,700 shares in the company, valued at approximately $2,648,628. This represents a 1.53% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.
Prosperity Bancshares Stock Down 2.4%
NYSE:PB traded down $1.62 during trading hours on Wednesday, reaching $67.24. 1,787,077 shares of the stock were exchanged, compared to its average volume of 1,119,696. The stock has a market cap of $6.78 billion, a PE ratio of 11.65, a PEG ratio of 0.76 and a beta of 0.63. Prosperity Bancshares, Inc. has a twelve month low of $61.06 and a twelve month high of $77.20. The firm has a 50 day moving average of $72.82 and a 200 day moving average of $70.38. 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 (NYSE:PB – Get Free Report) last posted its quarterly earnings data on Wednesday, July 29th. The bank reported $1.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.50 by $0.12. The company had revenue of $391.25 million for the quarter, compared to the consensus estimate of $380.73 million. Prosperity Bancshares had a net margin of 29.95% and a return on equity of 7.39%. The firm’s revenue was up 25.9% compared to the same quarter last year. During the same period last year, the company earned $1.42 earnings per share. On average, equities analysts expect that Prosperity Bancshares, Inc. will post 6.48 earnings per share for the current year.
Prosperity Bancshares Dividend Announcement
Analyst Upgrades and Downgrades
A number of equities analysts have recently commented on PB shares. Piper Sandler increased their price objective on shares of Prosperity Bancshares from $75.00 to $80.00 and gave the stock a “neutral” rating in a research note on Thursday, July 30th. TD Cowen lifted their target price on Prosperity Bancshares from $82.00 to $84.00 and gave the company a “buy” rating in a research report on Friday, July 31st. Morgan Stanley lowered Prosperity Bancshares from an “equal weight” rating to an “underweight” rating and set a $80.00 target price on the stock. in a report on Tuesday, September 8th. Weiss Ratings raised Prosperity Bancshares from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, July 29th. Finally, Royal Bank Of Canada upped their price objective 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. Five research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $78.18.
Check Out Our Latest Stock Report on Prosperity Bancshares
Institutional Trading of Prosperity Bancshares
Several institutional investors and hedge funds have recently bought and sold shares of PB. BlackRock Inc. bought a new stake in Prosperity Bancshares in the 2nd quarter valued at $746,776,000. Barrow Hanley Mewhinney & Strauss LLC acquired a new stake in Prosperity Bancshares during the 2nd quarter valued at $350,099,000. Dimensional Fund Advisors LP boosted its position in Prosperity Bancshares by 4.3% during the first quarter. Dimensional Fund Advisors LP now owns 4,929,309 shares of the bank’s stock worth $331,142,000 after purchasing an additional 205,291 shares during the period. Geode Capital Management LLC boosted its position in Prosperity Bancshares by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 1,876,428 shares of the bank’s stock worth $129,710,000 after purchasing an additional 7,602 shares during the period. Finally, North Reef Capital Management LP increased its holdings in shares of Prosperity Bancshares by 149.0% in the first quarter. North Reef Capital Management LP now owns 1,107,877 shares of the bank’s stock valued at $74,427,000 after purchasing an additional 662,877 shares during the last quarter. Institutional investors own 80.69% of the company’s stock.
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 banking and financial services to individuals, businesses and institutions.
Prosperity Bank offers a range of deposit products, including checking, savings and time deposit accounts, along with consumer, residential mortgage, commercial and real estate lending. Its services also include treasury management, cash management, online and mobile banking, wealth management and other financial solutions designed for personal and business customers.
Founded in 1983, Prosperity Bancshares has expanded through organic growth and acquisitions.
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