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 Prosperity Bancshares stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $75.25, for a total value of $37,625.00. Following the completion of the transaction, the director now owns 109,815 shares of the company’s stock, valued at approximately $8,263,578.75. This trade represents a 0.45 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

Prosperity Bancshares Stock Up 0.8 %

Shares of NYSE PB traded up $0.63 during midday trading on Monday, reaching $75.66. 165,371 shares of the stock were exchanged, compared to its average volume of 306,524. The firm has a 50-day simple moving average of $79.18 and a two-hundred day simple moving average of $72.79. Prosperity Bancshares, Inc. has a twelve month low of $57.16 and a twelve month high of $86.75. The firm has a market cap of $7.21 billion, a price-to-earnings ratio of 16.06, a PEG ratio of 1.19 and a beta of 0.93.

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

Prosperity Bancshares Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th were given a dividend of $0.58 per share. The ex-dividend date of this dividend was Friday, December 13th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.07%. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.56. Prosperity Bancshares’s dividend payout ratio is currently 49.26%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Raymond James cut Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 target price on the stock. in a research note on Tuesday, September 17th. Royal Bank of Canada restated a “sector perform” rating and issued a $77.00 target price on shares of Prosperity Bancshares in a research report on Thursday, October 24th. Wolfe Research reissued a “peer perform” rating on shares of Prosperity Bancshares in a research note on Thursday, December 5th. Truist Financial cut shares of Prosperity Bancshares from a “buy” rating to a “hold” rating and cut their price objective for the company from $81.00 to $79.00 in a research note on Friday, September 20th. Finally, Wedbush reiterated an “outperform” rating and issued a $90.00 price objective on shares of Prosperity Bancshares in a report on Thursday, October 24th. Six analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $81.50.

Hedge Funds Weigh In On Prosperity Bancshares

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Los Angeles Capital Management LLC purchased a new position in shares of Prosperity Bancshares in the 3rd quarter valued at about $4,804,000. Prospector Partners LLC boosted its stake in Prosperity Bancshares by 24.6% in the third quarter. Prospector Partners LLC now owns 228,992 shares of the bank’s stock valued at $16,503,000 after acquiring an additional 45,177 shares in the last quarter. Thrivent Financial for Lutherans grew its holdings in shares of Prosperity Bancshares by 16.0% during the second quarter. Thrivent Financial for Lutherans now owns 811,772 shares of the bank’s stock worth $49,632,000 after purchasing an additional 112,101 shares during the last quarter. Sanctuary Advisors LLC acquired a new stake in shares of Prosperity Bancshares during the third quarter worth about $372,000. Finally, US Bancorp DE boosted its position in shares of Prosperity Bancshares by 3.4% in the 3rd quarter. US Bancorp DE now owns 4,720 shares of the bank’s stock valued at $340,000 after purchasing an additional 153 shares during the period. 80.69% of the stock is owned by institutional investors and hedge funds.

Prosperity Bancshares Company Profile

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.