Ned Holmes Sells 500 Shares of Prosperity Bancshares (NYSE:PB) Stock

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned Holmes sold 500 shares of the business’s stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $70.56, for a total value of $35,280.00. Following the completion of the sale, the director owned 73,615 shares in the company, valued at $5,194,274.40. This represents a 0.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.

Prosperity Bancshares Stock Up 0.7%

Prosperity Bancshares stock opened at $72.00 on Friday. The firm has a 50 day simple moving average of $70.18 and a 200 day simple moving average of $69.99. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.01. Prosperity Bancshares, Inc. has a 1-year low of $61.06 and a 1-year high of $77.20. The firm has a market capitalization of $7.26 billion, a price-to-earnings ratio of 13.04, a P/E/G ratio of 1.15 and a beta of 0.63.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings results on Wednesday, April 29th. The bank reported $1.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.41 by $0.09. Prosperity Bancshares had a net margin of 29.50% and a return on equity of 7.20%. The firm had revenue of $367.62 million for the quarter, compared to the consensus estimate of $358.60 million. During the same period in the prior year, the firm posted $1.37 earnings per share. The company’s revenue for the quarter was up 19.9% on a year-over-year basis. On average, analysts predict that Prosperity Bancshares, Inc. will post 6.25 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 1st. Shareholders of record on Monday, June 15th were given a dividend of $0.60 per share. The ex-dividend date was Monday, June 15th. This represents a $2.40 annualized dividend and a yield of 3.3%. Prosperity Bancshares’s payout ratio is presently 43.48%.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Piper Sandler lifted their price objective on Prosperity Bancshares from $74.00 to $75.00 and gave the stock a “neutral” rating in a report on Thursday, April 30th. Morgan Stanley reiterated an “equal weight” rating and issued a $80.00 price objective (down from $85.00) on shares of Prosperity Bancshares in a report on Monday, July 6th. Weiss Ratings upgraded Prosperity Bancshares from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, July 1st. TD Cowen raised their target price on shares of Prosperity Bancshares from $77.00 to $79.00 and gave the stock a “buy” rating in a research report on Friday, May 1st. Finally, Wall Street Zen raised Prosperity Bancshares from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 16th. Five equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Prosperity Bancshares presently has an average rating of “Hold” and a consensus price target of $76.36.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake in shares of Prosperity Bancshares by 1.4% in 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 during the period. State Street Corp raised its position in shares of Prosperity Bancshares by 6.6% during the third quarter. State Street Corp now owns 5,580,039 shares of the bank’s stock valued at $373,231,000 after buying an additional 343,062 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Prosperity Bancshares by 4.3% in the first quarter. Dimensional Fund Advisors LP now owns 4,929,309 shares of the bank’s stock worth $331,142,000 after buying an additional 205,291 shares in the last quarter. AQR Capital Management LLC lifted its stake in Prosperity Bancshares by 34.5% in the 4th quarter. AQR Capital Management LLC now owns 4,600,715 shares of the bank’s stock worth $317,955,000 after purchasing an additional 1,179,307 shares in the last quarter. Finally, Morgan Stanley grew its position in shares of Prosperity Bancshares by 0.4% during the fourth quarter. Morgan Stanley now owns 3,679,871 shares of the bank’s stock valued at $254,316,000 after purchasing an additional 15,192 shares in the last quarter. Institutional investors own 80.69% of the company’s stock.

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.