Prosperity Bancshares, Inc. (NYSE:PB) Director Ned S. Holmes Sells 500 Shares of Stock

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned S. Holmes sold 500 shares of the business’s stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $83.04, for a total transaction of $41,520.00. Following the transaction, the director now owns 112,815 shares of the company’s stock, valued at approximately $9,368,157.60. This represents a 0.44 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Prosperity Bancshares Stock Performance

Prosperity Bancshares stock opened at $83.38 on Thursday. The stock has a market cap of $7.94 billion, a P/E ratio of 17.70, a price-to-earnings-growth ratio of 1.24 and a beta of 0.92. The firm’s fifty day moving average price is $76.67 and its 200-day moving average price is $70.18. Prosperity Bancshares, Inc. has a fifty-two week low of $57.16 and a fifty-two week high of $86.75.

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

Prosperity Bancshares Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be paid a dividend of $0.58 per share. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.56. The ex-dividend date of this dividend is Friday, December 13th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.78%. Prosperity Bancshares’s payout ratio is presently 47.56%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on PB shares. Truist Financial downgraded shares of Prosperity Bancshares from a “buy” rating to a “hold” rating and lowered their price target for the stock from $81.00 to $79.00 in a report on Friday, September 20th. Hovde Group upped their price target on shares of Prosperity Bancshares from $80.50 to $82.50 and gave the stock an “outperform” rating in a report on Monday, August 26th. Raymond James cut shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price objective on the stock. in a research note on Tuesday, September 17th. Wedbush reaffirmed an “outperform” rating and set a $90.00 price target on shares of Prosperity Bancshares in a research report on Thursday, October 24th. Finally, StockNews.com cut shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Friday, November 29th. One analyst has rated the stock with a sell rating, four have given a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $79.95.

Institutional Investors Weigh In On Prosperity Bancshares

Several hedge funds have recently bought and sold shares of the business. Victory Capital Management Inc. boosted its stake in Prosperity Bancshares by 3.0% during the second quarter. Victory Capital Management Inc. now owns 6,359,165 shares of the bank’s stock worth $388,799,000 after acquiring an additional 184,453 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Prosperity Bancshares by 14.2% in the second quarter. Dimensional Fund Advisors LP now owns 4,287,615 shares of the bank’s stock worth $262,141,000 after buying an additional 532,241 shares during the last quarter. Geode Capital Management LLC raised its holdings in Prosperity Bancshares by 0.9% in the third quarter. Geode Capital Management LLC now owns 1,708,509 shares of the bank’s stock worth $123,162,000 after buying an additional 15,309 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Prosperity Bancshares by 0.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,183,295 shares of the bank’s stock worth $85,280,000 after buying an additional 6,518 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in Prosperity Bancshares by 2.1% in the second quarter. Bank of New York Mellon Corp now owns 935,420 shares of the bank’s stock worth $57,192,000 after buying an additional 19,224 shares during the last quarter. Institutional investors own 80.69% of the company’s stock.

About Prosperity Bancshares

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.