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 the firm’s stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $81.44, for a total transaction of $40,720.00. Following the completion of the transaction, the director now directly owns 113,815 shares of the company’s stock, valued at approximately $9,269,093.60. The trade was a 0.44 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Prosperity Bancshares Trading Up 0.8 %

Shares of PB opened at $82.34 on Friday. The firm’s 50-day moving average price is $74.38 and its 200-day moving average price is $68.76. The firm has a market capitalization of $7.84 billion, a price-to-earnings ratio of 17.48, a PEG ratio of 1.22 and a beta of 0.89. Prosperity Bancshares, Inc. has a 1-year low of $57.16 and a 1-year high of $85.13.

Prosperity Bancshares (NYSE:PB) last announced its earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share for the quarter, beating analysts’ consensus estimates of $1.31 by $0.03. The firm had revenue of $459.00 million for the quarter, compared to analyst estimates 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 in the previous year, the firm posted $1.20 EPS. On average, research analysts forecast that Prosperity Bancshares, Inc. will post 5.05 EPS for the current fiscal year.

Prosperity Bancshares Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be paid a dividend of $0.58 per share. The ex-dividend date is Friday, December 13th. This represents a $2.32 annualized dividend and a yield of 2.82%. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.56. Prosperity Bancshares’s payout ratio is presently 47.56%.

Institutional Investors Weigh In On Prosperity Bancshares

Several hedge funds have recently bought and sold shares of the business. GAMMA Investing LLC raised its holdings in Prosperity Bancshares by 59.6% in the second quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock worth $29,000 after buying an additional 177 shares during the last quarter. Quarry LP raised its holdings in Prosperity Bancshares by 533.3% in the second quarter. Quarry LP now owns 494 shares of the bank’s stock worth $30,000 after buying an additional 416 shares during the last quarter. Quest Partners LLC raised its holdings in Prosperity Bancshares by 3,147.1% in the second quarter. Quest Partners LLC now owns 552 shares of the bank’s stock worth $34,000 after buying an additional 535 shares during the last quarter. Abich Financial Wealth Management LLC raised its holdings in Prosperity Bancshares by 12,433.3% in the first quarter. Abich Financial Wealth Management LLC now owns 752 shares of the bank’s stock worth $49,000 after buying an additional 746 shares during the last quarter. Finally, Headlands Technologies LLC purchased a new position in Prosperity Bancshares in the second quarter worth about $46,000. Institutional investors own 80.69% of the company’s stock.

Analyst Ratings Changes

Several research analysts have commented on the stock. Hovde Group raised their price target on shares of Prosperity Bancshares from $80.50 to $82.50 and gave the company an “outperform” rating in a report on Monday, August 26th. Piper Sandler raised their price objective on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the company an “overweight” rating in a research report on Thursday, July 25th. Morgan Stanley upgraded shares of Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $75.00 to $86.00 in a research report on Monday, August 5th. StockNews.com cut shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Wednesday. Finally, 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 report on Tuesday, September 17th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $78.96.

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.