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 Wednesday, December 11th. The shares were sold at an average price of $82.17, for a total value of $41,085.00. Following the completion of the transaction, the director now owns 111,315 shares of the company’s stock, valued at approximately $9,146,753.55. This trade represents a 0.45 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Prosperity Bancshares Price Performance

NYSE PB opened at $80.02 on Friday. The company has a fifty day moving average of $78.14 and a two-hundred day moving average of $71.02. The company has a market capitalization of $7.62 billion, a PE ratio of 16.99, a P/E/G ratio of 1.22 and a beta of 0.92. Prosperity Bancshares, Inc. has a 1 year low of $57.16 and a 1 year high of $86.75.

Prosperity Bancshares (NYSE:PB) last announced its earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 period in the prior year, the firm earned $1.20 EPS. On average, research analysts expect that Prosperity Bancshares, Inc. will post 5.05 earnings per share for the current year.

Prosperity Bancshares Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be given a dividend of $0.58 per share. The ex-dividend date is Friday, December 13th. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.56. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.90%. Prosperity Bancshares’s dividend payout ratio (DPR) is 49.26%.

Wall Street Analyst Weigh In

A number of research firms have issued reports on PB. Truist Financial lowered Prosperity Bancshares from a “buy” rating to a “hold” rating and reduced their price target for the company from $81.00 to $79.00 in a research report on Friday, September 20th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $77.00 price target on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Barclays increased their price objective on shares of Prosperity Bancshares from $76.00 to $84.00 and gave the company an “equal weight” rating in a research report on Thursday, December 5th. Hovde Group raised their price objective 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. Finally, Wolfe Research reiterated a “peer perform” rating on shares of Prosperity Bancshares in a research note on Thursday, December 5th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $81.65.

Institutional Trading of Prosperity Bancshares

Institutional investors and hedge funds have recently bought and sold shares of the business. Dimensional Fund Advisors LP raised its stake in Prosperity Bancshares by 14.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,287,615 shares of the bank’s stock valued at $262,141,000 after acquiring an additional 532,241 shares during the last quarter. Point72 Asset Management L.P. acquired a new stake in shares of Prosperity Bancshares during the third quarter worth $16,478,000. Victory Capital Management Inc. lifted its holdings in shares of 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 purchasing an additional 184,453 shares during the period. Thrivent Financial for Lutherans grew its position in Prosperity Bancshares by 16.0% in the 2nd quarter. Thrivent Financial for Lutherans now owns 811,772 shares of the bank’s stock valued at $49,632,000 after buying an additional 112,101 shares during the last quarter. Finally, Jane Street Group LLC increased its stake in Prosperity Bancshares by 418.0% in the 3rd quarter. Jane Street Group LLC now owns 111,548 shares of the bank’s stock valued at $8,039,000 after buying an additional 90,015 shares during the period. Hedge funds and other 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.