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 company’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $78.43, for a total transaction of $39,215.00. Following the transaction, the director now directly owns 108,815 shares of the company’s stock, valued at $8,534,360.45. This trade represents a 0.46 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

Prosperity Bancshares Stock Up 1.2 %

PB opened at $78.88 on Friday. The firm’s 50 day moving average is $79.29 and its 200-day moving average is $73.83. Prosperity Bancshares, Inc. has a 52-week low of $57.16 and a 52-week high of $86.75. The firm has a market capitalization of $7.51 billion, a P/E ratio of 16.75, a P/E/G ratio of 1.03 and a beta of 0.93.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.31 by $0.03. The firm had revenue of $459.00 million for the quarter, compared to the consensus estimate 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. Equities analysts expect that Prosperity Bancshares, Inc. will post 5.04 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on PB. UBS Group lowered their price objective on shares of Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating for the company in a research note on Thursday, December 26th. Barclays boosted their price target on Prosperity Bancshares from $84.00 to $88.00 and gave the company an “equal weight” rating in a research report on Friday, December 20th. Truist Financial downgraded Prosperity Bancshares from a “buy” rating to a “hold” rating and cut their price objective for the stock from $81.00 to $79.00 in a report on Friday, September 20th. Bank of America upgraded Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $80.00 target price for the company in a report on Tuesday, January 7th. Finally, StockNews.com lowered shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Wednesday, January 8th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $81.38.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Quest Partners LLC increased its holdings in Prosperity Bancshares by 3,147.1% during the 2nd quarter. Quest Partners LLC now owns 552 shares of the bank’s stock worth $34,000 after purchasing an additional 535 shares during the last quarter. Headlands Technologies LLC acquired a new stake in shares of Prosperity Bancshares during the second quarter worth approximately $46,000. American Century Companies Inc. increased its stake in shares of Prosperity Bancshares by 2.0% in the second quarter. American Century Companies Inc. now owns 29,315 shares of the bank’s stock worth $1,792,000 after buying an additional 575 shares during the last quarter. Federated Hermes Inc. raised its holdings in Prosperity Bancshares by 9.8% in the second quarter. Federated Hermes Inc. now owns 66,059 shares of the bank’s stock valued at $4,039,000 after acquiring an additional 5,920 shares in the last quarter. Finally, Envestnet Asset Management Inc. boosted its stake in Prosperity Bancshares by 7.2% during the 2nd quarter. Envestnet Asset Management Inc. now owns 47,395 shares of the bank’s stock valued at $2,898,000 after acquiring an additional 3,175 shares during the last quarter. Institutional investors and hedge funds own 80.69% of the company’s stock.

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.