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

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 18th. The stock was sold at an average price of $78.48, for a total value of $39,240.00. Following the transaction, the director now directly owns 110,815 shares in the company, valued at approximately $8,696,761.20. This trade represents a 0.45 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Prosperity Bancshares Stock Up 1.1 %

Shares of NYSE:PB opened at $74.95 on Friday. Prosperity Bancshares, Inc. has a 12-month low of $57.16 and a 12-month high of $86.75. The company’s 50 day moving average price is $78.69 and its two-hundred day moving average price is $71.62. The firm has a market cap of $7.14 billion, a PE ratio of 15.91, a PEG ratio of 1.19 and a beta of 0.92.

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

Prosperity Bancshares Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be given a $0.58 dividend. The ex-dividend date is Friday, December 13th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.10%. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.56. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 49.26%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on PB shares. Raymond James lowered Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 target price on the stock. in a report on Tuesday, September 17th. Wolfe Research reiterated a “peer perform” rating on shares of Prosperity Bancshares in a report on Thursday, December 5th. Truist Financial cut shares of Prosperity Bancshares from a “buy” rating to a “hold” rating and cut their target price for the stock from $81.00 to $79.00 in a research note on Friday, September 20th. DA Davidson downgraded shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $80.00 to $78.00 in a report on Tuesday, October 15th. Finally, Barclays increased their price target on shares of Prosperity Bancshares from $84.00 to $88.00 and gave the company an “equal weight” rating in a report on Friday. One investment analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, Prosperity Bancshares presently has an average rating of “Hold” and an average target price of $82.05.

Institutional Investors Weigh In On Prosperity Bancshares

Several institutional investors and hedge funds have recently bought and sold shares of the company. Dimensional Fund Advisors LP increased its holdings in Prosperity Bancshares by 14.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,287,615 shares of the bank’s stock valued at $262,141,000 after buying an additional 532,241 shares during the period. Point72 Asset Management L.P. acquired a new stake in shares of Prosperity Bancshares during the 3rd quarter worth approximately $16,478,000. Victory Capital Management Inc. increased its stake in Prosperity Bancshares by 3.0% in the second quarter. Victory Capital Management Inc. now owns 6,359,165 shares of the bank’s stock valued at $388,799,000 after acquiring an additional 184,453 shares during the last quarter. Thrivent Financial for Lutherans raised its position in Prosperity Bancshares by 16.0% during the second quarter. Thrivent Financial for Lutherans now owns 811,772 shares of the bank’s stock valued at $49,632,000 after purchasing an additional 112,101 shares in the last quarter. Finally, Jane Street Group LLC lifted its stake in Prosperity Bancshares by 418.0% during the third quarter. Jane Street Group LLC now owns 111,548 shares of the bank’s stock worth $8,039,000 after purchasing an additional 90,015 shares during the last quarter. Institutional investors 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.