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 stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $84.66, for a total transaction of $42,330.00. Following the completion of the sale, the director now directly owns 113,315 shares in the company, valued at approximately $9,593,247.90. The trade was a 0.44 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

Prosperity Bancshares Stock Down 0.4 %

NYSE:PB opened at $83.34 on Wednesday. The stock has a market cap of $7.94 billion, a P/E ratio of 17.69, a price-to-earnings-growth ratio of 1.25 and a beta of 0.92. The firm’s fifty day simple moving average is $76.42 and its 200 day simple moving average is $70.09. Prosperity Bancshares, Inc. has a twelve month low of $57.16 and a twelve month high of $86.75.

Prosperity Bancshares (NYSE:PB) last announced its earnings results on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, beating analysts’ consensus estimates of $1.31 by $0.03. Prosperity Bancshares had a net margin of 25.39% and a return on equity of 6.46%. The firm had revenue of $459.00 million for the quarter, compared to analysts’ expectations of $299.83 million. During the same quarter in the previous year, the business posted $1.20 EPS. On average, analysts expect that Prosperity Bancshares, Inc. will post 5.05 EPS for the current fiscal 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 issued a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.78%. The ex-dividend date of this dividend is Friday, December 13th. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.56. Prosperity Bancshares’s payout ratio is 47.56%.

Analyst Ratings Changes

PB has been the topic of a number of recent analyst reports. Barclays increased their price target on shares of Prosperity Bancshares from $75.00 to $76.00 and gave the stock an “equal weight” rating in a report on Thursday, October 24th. Royal Bank of Canada reissued a “sector perform” rating and issued a $77.00 price target on shares of Prosperity Bancshares in a report on Thursday, October 24th. Truist Financial downgraded shares of Prosperity Bancshares from a “buy” rating to a “hold” rating and lowered their target price for the company from $81.00 to $79.00 in a research note on Friday, September 20th. Hovde Group raised their target price on shares of Prosperity Bancshares from $80.50 to $82.50 and gave the company an “outperform” rating in a research note on Monday, August 26th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $90.00 target price on shares of Prosperity Bancshares in a research note on Thursday, October 24th. One analyst has rated the stock with a sell rating, four have issued a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, Prosperity Bancshares currently has a consensus rating of “Moderate Buy” and a consensus target price of $79.95.

Institutional Trading of Prosperity Bancshares

A number of hedge funds have recently modified their holdings of PB. GAMMA Investing LLC boosted its holdings in shares of Prosperity Bancshares by 59.6% during the 2nd quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock valued at $29,000 after buying an additional 177 shares in the last quarter. Quarry LP boosted its holdings in shares of Prosperity Bancshares by 533.3% during the 2nd quarter. Quarry LP now owns 494 shares of the bank’s stock valued at $30,000 after buying an additional 416 shares in the last quarter. Quest Partners LLC boosted its holdings in shares of Prosperity Bancshares by 3,147.1% during the 2nd quarter. Quest Partners LLC now owns 552 shares of the bank’s stock valued at $34,000 after buying an additional 535 shares in the last quarter. Strategic Financial Concepts LLC bought a new stake in shares of Prosperity Bancshares during the 2nd quarter valued at $43,000. Finally, Headlands Technologies LLC bought a new stake in shares of Prosperity Bancshares during the 2nd quarter valued at $46,000. 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.