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 stock in a transaction on Wednesday, December 11th. The stock was 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 $9,146,753.55. The trade was a 0.45 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

Prosperity Bancshares Trading Up 0.8 %

NYSE:PB traded up $0.67 during mid-day trading on Wednesday, hitting $81.91. The company had a trading volume of 398,159 shares, compared to its average volume of 563,111. The business has a fifty day simple moving average of $77.51 and a 200-day simple moving average of $70.75. The firm has a market capitalization of $7.80 billion, a price-to-earnings ratio of 17.25, a PEG 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 released its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, topping the consensus estimate of $1.31 by $0.03. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%. The firm had revenue of $459.00 million for the quarter, compared to analyst estimates of $299.83 million. During the same period in the previous year, the company posted $1.20 EPS. As a group, research analysts anticipate that Prosperity Bancshares, Inc. will post 5.05 earnings per share for the current year.

Prosperity Bancshares Increases Dividend

The company also recently declared 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. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.56. The ex-dividend date is Friday, December 13th. This represents a $2.32 annualized dividend and a yield of 2.83%. Prosperity Bancshares’s payout ratio is 49.26%.

Wall Street Analyst Weigh In

PB has been the subject of several recent analyst reports. Truist Financial cut shares of Prosperity Bancshares from a “buy” rating to a “hold” rating and reduced their price objective for the company from $81.00 to $79.00 in a research note on Friday, September 20th. Raymond James lowered Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price target on the stock. in a research note on Tuesday, September 17th. Barclays raised their price objective on Prosperity Bancshares from $76.00 to $84.00 and gave the company an “equal weight” rating in a research note on Thursday, December 5th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $77.00 price objective on shares of Prosperity Bancshares in a report on Thursday, October 24th. Finally, Wolfe Research reissued a “peer perform” rating on shares of Prosperity Bancshares in a report on Thursday, December 5th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $80.68.

Hedge Funds Weigh In On Prosperity Bancshares

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Quarry LP grew its stake in 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 purchasing an additional 416 shares in the last quarter. Quest Partners LLC grew its position in shares of Prosperity Bancshares by 3,147.1% during the second quarter. Quest Partners LLC now owns 552 shares of the bank’s stock worth $34,000 after buying an additional 535 shares in the last quarter. GAMMA Investing LLC increased its stake in shares of Prosperity Bancshares by 47.9% in the third quarter. GAMMA Investing LLC now owns 701 shares of the bank’s stock worth $51,000 after buying an additional 227 shares during the last quarter. Headlands Technologies LLC acquired a new stake in Prosperity Bancshares in the second quarter valued at $46,000. Finally, First Horizon Advisors Inc. boosted its stake in Prosperity Bancshares by 190.0% during the 3rd quarter. First Horizon Advisors Inc. now owns 815 shares of the bank’s stock valued at $59,000 after acquiring an additional 534 shares during the last quarter. 80.69% of the stock is owned by hedge funds and other institutional investors.

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.