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, November 20th. The shares were sold at an average price of $81.44, for a total transaction of $40,720.00. Following the sale, the director now directly owns 113,815 shares of the company’s stock, valued at approximately $9,269,093.60. This represents a 0.44 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Prosperity Bancshares Stock Performance

PB opened at $82.34 on Friday. Prosperity Bancshares, Inc. has a fifty-two week low of $57.16 and a fifty-two week high of $85.13. The stock has a market capitalization of $7.84 billion, a price-to-earnings ratio of 17.48, a PEG ratio of 1.22 and a beta of 0.89. The company has a fifty day moving average of $74.38 and a 200 day moving average of $68.76.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, topping 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 business had revenue of $459.00 million during the quarter, compared to analysts’ expectations of $299.83 million. During the same period last year, the company posted $1.20 EPS. On average, equities research analysts forecast that Prosperity Bancshares, Inc. will post 5.05 earnings per share for the current year.

Prosperity Bancshares Increases Dividend

The company 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 $0.58 dividend. This represents a $2.32 annualized dividend and a dividend yield of 2.82%. The ex-dividend date is Friday, December 13th. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.56. Prosperity Bancshares’s dividend payout ratio (DPR) is 47.56%.

Institutional Investors Weigh In On Prosperity Bancshares

Institutional investors have recently made changes to their positions in the company. Amica Mutual Insurance Co. lifted its holdings in shares of Prosperity Bancshares by 41.9% in the 2nd quarter. Amica Mutual Insurance Co. now owns 157,770 shares of the bank’s stock worth $9,646,000 after acquiring an additional 46,593 shares during the last quarter. Los Angeles Capital Management LLC bought a new stake in Prosperity Bancshares during the 3rd quarter valued at about $4,804,000. Harbor Capital Advisors Inc. lifted its holdings in Prosperity Bancshares by 394.8% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 11,465 shares of the bank’s stock valued at $701,000 after buying an additional 9,148 shares in the last quarter. Thrivent Financial for Lutherans lifted its holdings in Prosperity Bancshares by 16.0% during 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 in the last quarter. Finally, US Bancorp DE lifted its holdings in Prosperity Bancshares by 3.4% during the 3rd quarter. US Bancorp DE now owns 4,720 shares of the bank’s stock valued at $340,000 after buying an additional 153 shares in the last quarter. Institutional investors own 80.69% of the company’s stock.

Analysts Set New Price Targets

PB has been the subject of a number of research reports. DA Davidson cut shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating and reduced their target price for the company from $80.00 to $78.00 in a report on Tuesday, October 15th. Hovde Group upped their target price 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. Piper Sandler upped their target price on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the company an “overweight” rating in a report on Thursday, July 25th. Raymond James cut shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 target price for the company. in a report on Tuesday, September 17th. Finally, Morgan Stanley raised shares of Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $75.00 to $86.00 in a research note on Monday, August 5th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and nine have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $78.96.

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.