Prosperity Bancshares, Inc. (NYSE:PB) Director Sells $39,240.00 in Stock

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 transaction of $39,240.00. Following the completion of the sale, the director now owns 110,815 shares of the company’s stock, valued at approximately $8,696,761.20. The trade was a 0.45 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.

Prosperity Bancshares Price Performance

PB traded down $1.33 on Thursday, hitting $73.97. The company had a trading volume of 223,201 shares, compared to its average volume of 560,033. Prosperity Bancshares, Inc. has a 52-week low of $57.16 and a 52-week high of $86.75. The stock has a fifty day simple moving average of $78.58 and a 200-day simple moving average of $71.43. The firm has a market capitalization of $7.05 billion, a P/E ratio of 15.70, a P/E/G 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 for the quarter, topping the consensus estimate of $1.31 by $0.03. The company had revenue of $459.00 million for the quarter, compared to analysts’ expectations of $299.83 million. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%. During the same period in the prior year, the firm earned $1.20 earnings per share. Equities research analysts expect that Prosperity Bancshares, Inc. will post 5.05 earnings per share for the current fiscal year.

Prosperity Bancshares Increases Dividend

The firm also recently disclosed 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. The ex-dividend date of this dividend is Friday, December 13th. This represents a $2.32 annualized dividend and a yield of 3.14%. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.56. Prosperity Bancshares’s payout ratio is presently 49.26%.

Hedge Funds Weigh In On Prosperity Bancshares

Large investors have recently made changes to their positions in the business. Victory Capital Management Inc. increased its position in shares of Prosperity Bancshares by 3.0% during 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 in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Prosperity Bancshares by 14.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,287,615 shares of the bank’s stock worth $262,141,000 after purchasing an additional 532,241 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Prosperity Bancshares by 0.9% in the third quarter. Geode Capital Management LLC now owns 1,708,509 shares of the bank’s stock worth $123,162,000 after purchasing an additional 15,309 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Prosperity Bancshares by 0.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,183,295 shares of the bank’s stock valued at $85,280,000 after purchasing an additional 6,518 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its position in shares of Prosperity Bancshares by 2.1% during the second quarter. Bank of New York Mellon Corp now owns 935,420 shares of the bank’s stock valued at $57,192,000 after buying an additional 19,224 shares during the last quarter. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PB has been the subject of several analyst reports. Raymond James lowered shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price target for the company. in a research report on Tuesday, September 17th. StockNews.com cut Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Friday, November 29th. Truist Financial cut Prosperity Bancshares from a “buy” rating to a “hold” rating and decreased their price target for the stock from $81.00 to $79.00 in a research note on Friday, September 20th. DA Davidson lowered Prosperity Bancshares from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $80.00 to $78.00 in a research note on Tuesday, October 15th. Finally, Barclays lifted their target price on shares of Prosperity Bancshares from $76.00 to $84.00 and gave the stock an “equal weight” rating in a research note on Thursday, December 5th. One analyst has rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $81.65.

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.