Insider Selling: Prosperity Bancshares, Inc. (NYSE:PB) Director Sells 500 Shares of Stock

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction 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 completion of the sale, the director now directly owns 110,815 shares of the company’s stock, valued at $8,696,761.20. The trade was a 0.45 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Prosperity Bancshares Stock Performance

PB traded down $1.33 during trading on Thursday, reaching $73.97. 223,201 shares of the company traded hands, compared to its average volume of 560,033. Prosperity Bancshares, Inc. has a 12-month low of $57.16 and a 12-month high of $86.75. The firm has a fifty day simple moving average of $78.58 and a 200 day simple moving average of $71.43. The company has a market cap of $7.05 billion, a P/E ratio of 15.70, a PEG ratio of 1.19 and a beta of 0.92.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, beating the consensus estimate of $1.31 by $0.03. The business had revenue of $459.00 million during the quarter, compared to the consensus estimate of $299.83 million. Prosperity Bancshares had a net margin of 25.39% and a return on equity of 6.46%. During the same quarter in the prior year, the firm earned $1.20 EPS. As a group, sell-side analysts expect that Prosperity Bancshares, Inc. will post 5.05 earnings per share for the current fiscal year.

Prosperity Bancshares Increases Dividend

The company also recently disclosed 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 annualized dividend and a dividend yield of 3.14%. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.56. The ex-dividend date is Friday, December 13th. Prosperity Bancshares’s dividend payout ratio is 49.26%.

Institutional Investors Weigh In On Prosperity Bancshares

Large investors have recently bought and sold shares of the business. Quarry LP lifted its position in shares of Prosperity Bancshares by 533.3% during the second quarter. Quarry LP now owns 494 shares of the bank’s stock worth $30,000 after purchasing an additional 416 shares during the last quarter. Quest Partners LLC increased 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 acquiring an additional 535 shares during the period. Strategic Financial Concepts LLC purchased a new stake in shares of Prosperity Bancshares in the second quarter valued at approximately $43,000. Headlands Technologies LLC purchased a new position in shares of Prosperity Bancshares during the second quarter valued at $46,000. Finally, GAMMA Investing LLC lifted its holdings in Prosperity Bancshares by 47.9% during 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 period. Institutional investors own 80.69% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. Truist Financial lowered shares of Prosperity Bancshares from a “buy” rating to a “hold” rating and reduced their price target for the company from $81.00 to $79.00 in a research report on Friday, September 20th. Barclays lifted their price target 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. Hovde Group upped their price objective on Prosperity Bancshares from $80.50 to $82.50 and gave the stock an “outperform” rating in a research note on Monday, August 26th. Raymond James downgraded Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 target price on the stock. in a research report on Tuesday, September 17th. Finally, StockNews.com cut Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Friday, November 29th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price 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.