Key Points
- Director Ned Holmes sold 500 shares of Prosperity Bancshares on July 8 at an average price of $70.56, totaling $35,280. After the sale, he still held 73,615 shares valued at about $5.19 million.
- The bank recently reported stronger-than-expected quarterly results, with EPS of $1.50 versus the $1.41 consensus and revenue of $367.62 million, up 19.9% year over year. Analysts now expect full-year EPS of 6.25.
- Prosperity Bancshares continues to pay a solid dividend, with a recent quarterly payout of $0.60 per share and an annualized yield of 3.4%. The stock currently has a consensus analyst rating of “Hold” with an average target price of $76.36.
Prosperity Bancshares, Inc. (NYSE:PB - Get Free Report) Director Ned Holmes sold 500 shares of Prosperity Bancshares stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $70.56, for a total transaction of $35,280.00. Following the transaction, the director directly owned 73,615 shares of the company's stock, valued at $5,194,274.40. This represents a 0.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
Prosperity Bancshares Price Performance
NYSE:PB opened at $71.47 on Friday. The firm has a market cap of $7.21 billion, a PE ratio of 12.95, a price-to-earnings-growth ratio of 1.13 and a beta of 0.63. Prosperity Bancshares, Inc. has a 12 month low of $61.06 and a 12 month high of $77.20. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.01. The company's 50-day moving average price is $70.12 and its two-hundred day moving average price is $69.97.
Prosperity Bancshares (NYSE:PB - Get Free Report) last issued its quarterly earnings data on Wednesday, April 29th. The bank reported $1.50 earnings per share for the quarter, topping the consensus estimate of $1.41 by $0.09. The firm had revenue of $367.62 million for the quarter, compared to analysts' expectations of $358.60 million. Prosperity Bancshares had a net margin of 29.50% and a return on equity of 7.20%. The company's quarterly revenue was up 19.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.37 earnings per share. On average, equities analysts anticipate that Prosperity Bancshares, Inc. will post 6.25 EPS for the current fiscal year.
Prosperity Bancshares Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Monday, June 15th were given a dividend of $0.60 per share. The ex-dividend date was Monday, June 15th. This represents a $2.40 dividend on an annualized basis and a yield of 3.4%. Prosperity Bancshares's dividend payout ratio is 43.48%.
Analyst Ratings Changes
Several brokerages have issued reports on PB. TD Cowen lifted their price objective on Prosperity Bancshares from $77.00 to $79.00 and gave the company a "buy" rating in a research report on Friday, May 1st. Cantor Fitzgerald restated an "overweight" rating and set a $80.00 target price on shares of Prosperity Bancshares in a report on Tuesday, June 23rd. Piper Sandler raised their target price on Prosperity Bancshares from $74.00 to $75.00 and gave the company a "neutral" rating in a research note on Thursday, April 30th. Wall Street Zen raised Prosperity Bancshares from a "strong sell" rating to a "sell" rating in a report on Saturday, May 16th. Finally, Citigroup upped their price target on shares of Prosperity Bancshares from $74.00 to $75.00 and gave the stock a "neutral" rating in a research report on Thursday, June 25th. Five equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, Prosperity Bancshares presently has a consensus rating of "Hold" and an average target price of $76.36.
View Our Latest Research Report on PB
Institutional Investors Weigh In On Prosperity Bancshares
Institutional investors and hedge funds have recently made changes to their positions in the company. AQR Capital Management LLC boosted its holdings in Prosperity Bancshares by 175.1% in the second quarter. AQR Capital Management LLC now owns 2,383,162 shares of the bank's stock valued at $167,393,000 after acquiring an additional 1,516,939 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC raised its holdings in Prosperity Bancshares by 910.4% during the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,311,051 shares of the bank's stock worth $90,607,000 after purchasing an additional 1,181,295 shares during the last quarter. North Reef Capital Management LP lifted its position in Prosperity Bancshares by 149.0% during the 1st quarter. North Reef Capital Management LP now owns 1,107,877 shares of the bank's stock valued at $74,427,000 after purchasing an additional 662,877 shares during the period. Artisan Partners Limited Partnership acquired a new position in Prosperity Bancshares during the 4th quarter valued at about $44,822,000. Finally, Norges Bank bought a new position in shares of Prosperity Bancshares in the 4th quarter valued at about $37,645,000. Institutional investors own 80.69% of the company's stock.
About Prosperity Bancshares
(
Get Free Report)
Prosperity Bancshares, Inc is a holding company for Prosperity Bank, offering a broad range of commercial and consumer banking services across Texas, Oklahoma, Arkansas and Louisiana. Through its network of branches and digital platforms, the company provides deposit products, business and real estate lending, treasury management, mortgage origination and servicing, as well as wealth management and trust services.
Originally chartered in 1911 as First National Bank in McKinney, Texas, the organization rebranded to Prosperity Bank in 2009 following a series of strategic acquisitions aimed at deepening its regional presence.
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