Key Points
- Director Ned Holmes sold 500 Prosperity Bancshares shares at an average price of $73.19, generating $36,595. He retains 70,115 shares, with the transaction reducing his ownership by 0.71%.
- Prosperity Bancshares reported quarterly EPS of $1.62, beating estimates of $1.50, while revenue rose 25.9% year over year to $369.18 million. Shares recently traded near $73, compared with a 52-week range of $61.06 to $77.20.
- The company declared a quarterly dividend of $0.60 per share, equivalent to a $2.40 annualized payout and a 3.3% yield. Analysts’ average rating is “Hold,” with a consensus price target of $78.36.
Prosperity Bancshares, Inc. (NYSE:PB - Get Free Report) Director Ned Holmes sold 500 shares of the firm's stock in a transaction dated Wednesday, August 26th. The shares were sold at an average price of $73.19, for a total value of $36,595.00. Following the sale, the director directly owned 70,115 shares in the company, valued at approximately $5,131,716.85. This represents a 0.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.
Prosperity Bancshares Price Performance
Shares of Prosperity Bancshares stock opened at $73.11 on Thursday. The company has a market capitalization of $7.37 billion, a price-to-earnings ratio of 12.67, a PEG ratio of 0.79 and a beta of 0.64. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.01. The stock's 50-day simple moving average is $73.11 and its 200-day simple moving average is $70.55. Prosperity Bancshares, Inc. has a 52 week low of $61.06 and a 52 week high of $77.20.
Prosperity Bancshares (NYSE:PB - Get Free Report) last issued its earnings results on Wednesday, July 29th. The bank reported $1.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.50 by $0.12. Prosperity Bancshares had a return on equity of 7.39% and a net margin of 29.95%.The company had revenue of $369.18 million for the quarter, compared to the consensus estimate of $380.73 million. During the same quarter last year, the company earned $1.42 EPS. The firm's quarterly revenue was up 25.9% on a year-over-year basis. As a group, analysts expect that Prosperity Bancshares, Inc. will post 6.47 earnings per share for the current fiscal year.
Prosperity Bancshares Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend is Tuesday, September 15th. Prosperity Bancshares's dividend payout ratio (DPR) is presently 41.59%.
Institutional Trading of Prosperity Bancshares
Institutional investors have recently bought and sold shares of the stock. BlackRock Inc. bought a new position in Prosperity Bancshares during the second quarter valued at $746,776,000. California State Teachers Retirement System raised its position in Prosperity Bancshares by 6,498.9% in the 2nd quarter. California State Teachers Retirement System now owns 7,924,120 shares of the bank's stock worth $578,698,000 after purchasing an additional 7,804,038 shares during the period. Barrow Hanley Mewhinney & Strauss LLC bought a new position in shares of Prosperity Bancshares during the second quarter valued at approximately $350,099,000. AQR Capital Management LLC raised its holdings in shares of Prosperity Bancshares by 175.1% in the second quarter. AQR Capital Management LLC now owns 2,383,162 shares of the bank's stock worth $167,393,000 after buying an additional 1,516,939 shares during the period. Finally, Algebris UK Ltd. bought a new stake in shares of Prosperity Bancshares during the 2nd quarter worth approximately $59,465,000. 80.69% of the stock is currently owned by institutional investors.
Analyst Ratings Changes
A number of brokerages recently commented on PB. TD Cowen increased their price target on Prosperity Bancshares from $82.00 to $84.00 and gave the company a "buy" rating in a research note on Friday, July 31st. Benchmark assumed coverage on Prosperity Bancshares in a research report on Wednesday, June 24th. They set a "hold" rating for the company. Royal Bank Of Canada raised their target price on shares of Prosperity Bancshares from $78.00 to $80.00 and gave the company a "sector perform" rating in a report on Thursday, July 30th. Weiss Ratings raised shares of Prosperity Bancshares from a "buy (b-)" rating to a "buy (b)" rating in a research note on Wednesday, July 29th. Finally, Morgan Stanley reissued an "equal weight" rating and issued a $80.00 price objective (down from $85.00) on shares of Prosperity Bancshares in a research note on Monday, July 6th. Five investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $78.36.
Read Our Latest Research Report on Prosperity Bancshares
Prosperity Bancshares Company Profile
(
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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