Key Points
- Director Ned Holmes sold 600 Prosperity Bancshares shares at an average price of $66.56, generating $39,936. He retains 38,600 shares valued at approximately $2.57 million.
- Prosperity Bancshares reported quarterly EPS of $1.62, beating estimates of $1.50, while revenue rose 25.9% year over year to $391.25 million.
- The company pays a quarterly dividend of $0.60, equivalent to an annualized $2.40 and a 3.6% yield. Analysts maintain a consensus “Hold” rating with an average price target of $78.27.
Prosperity Bancshares, Inc. (NYSE:PB - Get Free Report) Director Ned Holmes sold 600 shares of Prosperity Bancshares stock in a transaction that occurred on Wednesday, September 30th. The stock was sold at an average price of $66.56, for a total transaction of $39,936.00. Following the completion of the sale, the director directly owned 38,600 shares of the company's stock, valued at approximately $2,569,216. This trade represents a 1.53% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.
Prosperity Bancshares Price Performance
NYSE PB opened at $66.82 on Friday. The business's fifty day moving average price is $71.95 and its 200-day moving average price is $70.38. The stock has a market capitalization of $6.74 billion, a price-to-earnings ratio of 11.58, a PEG ratio of 0.72 and a beta of 0.66. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.75 and a quick ratio of 0.75. Prosperity Bancshares, Inc. has a 1-year low of $61.06 and a 1-year high of $77.20.
Prosperity Bancshares (NYSE:PB - Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The bank reported $1.62 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.50 by $0.12. Prosperity Bancshares had a return on equity of 7.39% and a net margin of 29.95%.The firm had revenue of $391.25 million for the quarter, compared to the consensus estimate of $380.73 million. During the same period last year, the business posted $1.42 EPS. The company's revenue for the quarter was up 25.9% on a year-over-year basis. On average, equities analysts predict that Prosperity Bancshares, Inc. will post 6.47 earnings per share for the current year.
Prosperity Bancshares Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th were issued a $0.60 dividend. The ex-dividend date of this dividend was Tuesday, September 15th. This represents a $2.40 dividend on an annualized basis and a yield of 3.6%. Prosperity Bancshares's dividend payout ratio is currently 41.59%.
Institutional Inflows and Outflows
Institutional investors have recently made changes to their positions in the stock. BlackRock Inc. purchased a new position in shares of Prosperity Bancshares during the 2nd quarter valued at about $746,776,000. Barrow Hanley Mewhinney & Strauss LLC bought a new position in shares of Prosperity Bancshares during the 2nd quarter valued at approximately $350,099,000. Algebris UK Ltd. purchased a new stake in Prosperity Bancshares in the 2nd quarter worth approximately $59,465,000. Bank of New York Mellon Corp bought a new stake in Prosperity Bancshares during the 2nd quarter worth approximately $57,877,000. Finally, North Reef Capital Management LP lifted its holdings in Prosperity Bancshares by 149.0% during the first 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 in the last quarter. Institutional investors own 80.69% of the company's stock.
Analyst Ratings Changes
PB has been the subject of a number of recent research reports. Weiss Ratings downgraded Prosperity Bancshares from a "buy (b)" rating to a "buy (b-)" rating in a research note on Thursday, September 24th. Cantor Fitzgerald restated an "overweight" rating and set a $80.00 target price on shares of Prosperity Bancshares in a research report on Tuesday, June 23rd. Piper Sandler upped their target price on shares of Prosperity Bancshares from $75.00 to $80.00 and gave the company a "neutral" rating in a report on Thursday, July 30th. Royal Bank Of Canada increased their price target on shares of Prosperity Bancshares from $78.00 to $80.00 and gave the stock a "sector perform" rating in a research report on Thursday, July 30th. Finally, Wall Street Zen upgraded shares of Prosperity Bancshares from a "sell" rating to a "hold" rating in a research note on Saturday, August 1st. Five equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $78.27.
Read Our Latest Research Report on Prosperity Bancshares
About Prosperity Bancshares
(
Get Free Report)
Prosperity Bancshares, Inc is a bank holding company headquartered in Houston, Texas. Through its principal subsidiary, Prosperity Bank, the company provides a range of banking and financial services to individuals, businesses and institutional customers.
Prosperity Bank offers deposit accounts, commercial and consumer lending, mortgage and real estate loans, treasury management, cash management, online and mobile banking, and other related financial services. Its lending activities support businesses, agricultural customers, real estate projects and consumers.
Founded in 1983, Prosperity Bancshares has expanded through organic growth and acquisitions.
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