Prosperity Bancshares, Inc. (NYSE:PB) Director Ned S. Holmes Sells 500 Shares

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned S. Holmes sold 500 shares of the firm’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $78.43, for a total value of $39,215.00. Following the sale, the director now directly owns 108,815 shares of the company’s stock, valued at $8,534,360.45. This represents a 0.46 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Prosperity Bancshares Price Performance

Shares of NYSE PB opened at $78.02 on Friday. The business has a fifty day moving average price of $79.32 and a two-hundred day moving average price of $73.70. The stock has a market capitalization of $7.43 billion, a PE ratio of 16.56, a P/E/G ratio of 1.03 and a beta of 0.93. Prosperity Bancshares, Inc. has a fifty-two week low of $57.16 and a fifty-two week high of $86.75.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, beating analysts’ consensus estimates of $1.31 by $0.03. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%. The business had revenue of $459.00 million during the quarter, compared to the consensus estimate of $299.83 million. During the same quarter in the previous year, the firm earned $1.20 earnings per share. On average, equities analysts expect that Prosperity Bancshares, Inc. will post 5.04 EPS for the current year.

Institutional Trading of Prosperity Bancshares

Institutional investors and hedge funds have recently made changes to their positions in the company. Dimensional Fund Advisors LP increased its stake in Prosperity Bancshares by 14.2% in the second quarter. Dimensional Fund Advisors LP now owns 4,287,615 shares of the bank’s stock valued at $262,141,000 after acquiring an additional 532,241 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Prosperity Bancshares by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 1,708,509 shares of the bank’s stock valued at $123,162,000 after purchasing an additional 15,309 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Prosperity Bancshares by 0.6% in the 3rd 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. Vaughan Nelson Investment Management L.P. increased its stake in shares of Prosperity Bancshares by 4.6% in the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 835,565 shares of the bank’s stock valued at $60,219,000 after purchasing an additional 36,480 shares during the last quarter. Finally, Verition Fund Management LLC raised its holdings in shares of Prosperity Bancshares by 0.5% during the 3rd quarter. Verition Fund Management LLC now owns 834,701 shares of the bank’s stock worth $60,157,000 after buying an additional 3,978 shares in the last quarter. Institutional investors own 80.69% of the company’s stock.

Wall Street Analyst Weigh In

PB has been the subject of a number of research reports. Bank of America upgraded shares of Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $80.00 target price for the company in a research note on Tuesday, January 7th. Truist Financial downgraded shares of Prosperity Bancshares from a “buy” rating to a “hold” rating and cut their price objective for the stock from $81.00 to $79.00 in a research report on Friday, September 20th. StockNews.com cut Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Wednesday, January 8th. DA Davidson cut Prosperity Bancshares from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $80.00 to $78.00 in a report on Tuesday, October 15th. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $77.00 price target on shares of Prosperity Bancshares in a research note on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $81.38.

About Prosperity Bancshares

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.