Harrison Stafford II, a director at Prosperity Bancshares Inc . (NYSE:PB), reported the sale of 4,000 shares of the company’s common stock. The transaction, which took place on December 13, 2024, was executed at a price of $80.07 per share, totaling approximately $320,280.
Following this sale, Stafford retains direct ownership of 107,137 shares. Additionally, he holds indirect ownership of 186,106 shares through a general partnership and 3,200 shares through his spouse. The $7.6 billion market cap bank maintains a strong dividend track record, having raised dividends for 17 consecutive years, according to InvestingPro data.
This transaction was disclosed in a Form 4 filing with the Securities and Exchange Commission, providing insight into the trading activities of company insiders. InvestingPro analysis suggests the stock is currently undervalued, with analysts setting price targets up to $102 per share. Get access to 6 more exclusive ProTips and comprehensive valuation metrics with an InvestingPro subscription.
In other recent news, Prosperity Bancshares has exhibited steady growth and stability in its Q3 2024 financial performance. The company reported a net income of $127 million, a notable increase from the previous year's $112 million. They also declared a higher dividend of $0.58 per share for Q4 2024, up from $0.56, which demonstrates confidence in their financial stability. The company's net interest margin improved and they are projecting continued growth, in part due to demographic trends in Texas and potential strategic mergers.
Despite a decrease in revenue to $140.3 million from $152.8 million in the previous quarter, and an increase in non-interest expenses due to merger-related costs, the company's financial metrics are improving. The efficiency ratio improved to 46.9% from 51.8% in the prior quarter. Additionally, the company added one new customer, resulting in $140 million of new commitments.
These recent developments suggest that Prosperity Bancshares is successfully navigating a complex economic landscape with a strategy focused on organic growth, operational efficiency, and selective mergers and acquisitions. The company's improved financial metrics and stable outlook reflect its resilience and adaptability in the face of fluctuating market conditions.
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