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Ned S. Holmes, a director at Prosperity Bancshares Inc . (NYSE:PB), a $6 billion regional bank trading at 12.5 times earnings, recently sold shares of the company's common stock, according to a filing with the Securities and Exchange Commission. On April 9, Holmes sold a total of 1,100 shares, resulting in proceeds of approximately $70,094. The transactions were conducted at prices ranging from $62.30 to $67.50 per share. According to InvestingPro analysis, the stock currently appears undervalued relative to its Fair Value.
Following these sales, Holmes retains ownership of 103,073 shares directly and additional shares indirectly through various trusts and plans. The sales were executed as part of a prearranged trading plan. Holmes's remaining holdings indicate continued substantial investment in the company, which boasts a 3.4% dividend yield and has raised its dividend for 17 consecutive years. Additional financial metrics and insights are available through InvestingPro's comprehensive research report.
In other recent news, Prosperity Bancshares reported impressive financial results for the fourth quarter of 2024, surpassing analysts' expectations. The company achieved an earnings per share (EPS) of $1.37, exceeding the forecast of $1.34, and reported revenue of $307.61 million, which also outperformed the anticipated $303.82 million. Net income increased by 36% year-over-year to $130 million, reflecting the company's strong financial health. Additionally, Prosperity Bancshares announced a stock repurchase program, allowing the buyback of up to 5% of its outstanding shares. The company is also exploring potential mergers and acquisitions to further enhance its market position. Analysts from RBC Capital Markets and Morgan Stanley (NYSE:MS) have expressed interest in the company's future growth prospects, particularly in the areas of loan growth and net interest margin. Prosperity Bancshares continues to maintain a conservative lending strategy while focusing on expanding its trust and brokerage fee services.
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