Ned S. Holmes, a director at Prosperity Bancshares Inc . (NYSE:PB), recently sold shares in the company totaling $81,535, according to a recent filing with the Securities and Exchange Commission. The transactions, which took place on January 8, 2025, involved the sale of common stock at prices ranging from $73.7113 to $74.6575 per share. The stock, which currently trades at $74.69, has shown strong momentum with a 23% gain over the past six months. According to InvestingPro analysis, the company appears undervalued relative to its Fair Value.
Following these transactions, Holmes holds 109,315 shares directly and additional shares through various trusts and partnerships, including holdings by a profit-sharing plan and as a trustee for family trusts. The sales were conducted as part of a pre-arranged trading plan. Notable for investors, Prosperity Bancshares maintains a 3.1% dividend yield and has raised its dividend for 17 consecutive years. InvestingPro subscribers can access detailed insider trading patterns and comprehensive financial health metrics in the Pro Research Report, along with additional ProTips about the company's performance.
In other recent news, Prosperity Bancshares has demonstrated growth and stability in its Q3 2024 earnings report. The bank reported a net income of $127 million, an increase from the previous year's $112 million, and raised its dividend to $0.58 per share for Q4 2024, up from $0.56. BofA Securities analyst Ebrahim Poonawala upgraded Prosperity Bancshares stock from Underperform to Neutral, based on high interest rates and a favorable climate for bank mergers and acquisitions. The bank is also considering potential strategic mergers for further growth.
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 bank's net interest margin improved. Prosperity Bancshares is targeting a net interest margin of 3% by the end of 2024, with projections increasing to 3.27% for 2025, and 3.65% for 2026.
These are recent developments that have caught the attention of investors and market watchers. As Prosperity Bancshares navigates the higher rate environment and explores opportunities in the mergers and acquisitions space, it will be interesting to see how these factors influence the bank's performance in the coming months.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.