Crispr Therapeutics shares tumble after significant earnings miss
Ned S. Holmes, a director at Prosperity Bancshares Inc . (NYSE:PB), a $7.4 billion market cap bank with a GOOD financial health score according to InvestingPro, has recently sold shares of the company, according to a regulatory filing with the Securities and Exchange Commission. On January 15, Holmes sold a total of 1,100 shares of common stock across multiple transactions. The sale of these shares resulted in a total value of approximately $86,291, with transaction prices ranging from $78.1711 to $79.5067 per share.
Following these transactions, Holmes holds 108,815 shares directly and maintains various indirect holdings, including shares held by a profit-sharing plan and as trustee for family trusts.
In other recent news, Prosperity Bancshares has demonstrated notable stability and growth in its Q3 2024 earnings report. The company reported a net income of $127 million, marking an increase from the previous year's $112 million. Additionally, the firm raised its dividend to $0.58 per share for Q4 2024, up from $0.56. Despite a decrease in revenue to $140.3 million from $152.8 million in the previous quarter and a rise in non-interest expenses due to merger-related costs, the firm's net interest margin showed improvement.
BofA Securities analyst Ebrahim Poonawala upgraded Prosperity Bancshares from Underperform to Neutral, keeping the price target at $80.00. This upgrade was based on the expectation that Prosperity Bancshares will benefit from the current economic environment, including high interest rates and a favorable climate for bank mergers and acquisitions.
Prosperity Bancshares is also considering potential strategic mergers for further growth. The company targets 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 recent developments reflect Prosperity Bancshares' efforts to navigate the higher rate environment and capitalize on opportunities in the mergers and acquisitions space.
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