Ned S. Holmes, a director at Prosperity Bancshares Inc . (NYSE:PB), disclosed the sale of company shares totaling $86,346, according to a recent SEC filing. The transactions, which took place on December 18, involved the sale of multiple blocks of common stock at prices ranging from $76.25 to $78.77 per share. The $7.12 billion regional bank has seen its shares surge over 30% in the past six months, and InvestingPro analysis indicates the stock is currently trading below its Fair Value.
Following these transactions, Holmes retains ownership of 111,290 shares directly, with additional shares held indirectly through various trusts and plans. The sales were executed under a pre-arranged trading plan, as indicated in the filing. Notably, the company maintains a solid 3.08% dividend yield and has raised its dividend for 17 consecutive years, according to InvestingPro, which offers comprehensive analysis and additional insights through its Pro Research Report covering over 1,400 US stocks.
In other recent news, Prosperity Bancshares showcased robust growth and stability in its Q3 2024 earnings call. The company posted a net income of $127 million, a notable rise from last year’s $112 million. Additionally, it declared a dividend increase to $0.58 per share for Q4 2024, up from $0.56, signaling confidence in its financial stability. The company also reported an improved net interest margin and anticipates continued growth, partially attributed to demographic trends in Texas and potential strategic mergers.
Prosperity Bancshares’ Q3 2024 performance also revealed that non-performing assets remained low at $89.9 million. However, its revenue decreased to $140.3 million from $152.8 million in the previous quarter, and non-interest expenses rose due to merger-related costs and FDIC assessments. The company 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, assuming stable interest rates.
The company also stated that it remains open to potential mergers and acquisitions if advantageous. These recent developments highlight Prosperity Bancshares’ focus on organic growth, operational efficiency, and selective mergers and acquisitions, reflecting its resilience and adaptability in fluctuating market conditions.
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