Ned S. Holmes, a director at Prosperity Bancshares Inc . (NYSE:PB), reported the sale of company stock valued at $91,333, according to a recent filing with the Securities and Exchange Commission. The transactions, which occurred on December 4, involved the sale of various batches of common stock at prices ranging from $82.9467 to $83.63 per share. The timing of the sale comes as the bank's stock has shown remarkable strength, posting a 39% gain over the past six months. The company, currently valued at $7.94 billion, maintains a solid 2.78% dividend yield and has increased its dividend for 17 consecutive years.
Following these transactions, Holmes holds 112,815 shares directly. Additionally, he maintains indirect ownership through a profit-sharing plan, a trust for his adult daughter, and other trusts, totaling several thousand shares. According to InvestingPro analysis, Prosperity Bancshares appears undervalued at current levels, with additional insights available through their comprehensive Pro Research Report, which covers over 1,400 US stocks.
In other recent news, Prosperity Bancshares has demonstrated financial growth and stability in the third quarter of 2024. The company reported a net income of $127 million, showing an increase from the previous year's $112 million. The company also announced a dividend increase to $0.58 per share for Q4 2024, up from $0.56, reflecting confidence in financial stability.
Prosperity Bancshares has also seen an improvement in net interest margin and is anticipating continued growth, partly due to demographic trends in Texas and potential strategic mergers. The company has expressed openness to potential mergers and acquisitions.
The company's earnings call revealed that non-performing assets remained low at $89.9 million. However, it was also noted that revenue decreased to $140.3 million from $152.8 million in the previous quarter, and non-interest expenses rose due to merger-related costs.
Despite these challenges, 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. These are the recent developments for Prosperity Bancshares.
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