Ned S. Holmes, a director at Prosperity Bancshares Inc . (NYSE:PB), recently sold shares worth approximately $93,146, according to a recent SEC filing. The stock has shown strong momentum, trading near its 52-week high of $86.75 and delivering a year-to-date return of approximately 27%. According to InvestingPro analysis, the company appears to be fairly valued at its current market capitalization of nearly $8 billion. The transactions, which took place on November 27, involved multiple sales of common stock at prices ranging from $84.2665 to $84.8807 per share.
Following these transactions, Holmes holds 113,315 shares directly. He also maintains indirect ownership through various trusts and a limited partnership, with holdings including 48,200 shares as trustee of a trust for his adult daughter, 8,820 shares as trustee of his grandchildren's trust, 3,720 shares through another trust, and 70,070 shares through a limited partnership. Additionally, Holmes's spouse holds 2,000 shares.
In other recent news, Prosperity Bancshares has reported positive financial growth in the third quarter of 2024. The bank declared a net income of $127 million, a notable increase from the previous year's $112 million. Additionally, the company announced a dividend increase to $0.58 per share for the fourth quarter of 2024, a positive indication of the company's financial stability.
Prosperity Bancshares also reported an improvement in the net interest margin, with loans totaling $22.3 billion and deposits reaching $28 billion. The company's non-performing assets remained low, at $89.9 million. Looking forward, Prosperity Bancshares has expressed openness to potential strategic mergers and anticipates continued growth, partly due to demographic trends in Texas.
These recent developments reflect the company's focus on operational efficiency and selective mergers and acquisitions. Despite a decrease in revenue to $140.3 million from $152.8 million in the previous quarter, the company's improved financial metrics and stable outlook demonstrate its resilience and adaptability in the face of fluctuating market conditions.
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