Ned S. Holmes, a director at Prosperity Bancshares Inc . (NYSE:PB), recently sold shares of the company's common stock, according to a regulatory filing with the Securities and Exchange Commission. The transactions took place on December 11, 2024, and involved the sale of 1,100 shares at prices ranging from $81.63 to $82.298 per share, totaling approximately $90,379. The sale comes as the $7.8 billion regional bank's stock has surged over 41% in the past six months, with shares currently trading at $81.91.
Following these transactions, Holmes holds 111,315 shares directly and additional shares through indirect ownership, including by a profit-sharing plan and as a trustee of a trust. The sales were executed under a pre-arranged trading plan, which is a common practice for insiders to manage their equity holdings. According to InvestingPro data, Prosperity Bancshares has maintained dividend payments for 26 consecutive years and currently offers a 2.86% yield. Analysis suggests the stock is currently undervalued based on InvestingPro's Fair Value model, with additional insights available in the comprehensive Pro Research Report.
In other recent news, Prosperity Bancshares has shown significant growth and stability in the third quarter of 2024. The financial institution reported a net income of $127 million, a notable increase from the previous year's $112 million, and declared a dividend increase to $0.58 per share for the fourth quarter of 2024, a rise from $0.56, demonstrating confidence in its financial stability. Moreover, the net interest margin improved, and the company anticipates continued growth, partly due to demographic trends in Texas and potential strategic mergers.
The company's Q3 2024 financial report also highlighted that loans totaled $22.3 billion and deposits reached $28 billion. Non-performing assets remained low at $89.9 million, and the company is open to potential mergers and acquisitions, expecting non-interest expenses between $141 million and $143 million for Q4 2024.
However, it is worth noting 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 and FDIC assessments. Nevertheless, loan production averaged $259 million, with total loans outstanding at $22.381 billion, and the efficiency ratio improved to 46.9% from 51.8% in the prior quarter. These are some of the recent developments at Prosperity Bancshares.
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