Ned S. Holmes, director at Prosperity Bancshares Inc . (NYSE: ), recently sold shares of the company’s common stock, according to a filing with the Securities and Exchange Commission. On January 22, Holmes sold a total of 1,100 shares, resulting in proceeds of approximately $86,895. Shares were traded at prices ranging from $78.7258 to $79.346 per share. According to InvestingPro according to data, the $7.5 billion market cap bank currently shows a “GOOD” overall financial health score, with shares trading below their fair value.
Following these transactions, Holmes retains direct ownership of 108,315 shares and indirect ownership of various other holdings, including shares held in a profit-sharing plan and as trustee of family trusts. The company has maintained its dividend payments for 26 consecutive years, with a current yield of 2.94%, and investors should keep in mind that Prosperity Bancshares is due to report earnings in 6 days. InvestingPro subscribers have access to additional insights and detailed analysis in the extensive Pro Research Report.
In other recent news, Prosperity Bancshares reported encouraging financial results, showing growth and stability. The company’s net income rose to $127 million in the third quarter of 2024, up from $112 million a year earlier. The company also increased its dividend to $0.58 per share for the fourth quarter of 2024, up from $0.56. Additionally, Prosperity Bancshares has initiated a share repurchase program, allowing the repurchase of up to 5% of its outstanding common stock over the next year.
BofA Securities analyst Ebrahim Poonawala upgraded Prosperity Bancshares from Underperform to Neutral, based on expectations of a favorable economic climate for bank mergers and acquisitions and high interest rates. The company is targeting a net interest margin of 3% by the end of 2024, with projections to increase to 3.27% in 2025 and 3.65% in 2026.
Prosperity Bancshares also updated its executive compensation terms. The revised agreement includes provisions for compensation in the event of a change of control of the company. If the president of HE Timanus, Jr. terminates his employment for just cause or if the company terminates without cause within a certain time frame surrounding a change of control, he will be entitled to severance pay. The company’s commitment to maintaining clear and competitive executive compensation practices is reflected in this new agreement.
Prosperity Bancshares’ warehouse lending business remains strong, and the company is open to potential mergers and acquisitions. These recent developments indicate a period of growth and stability for the company.
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