Leah Henderson, a director at Prosperity Bancshares Inc . (NYSE:PB), recently sold 1,100 shares of the company's common stock. The shares were sold at an average price of $83.24, generating a total of $91,564. Following this transaction, Henderson holds 7,525 shares directly.
In addition to her direct holdings, Henderson also maintains indirect ownership of additional shares through various trusts. These include 10,038 shares held by a trust, 5,301 shares held by an irrevocable trust, and 2,637 shares held as a custodian for a minor child. The transactions were reported in a Form 4 filing with the Securities and Exchange Commission on November 25, 2024.
In other recent news, Prosperity Bancshares has reported a positive financial performance for the third quarter of 2024, showcasing growth and stability. The company announced a net income of $127 million, an increase from the previous year's $112 million. This growth is further emphasized by an increase in the dividend to $0.58 per share for Q4 2024, up from $0.56. The company's net interest margin also saw improvement, indicating a strong financial footing.
Looking ahead, Prosperity Bancshares 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 remains open to potential strategic mergers and acquisitions, further enhancing its growth prospects.
Despite a decrease in revenue to $140.3 million from $152.8 million in the previous quarter and a rise in non-interest expenses due to merger-related costs, the company's overall financial health appears robust. These developments highlight the recent financial trajectory of Prosperity Bancshares.
InvestingPro Insights
Recent data from InvestingPro sheds additional light on Prosperity Bancshares Inc.'s (NYSE:PB) current financial position and market performance. The company's market capitalization stands at $8.2 billion, with a price-to-earnings ratio of 18.29, indicating a moderate valuation relative to its earnings.
Prosperity Bancshares has demonstrated strong recent performance, with InvestingPro Tips highlighting robust returns over the last month and three months. This aligns with the stock's current trading near its 52-week high, with the price at 99.07% of its peak. The company's year-to-date total return of 27.81% and one-year return of 48.42% further underscore its positive momentum.
Investors may find Prosperity Bancshares' dividend profile particularly attractive. The company boasts a dividend yield of 2.75% and has raised its dividend for 17 consecutive years, according to InvestingPro Tips. This consistent dividend growth, coupled with a 5.45% dividend growth rate over the last twelve months, may appeal to income-focused investors.
While these metrics paint a positive picture, it's worth noting that 5 analysts have revised their earnings downwards for the upcoming period, as indicated by another InvestingPro Tip. This could suggest some caution regarding future performance expectations.
For readers interested in a more comprehensive analysis, InvestingPro offers 7 additional tips for Prosperity Bancshares, providing a deeper understanding of the company's financial health and market position.
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