Ned S. Holmes, a director at Prosperity Bancshares Inc . (NYSE:PB), a $7.26 billion regional bank that has raised dividends for 17 consecutive years, recently sold shares of the company's common stock, according to a filing with the Securities and Exchange Commission. Holmes sold a total of 1,100 shares on January 2, 2025, generating proceeds of approximately $82,785. The shares were sold at prices ranging from $74.9863 to $75.8625. The transaction comes as the stock has gained over 28% in the past six months, though InvestingPro analysis suggests the shares remain undervalued. Following these transactions, Holmes retains ownership of 109,815 shares directly, with additional holdings through various trusts and partnerships. For comprehensive insider trading analysis and additional ProTips, explore the detailed Pro Research Report available on InvestingPro.
In other recent news, Prosperity Bancshares has reported a favorable financial performance for the third quarter of 2024, with a net income of $127 million, marking an increase from the previous year's $112 million. The company also declared a dividend increase to $0.58 per share for Q4 2024, up from $0.56, reflecting confidence in its financial stability. The net interest margin saw improvement, and the company is anticipating continued growth, partly due to demographic trends in Texas and potential strategic mergers. However, 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, Prosperity Bancshares remains open to potential mergers and acquisitions, and expects non-interest expenses between $141 million and $143 million for Q4 2024.
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