Ned S. Holmes Sells 500 Shares of Prosperity Bancshares, Inc. (NYSE:PB) Stock

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned S. Holmes sold 500 shares of the business’s stock in a transaction that occurred on Wednesday, March 26th. The shares were sold at an average price of $72.12, for a total value of $36,060.00. Following the transaction, the director now owns 103,815 shares of the company’s stock, valued at $7,487,137.80. This trade represents a 0.48 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Prosperity Bancshares Price Performance

Shares of Prosperity Bancshares stock opened at $70.49 on Friday. The stock has a market cap of $6.72 billion, a PE ratio of 13.93, a price-to-earnings-growth ratio of 0.94 and a beta of 0.94. The firm has a fifty day moving average price of $75.83 and a 200 day moving average price of $76.11. Prosperity Bancshares, Inc. has a 1 year low of $57.16 and a 1 year high of $86.76.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings data on Wednesday, January 29th. The bank reported $1.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.33 by $0.04. Prosperity Bancshares had a return on equity of 6.64% and a net margin of 26.79%. As a group, equities analysts expect that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Prosperity Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be given a $0.58 dividend. The ex-dividend date is Friday, March 14th. This represents a $2.32 annualized dividend and a yield of 3.29%. Prosperity Bancshares’s dividend payout ratio is presently 45.85%.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on PB. StockNews.com cut Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Wednesday, March 19th. Stephens upped their price target on shares of Prosperity Bancshares from $93.00 to $94.00 and gave the stock an “overweight” rating in a report on Thursday, January 30th. Morgan Stanley reduced their price target on shares of Prosperity Bancshares from $102.00 to $94.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. UBS Group lowered their price objective on shares of Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating for the company in a research report on Thursday, December 26th. Finally, Bank of America raised shares of Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $80.00 price target for the company in a research note on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $83.50.

Hedge Funds Weigh In On Prosperity Bancshares

Several institutional investors have recently made changes to their positions in the company. Sanctuary Advisors LLC acquired a new stake in Prosperity Bancshares during the third quarter valued at $372,000. Jane Street Group LLC grew its position in shares of Prosperity Bancshares by 418.0% during the 3rd quarter. Jane Street Group LLC now owns 111,548 shares of the bank’s stock valued at $8,039,000 after acquiring an additional 90,015 shares during the period. Stifel Financial Corp increased its stake in shares of Prosperity Bancshares by 4.3% in the 3rd quarter. Stifel Financial Corp now owns 113,293 shares of the bank’s stock valued at $8,165,000 after purchasing an additional 4,677 shares in the last quarter. Allspring Global Investments Holdings LLC raised its holdings in Prosperity Bancshares by 3.9% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 282,920 shares of the bank’s stock worth $21,128,000 after purchasing an additional 10,589 shares during the period. Finally, Cerity Partners LLC raised its holdings in Prosperity Bancshares by 22.6% in the 3rd quarter. Cerity Partners LLC now owns 6,282 shares of the bank’s stock worth $453,000 after purchasing an additional 1,157 shares during the period. 80.69% of the stock is owned by hedge funds and other institutional investors.

Prosperity Bancshares Company Profile

Prosperity Bancshares, Inc operates as bank holding company for the Prosperity Bank that provides financial products and services to businesses and consumers. It accepts various deposit products, such as demand, savings, money market, and time accounts, as well as and certificates of deposit. The company also offers 1-4 family residential mortgage, commercial real estate and multifamily residential, commercial and industrial, agricultural, and non-real estate agricultural loans, as well as construction, land development, and other land loans; consumer loans, including automobile, recreational vehicle, boat, home improvement, personal, and deposit account collateralized loans; term loans and lines of credit; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and purchase of equipment and machinery.