Prosperity Bancshares, Inc. (NYSE:PB) Director Sells $34,890.00 in Stock

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned S. Holmes sold 500 shares of the stock in a transaction dated Wednesday, May 7th. The shares were sold at an average price of $69.78, for a total transaction of $34,890.00. Following the completion of the sale, the director now owns 102,415 shares of the company’s stock, valued at approximately $7,146,518.70. The trade was a 0.49 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Prosperity Bancshares Price Performance

Prosperity Bancshares stock opened at $71.27 on Friday. The firm has a market capitalization of $6.79 billion, a price-to-earnings ratio of 14.09, a PEG ratio of 0.94 and a beta of 0.70. The company’s 50 day simple moving average is $68.79 and its 200 day simple moving average is $75.07. Prosperity Bancshares, Inc. has a fifty-two week low of $57.16 and a fifty-two week high of $86.76.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings results on Wednesday, April 23rd. The bank reported $1.37 earnings per share for the quarter, topping analysts’ consensus estimates of $1.35 by $0.02. Prosperity Bancshares had a net margin of 26.79% and a return on equity of 6.64%. The company had revenue of $306.68 million for the quarter, compared to analysts’ expectations of $307.17 million. During the same period last year, the firm posted $1.18 earnings per share. The business’s quarterly revenue was up 10.7% compared to the same quarter last year. As a group, analysts predict that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be issued a $0.58 dividend. The ex-dividend date is Friday, June 13th. This represents a $2.32 annualized dividend and a dividend yield of 3.26%. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 44.19%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on PB shares. Raymond James lifted their target price on shares of Prosperity Bancshares from $82.00 to $87.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. Morgan Stanley dropped their target price on Prosperity Bancshares from $102.00 to $94.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. StockNews.com downgraded Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Thursday, April 24th. Royal Bank of Canada lowered their price target on Prosperity Bancshares from $85.00 to $78.00 and set a “sector perform” rating on the stock in a research report on Thursday, April 24th. Finally, Barclays cut their price objective on Prosperity Bancshares from $88.00 to $86.00 and set an “equal weight” rating for the company in a report on Tuesday, April 8th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, Prosperity Bancshares presently has an average rating of “Moderate Buy” and a consensus target price of $83.71.

Hedge Funds Weigh In On Prosperity Bancshares

Several institutional investors have recently modified their holdings of the business. Vanguard Group Inc. raised its holdings in Prosperity Bancshares by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 9,780,006 shares of the bank’s stock worth $736,923,000 after buying an additional 44,567 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Prosperity Bancshares by 1.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 4,586,260 shares of the bank’s stock worth $345,575,000 after acquiring an additional 48,304 shares during the period. Massachusetts Financial Services Co. MA lifted its position in Prosperity Bancshares by 1.4% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,342,047 shares of the bank’s stock valued at $176,473,000 after acquiring an additional 32,917 shares in the last quarter. Snyder Capital Management L P boosted its stake in Prosperity Bancshares by 7.3% in the 4th quarter. Snyder Capital Management L P now owns 1,220,977 shares of the bank’s stock worth $92,001,000 after purchasing an additional 83,488 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its stake in Prosperity Bancshares by 0.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,188,208 shares of the bank’s stock worth $89,531,000 after purchasing an additional 4,913 shares during the period. Institutional investors own 80.69% of the company’s stock.

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.