Prosperity Bancshares (NYSE:PB) Director Ned Holmes Sells 600 Shares

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned Holmes sold 600 shares of the company’s stock in a transaction dated Wednesday, December 17th. The shares were sold at an average price of $71.99, for a total transaction of $43,194.00. Following the transaction, the director owned 42,700 shares in the company, valued at $3,073,973. This represents a 1.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Prosperity Bancshares Stock Performance

Shares of PB traded up $0.35 during mid-day trading on Wednesday, hitting $71.85. 794,567 shares of the company traded hands, compared to its average volume of 807,097. The stock has a market cap of $6.82 billion, a price-to-earnings ratio of 12.81, a P/E/G ratio of 1.06 and a beta of 0.70. The stock has a 50-day moving average price of $67.00 and a two-hundred day moving average price of $68.12. Prosperity Bancshares, Inc. has a 1 year low of $61.06 and a 1 year high of $82.75.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings data on Wednesday, October 29th. The bank reported $1.45 EPS for the quarter, meeting analysts’ consensus estimates of $1.45. Prosperity Bancshares had a return on equity of 7.06% and a net margin of 30.28%.The company had revenue of $314.67 million during the quarter, compared to analysts’ expectations of $317.94 million. During the same quarter in the prior year, the business earned $1.34 earnings per share. Prosperity Bancshares’s revenue for the quarter was up 3.9% compared to the same quarter last year. On average, analysts forecast that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Prosperity Bancshares Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 2nd. Stockholders of record on Monday, December 15th will be given a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend is Monday, December 15th. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.58. Prosperity Bancshares’s payout ratio is presently 42.78%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on PB shares. TD Cowen raised their target price on Prosperity Bancshares from $79.00 to $83.00 and gave the stock a “buy” rating in a report on Friday, October 31st. Barclays decreased their price objective on Prosperity Bancshares from $85.00 to $82.00 and set an “equal weight” rating on the stock in a research note on Tuesday, November 11th. Stephens increased their target price on shares of Prosperity Bancshares from $77.00 to $81.00 and gave the stock an “overweight” rating in a report on Thursday, October 30th. Cantor Fitzgerald started coverage on shares of Prosperity Bancshares in a research note on Wednesday, September 10th. They set an “overweight” rating and a $78.00 target price on the stock. Finally, Hovde Group lowered shares of Prosperity Bancshares from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 26th. Ten investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $80.21.

Institutional Trading of Prosperity Bancshares

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Mather Group LLC. bought a new position in Prosperity Bancshares in the 3rd quarter worth approximately $26,000. Community Bank N.A. purchased a new position in shares of Prosperity Bancshares in the third quarter worth $29,000. Steph & Co. purchased a new position in shares of Prosperity Bancshares in the second quarter worth $38,000. Danske Bank A S bought a new position in shares of Prosperity Bancshares during the third quarter worth $40,000. Finally, Annis Gardner Whiting Capital Advisors LLC bought a new position in shares of Prosperity Bancshares during the third quarter worth $42,000. 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.