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

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned S. Holmes sold 500 shares of the business’s stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $72.69, for a total transaction of $36,345.00. Following the transaction, the director now directly owns 101,915 shares in the company, valued at $7,408,201.35. The trade was a 0.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Prosperity Bancshares Trading Up 0.6%

Shares of Prosperity Bancshares stock opened at $72.64 on Friday. The firm has a fifty day simple moving average of $68.84 and a 200-day simple moving average of $75.05. Prosperity Bancshares, Inc. has a 1-year low of $57.16 and a 1-year high of $86.76. The stock has a market capitalization of $6.92 billion, a price-to-earnings ratio of 14.36, a PEG ratio of 0.94 and a beta of 0.70.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings data 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 business had revenue of $306.68 million during the quarter, compared to analysts’ expectations of $307.17 million. During the same period in the previous year, the company earned $1.18 earnings per share. Prosperity Bancshares’s revenue for the quarter was up 10.7% on a year-over-year basis. As a group, research analysts predict that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th will be paid a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.19%. The ex-dividend date is Friday, June 13th. Prosperity Bancshares’s payout ratio is 44.19%.

Institutional Trading of Prosperity Bancshares

Institutional investors and hedge funds have recently modified their holdings of the company. Blue Trust Inc. increased its holdings in Prosperity Bancshares by 14.9% in the 4th quarter. Blue Trust Inc. now owns 987 shares of the bank’s stock valued at $71,000 after buying an additional 128 shares during the period. CIBC Private Wealth Group LLC increased its holdings in Prosperity Bancshares by 4.4% in the 4th quarter. CIBC Private Wealth Group LLC now owns 3,069 shares of the bank’s stock valued at $229,000 after buying an additional 128 shares during the period. U.S. Capital Wealth Advisors LLC increased its holdings in Prosperity Bancshares by 4.9% in the 1st quarter. U.S. Capital Wealth Advisors LLC now owns 3,326 shares of the bank’s stock valued at $237,000 after buying an additional 156 shares during the period. Tectonic Advisors LLC increased its holdings in Prosperity Bancshares by 2.0% in the 1st quarter. Tectonic Advisors LLC now owns 8,319 shares of the bank’s stock valued at $594,000 after buying an additional 165 shares during the period. Finally, Sanctuary Advisors LLC increased its holdings in Prosperity Bancshares by 3.8% in the 4th quarter. Sanctuary Advisors LLC now owns 5,359 shares of the bank’s stock valued at $430,000 after buying an additional 194 shares during the period. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts recently commented on the stock. Barclays lowered their price objective on shares of Prosperity Bancshares from $88.00 to $86.00 and set an “equal weight” rating on the stock in a research report on Tuesday, April 8th. Morgan Stanley lowered their price objective on shares of Prosperity Bancshares from $102.00 to $94.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. Hovde Group reduced their target price on shares of Prosperity Bancshares from $90.00 to $80.00 and set an “outperform” rating for the company in a research note on Friday, April 25th. 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 note on Thursday, January 30th. Finally, Royal Bank of Canada reduced their target price on shares of Prosperity Bancshares from $85.00 to $78.00 and set a “sector perform” rating for the company in a research note on Thursday, April 24th. Seven equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, Prosperity Bancshares currently has a consensus rating of “Moderate Buy” and a consensus price target of $83.71.

About Prosperity Bancshares

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.