Prosperity Bancshares, Inc. (NYSE:PB) Director Sells $37,060.00 in Stock

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned S. Holmes sold 500 shares of the firm’s stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $74.12, for a total transaction of $37,060.00. Following the completion of the transaction, the director now owns 109,315 shares in the company, valued at $8,102,427.80. The trade was a 0.46 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Prosperity Bancshares Stock Performance

PB traded down $1.94 during midday trading on Friday, hitting $72.75. The company had a trading volume of 43,724 shares, compared to its average volume of 361,809. The company has a market capitalization of $6.93 billion, a PE ratio of 15.45, a P/E/G ratio of 1.19 and a beta of 0.93. Prosperity Bancshares, Inc. has a twelve month low of $57.16 and a twelve month high of $86.75. The firm’s 50-day simple moving average is $79.22 and its 200-day simple moving average is $73.11.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, topping analysts’ consensus estimates of $1.31 by $0.03. The business had revenue of $459.00 million for the quarter, compared to analyst estimates of $299.83 million. Prosperity Bancshares had a net margin of 25.39% and a return on equity of 6.46%. During the same quarter in the previous year, the firm posted $1.20 earnings per share. As a group, sell-side analysts anticipate that Prosperity Bancshares, Inc. will post 5.05 EPS for the current fiscal year.

Prosperity Bancshares Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Friday, December 13th were paid a $0.58 dividend. The ex-dividend date was Friday, December 13th. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.56. This represents a $2.32 annualized dividend and a dividend yield of 3.19%. Prosperity Bancshares’s dividend payout ratio is 49.26%.

Wall Street Analysts Forecast Growth

PB has been the topic of a number of research analyst reports. UBS Group lowered their target price on shares of Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating on the stock in a research note on Thursday, December 26th. StockNews.com lowered shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Wednesday. Raymond James lowered shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 target price on the stock. in a research note on Tuesday, September 17th. Wolfe Research reiterated a “peer perform” rating on shares of Prosperity Bancshares in a research note on Thursday, December 5th. Finally, Barclays raised their target price on shares of Prosperity Bancshares from $84.00 to $88.00 and gave the company an “equal weight” rating in a research note on Friday, December 20th. One research analyst has rated the stock with a sell rating, six have given a hold rating and eight have issued a buy rating to the company. According to MarketBeat, Prosperity Bancshares currently has a consensus rating of “Hold” and an average target price of $81.38.

Institutional Investors Weigh In On Prosperity Bancshares

Institutional investors and hedge funds have recently bought and sold shares of the company. Los Angeles Capital Management LLC bought a new stake in Prosperity Bancshares during the third quarter worth about $4,804,000. Prospector Partners LLC lifted its holdings in shares of Prosperity Bancshares by 24.6% in the third quarter. Prospector Partners LLC now owns 228,992 shares of the bank’s stock worth $16,503,000 after acquiring an additional 45,177 shares during the last quarter. Thrivent Financial for Lutherans lifted its holdings in shares of Prosperity Bancshares by 16.0% in the second quarter. Thrivent Financial for Lutherans now owns 811,772 shares of the bank’s stock worth $49,632,000 after acquiring an additional 112,101 shares during the last quarter. Sanctuary Advisors LLC bought a new position in shares of Prosperity Bancshares in the third quarter worth about $372,000. Finally, US Bancorp DE raised its holdings in Prosperity Bancshares by 3.4% in the 3rd quarter. US Bancorp DE now owns 4,720 shares of the bank’s stock valued at $340,000 after buying an additional 153 shares during the last quarter. Institutional investors own 80.69% of the company’s stock.

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.