Prosperity Bancshares, Inc. (NYSE:PB) Director Sells $33,600.00 in Stock

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned S. Holmes sold 500 shares of the firm’s stock in a transaction that occurred on Wednesday, April 30th. The shares were sold at an average price of $67.20, for a total value of $33,600.00. Following the completion of the transaction, the director now directly owns 102,915 shares of the company’s stock, valued at $6,915,888. The trade was a 0.48 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Prosperity Bancshares Stock Up 2.8 %

PB stock opened at $70.00 on Friday. The stock has a market capitalization of $6.67 billion, a price-to-earnings ratio of 13.83, a price-to-earnings-growth ratio of 0.94 and a beta of 0.82. Prosperity Bancshares, Inc. has a 52-week low of $57.16 and a 52-week high of $86.76. The stock’s fifty day simple moving average is $69.36 and its 200-day simple moving average is $75.17.

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

Prosperity Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 13th will be given a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a yield of 3.31%. The ex-dividend date of this dividend is Friday, June 13th. Prosperity Bancshares’s dividend payout ratio (DPR) is 44.19%.

Hedge Funds Weigh In On Prosperity Bancshares

Hedge funds have recently made changes to their positions in the stock. Smartleaf Asset Management LLC boosted its holdings in Prosperity Bancshares by 487.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 376 shares of the bank’s stock valued at $28,000 after acquiring an additional 312 shares during the last quarter. Jones Financial Companies Lllp lifted its stake in shares of Prosperity Bancshares by 368.5% in the 4th quarter. Jones Financial Companies Lllp now owns 520 shares of the bank’s stock valued at $39,000 after purchasing an additional 409 shares in the last quarter. UMB Bank n.a. grew its holdings in shares of Prosperity Bancshares by 102.7% during the 4th quarter. UMB Bank n.a. now owns 592 shares of the bank’s stock worth $45,000 after purchasing an additional 300 shares during the period. GAMMA Investing LLC grew its holdings in shares of Prosperity Bancshares by 20.4% during the 4th quarter. GAMMA Investing LLC now owns 844 shares of the bank’s stock worth $64,000 after purchasing an additional 143 shares during the period. Finally, Aster Capital Management DIFC Ltd raised its holdings in Prosperity Bancshares by 349.5% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 917 shares of the bank’s stock valued at $69,000 after buying an additional 713 shares during the period. Institutional investors and hedge funds own 80.69% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Bank of America upgraded Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $80.00 price target for the company in a research report on Tuesday, January 7th. Hovde Group dropped their target price on shares of Prosperity Bancshares from $90.00 to $80.00 and set an “outperform” rating for the company in a report on Friday, April 25th. Raymond James lifted their target price on shares of Prosperity Bancshares from $82.00 to $87.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. Stephens increased their price target on shares of Prosperity Bancshares from $93.00 to $94.00 and gave the company an “overweight” rating in a research report on Thursday, January 30th. Finally, Morgan Stanley cut their price objective on Prosperity Bancshares from $102.00 to $94.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. One investment 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’s stock. According to data from MarketBeat.com, Prosperity Bancshares presently has a consensus rating of “Hold” and an average price target of $83.23.

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.