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 company’s stock in a transaction that occurred on Wednesday, May 7th. The stock was sold at an average price of $69.78, for a total transaction of $34,890.00. Following the transaction, the director now directly owns 102,415 shares of the company’s stock, valued at $7,146,518.70. This trade represents a 0.49 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

Prosperity Bancshares Stock Up 0.3 %

Shares of NYSE PB opened at $69.31 on Thursday. The business has a 50 day moving average price of $68.94 and a two-hundred day moving average price of $75.08. Prosperity Bancshares, Inc. has a fifty-two week low of $57.16 and a fifty-two week high of $86.76. The firm has a market cap of $6.60 billion, a PE ratio of 13.70, a price-to-earnings-growth ratio of 0.94 and a beta of 0.70.

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

Prosperity Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 13th will be paid a $0.58 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $2.32 dividend on an annualized basis and a yield of 3.35%. Prosperity Bancshares’s dividend payout ratio (DPR) is 44.19%.

Institutional Trading of Prosperity Bancshares

Institutional investors and hedge funds have recently bought and sold shares of the company. Blue Trust Inc. increased its holdings in shares of 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 acquiring an additional 128 shares during the last quarter. CIBC Private Wealth Group LLC boosted its holdings in Prosperity Bancshares by 4.4% in the fourth quarter. CIBC Private Wealth Group LLC now owns 3,069 shares of the bank’s stock worth $229,000 after purchasing an additional 128 shares during the period. GAMMA Investing LLC increased its stake in Prosperity Bancshares by 20.4% during the fourth quarter. GAMMA Investing LLC now owns 844 shares of the bank’s stock valued at $64,000 after purchasing an additional 143 shares during the last quarter. U.S. Capital Wealth Advisors LLC raised its holdings in shares of Prosperity Bancshares by 4.9% during the first quarter. U.S. Capital Wealth Advisors LLC now owns 3,326 shares of the bank’s stock worth $237,000 after purchasing an additional 156 shares during the period. Finally, Tectonic Advisors LLC raised its holdings in shares of Prosperity Bancshares by 2.0% during the first quarter. Tectonic Advisors LLC now owns 8,319 shares of the bank’s stock worth $594,000 after purchasing an additional 165 shares during the period. Institutional investors and hedge funds own 80.69% of the company’s stock.

Analyst Ratings Changes

PB has been the topic of a number of research reports. StockNews.com downgraded Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Thursday, April 24th. Morgan Stanley reduced their price target 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. Keefe, Bruyette & Woods dropped their price objective on shares of Prosperity Bancshares from $95.00 to $90.00 and set an “outperform” rating for the company in a research report on Monday. 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 on the stock in a report on Thursday, April 24th. Finally, Raymond James increased their price target on Prosperity Bancshares from $82.00 to $87.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, Prosperity Bancshares currently has a consensus rating of “Moderate Buy” and an average price target of $83.71.

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.