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

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned S. Holmes sold 500 shares of the stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $70.91, for a total transaction of $35,455.00. Following the sale, the director now owns 101,415 shares in the company, valued at approximately $7,191,337.65. This trade represents a 0.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Prosperity Bancshares Price Performance

NYSE PB opened at $69.92 on Friday. The firm’s fifty day moving average price is $68.91 and its 200 day moving average price is $74.99. The company has a market capitalization of $6.66 billion, a price-to-earnings ratio of 13.82, a price-to-earnings-growth ratio of 0.94 and a beta of 0.70. Prosperity Bancshares, Inc. has a 12 month low of $57.16 and a 12 month high of $86.76.

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

Prosperity Bancshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders 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 3.32%. The ex-dividend date is Friday, June 13th. Prosperity Bancshares’s payout ratio is currently 44.19%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Blue Trust Inc. grew its position in Prosperity Bancshares by 14.9% during the 4th quarter. Blue Trust Inc. now owns 987 shares of the bank’s stock worth $71,000 after purchasing an additional 128 shares during the last quarter. CIBC Private Wealth Group LLC grew its position in Prosperity Bancshares by 4.4% during the 4th 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 last quarter. U.S. Capital Wealth Advisors LLC grew its position in Prosperity Bancshares by 4.9% during the 1st 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 last quarter. Tectonic Advisors LLC grew its position in Prosperity Bancshares by 2.0% during the 1st 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 last quarter. Finally, Sanctuary Advisors LLC grew its position in Prosperity Bancshares by 3.8% during the 4th quarter. Sanctuary Advisors LLC now owns 5,359 shares of the bank’s stock worth $430,000 after purchasing an additional 194 shares during the last quarter. 80.69% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PB has been the topic of a number of recent analyst reports. Hovde Group dropped their price objective on shares of Prosperity Bancshares from $90.00 to $80.00 and set an “outperform” rating on the stock in a research report on Friday, April 25th. Raymond James increased their price objective on shares of Prosperity Bancshares from $82.00 to $87.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. Wall Street Zen raised shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a research report on Tuesday, May 13th. Barclays dropped 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. Finally, Stephens increased their price objective 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. Seven analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, Prosperity Bancshares currently has a consensus rating of “Moderate Buy” and an average target price of $83.80.

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.