Ned S. Holmes Sells 600 Shares of Prosperity Bancshares, Inc. (NYSE:PB) Stock

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned S. Holmes sold 600 shares of the stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $70.89, for a total value of $42,534.00. Following the completion of the sale, the director now directly owns 45,700 shares of the company’s stock, valued at approximately $3,239,673. The trade was a 1.30% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

Prosperity Bancshares Stock Performance

Shares of Prosperity Bancshares stock opened at $69.92 on Friday. Prosperity Bancshares, Inc. has a 52 week low of $57.16 and a 52 week high of $86.76. The stock has a 50 day moving average price of $68.91 and a two-hundred day moving average price of $74.99. The stock has a market capitalization of $6.66 billion, a PE ratio of 13.82, a price-to-earnings-growth ratio of 0.94 and a beta of 0.70.

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

Prosperity Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 13th will be issued a dividend of $0.58 per share. 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 3.32%. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 44.19%.

Institutional Trading of Prosperity Bancshares

Hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. raised its stake in shares of Prosperity Bancshares by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 9,780,006 shares of the bank’s stock valued at $736,923,000 after purchasing an additional 44,567 shares during the period. Dimensional Fund Advisors LP grew its position in Prosperity Bancshares by 2.2% during the first quarter. Dimensional Fund Advisors LP now owns 4,688,304 shares of the bank’s stock worth $334,595,000 after buying an additional 102,044 shares in the last quarter. T. Rowe Price Investment Management Inc. grew its position in Prosperity Bancshares by 14.6% during the first quarter. T. Rowe Price Investment Management Inc. now owns 3,232,995 shares of the bank’s stock worth $230,739,000 after buying an additional 412,283 shares in the last quarter. Massachusetts Financial Services Co. MA grew its position in Prosperity Bancshares by 1.4% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,342,047 shares of the bank’s stock worth $176,473,000 after buying an additional 32,917 shares in the last quarter. Finally, Snyder Capital Management L P grew its position in Prosperity Bancshares by 7.3% during the fourth quarter. Snyder Capital Management L P now owns 1,220,977 shares of the bank’s stock worth $92,001,000 after buying an additional 83,488 shares in the last quarter. 80.69% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages recently commented on PB. Raymond James upped their target price on Prosperity Bancshares from $82.00 to $87.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. Stephens upped their target price on Prosperity Bancshares from $93.00 to $94.00 and gave the company an “overweight” rating in a research report on Thursday, January 30th. Barclays cut their target price on 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. Hovde Group cut their target price on Prosperity Bancshares from $90.00 to $80.00 and set an “outperform” rating on the stock in a research report on Friday, April 25th. Finally, Morgan Stanley cut their target price on Prosperity Bancshares from $102.00 to $94.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. Seven equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the stock 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.