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 company’s stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $67.71, for a total transaction of $40,626.00. Following the sale, the director now directly owns 45,300 shares in the company, valued at $3,067,263. This represents a 1.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link.

Prosperity Bancshares Price Performance

Shares of Prosperity Bancshares stock opened at $67.64 on Friday. The firm has a market cap of $6.44 billion, a P/E ratio of 12.88, a P/E/G ratio of 0.85 and a beta of 0.68. The firm has a 50 day simple moving average of $69.10 and a 200 day simple moving average of $73.20. Prosperity Bancshares, Inc. has a fifty-two week low of $58.44 and a fifty-two week high of $86.76.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, April 23rd. The bank reported $1.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.35 by $0.02. Prosperity Bancshares had a net margin of 27.69% and a return on equity of 6.81%. The firm had revenue of $306.68 million for the quarter, compared to analysts’ expectations of $307.17 million. During the same period last year, the firm earned $1.18 earnings per share. The business’s revenue for the quarter was up 10.7% on a year-over-year basis. On average, sell-side analysts expect that Prosperity Bancshares, Inc. will post 5.83 EPS 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 paid a $0.58 dividend. The ex-dividend date is Friday, June 13th. This represents a $2.32 dividend on an annualized basis and a yield of 3.43%. Prosperity Bancshares’s payout ratio is presently 44.19%.

Hedge Funds Weigh In On Prosperity Bancshares

Hedge funds and other institutional investors have recently bought and sold shares of the business. Smartleaf Asset Management LLC boosted its stake 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 boosted its stake in Prosperity Bancshares by 368.5% in the fourth quarter. Jones Financial Companies Lllp now owns 520 shares of the bank’s stock valued at $39,000 after acquiring an additional 409 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S bought a new position in Prosperity Bancshares in the first quarter valued at approximately $48,000. Aster Capital Management DIFC Ltd boosted its stake 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 acquiring an additional 713 shares during the last quarter. Finally, First Horizon Advisors Inc. boosted its stake in Prosperity Bancshares by 23.9% in the fourth quarter. First Horizon Advisors Inc. now owns 1,010 shares of the bank’s stock valued at $76,000 after acquiring an additional 195 shares during the last quarter. 80.69% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on PB. Keefe, Bruyette & Woods decreased their price objective on shares of Prosperity Bancshares from $95.00 to $90.00 and set an “outperform” rating on the stock in a research note on Monday, May 5th. Morgan Stanley decreased their price objective on shares of Prosperity Bancshares from $102.00 to $94.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. Royal Bank Of Canada decreased their price objective on shares of Prosperity Bancshares from $85.00 to $78.00 and set a “sector perform” rating on the stock in a research note on Thursday, April 24th. Hovde Group decreased 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 note on Friday, April 25th. Finally, Jefferies Financial Group began coverage on shares of Prosperity Bancshares in a research note on Wednesday, May 21st. They set a “buy” rating and a $85.00 price objective on the stock. Seven analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, Prosperity Bancshares currently has an average rating of “Moderate Buy” and a consensus price target 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.