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

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned S. Holmes sold 500 shares of the business’s stock in a transaction on Thursday, December 26th. The shares were sold at an average price of $76.04, for a total transaction of $38,020.00. Following the sale, the director now directly owns 110,315 shares of the company’s stock, valued at $8,388,352.60. This represents a 0.45 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Prosperity Bancshares Stock Performance

Shares of Prosperity Bancshares stock opened at $75.35 on Thursday. Prosperity Bancshares, Inc. has a one year low of $57.16 and a one year high of $86.75. The company has a market capitalization of $7.18 billion, a PE ratio of 16.00, a P/E/G ratio of 1.19 and a beta of 0.92. The company has a 50-day simple moving average of $79.10 and a two-hundred day simple moving average of $72.56.

Prosperity Bancshares (NYSE:PB) last posted its earnings results on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, beating analysts’ consensus estimates of $1.31 by $0.03. Prosperity Bancshares had a net margin of 25.39% and a return on equity of 6.46%. The company had revenue of $459.00 million during the quarter, compared to analysts’ expectations of $299.83 million. During the same quarter in the prior year, the company posted $1.20 earnings per share. On average, equities analysts predict that Prosperity Bancshares, Inc. will post 5.05 earnings per share for the current fiscal year.

Prosperity Bancshares Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be given a $0.58 dividend. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.56. The ex-dividend date of this dividend is Friday, December 13th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.08%. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 49.26%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Quarry LP grew its stake in shares of Prosperity Bancshares by 533.3% during the second quarter. Quarry LP now owns 494 shares of the bank’s stock worth $30,000 after acquiring an additional 416 shares during the last quarter. Quest Partners LLC boosted its stake in Prosperity Bancshares by 3,147.1% in the 2nd quarter. Quest Partners LLC now owns 552 shares of the bank’s stock worth $34,000 after purchasing an additional 535 shares in the last quarter. GAMMA Investing LLC grew its position in Prosperity Bancshares by 47.9% during the 3rd quarter. GAMMA Investing LLC now owns 701 shares of the bank’s stock worth $51,000 after purchasing an additional 227 shares during the last quarter. Headlands Technologies LLC acquired a new position in Prosperity Bancshares during the 2nd quarter valued at approximately $46,000. Finally, First Horizon Advisors Inc. raised its holdings in shares of Prosperity Bancshares by 190.0% in the third quarter. First Horizon Advisors Inc. now owns 815 shares of the bank’s stock worth $59,000 after buying an additional 534 shares during the last quarter. 80.69% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PB has been the subject of a number of research analyst reports. Raymond James lowered shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price objective for the company. in a report on Tuesday, September 17th. StockNews.com upgraded Prosperity Bancshares from a “sell” rating to a “hold” rating in a report on Tuesday. Barclays raised their price objective on Prosperity Bancshares from $84.00 to $88.00 and gave the stock an “equal weight” rating in a report on Friday, December 20th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $77.00 target price on shares of Prosperity Bancshares in a report on Thursday, October 24th. Finally, Wolfe Research restated a “peer perform” rating on shares of Prosperity Bancshares in a research note on Thursday, December 5th. Six analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $81.50.

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.