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 business’s stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $79.01, for a total value of $39,505.00. Following the completion of the sale, the director now directly owns 108,315 shares of the company’s stock, valued at approximately $8,557,968.15. This represents a 0.46 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Prosperity Bancshares Price Performance

PB stock traded down $0.48 on Thursday, reaching $78.31. The company’s stock had a trading volume of 506,707 shares, compared to its average volume of 468,972. Prosperity Bancshares, Inc. has a 52 week low of $57.16 and a 52 week high of $86.75. The company has a market capitalization of $7.46 billion, a P/E ratio of 16.63, a price-to-earnings-growth ratio of 1.12 and a beta of 0.93. The firm has a fifty day moving average of $79.07 and a two-hundred day moving average of $74.32.

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

Prosperity Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be paid a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a yield of 2.96%. The ex-dividend date is Friday, March 14th. Prosperity Bancshares’s payout ratio is currently 49.26%.

Hedge Funds Weigh In On Prosperity Bancshares

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Blue Trust Inc. boosted its stake in Prosperity Bancshares by 14.9% during the 4th quarter. Blue Trust Inc. now owns 987 shares of the bank’s stock valued at $71,000 after purchasing an additional 128 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of Prosperity Bancshares by 20.4% during the 4th quarter. GAMMA Investing LLC now owns 844 shares of the bank’s stock valued at $64,000 after acquiring an additional 143 shares during the last quarter. M&T Bank Corp lifted its position in shares of Prosperity Bancshares by 0.3% during the 3rd quarter. M&T Bank Corp now owns 45,392 shares of the bank’s stock valued at $3,272,000 after acquiring an additional 149 shares during the last quarter. US Bancorp DE lifted its position in shares of Prosperity Bancshares by 3.4% during the 3rd quarter. US Bancorp DE now owns 4,720 shares of the bank’s stock valued at $340,000 after acquiring an additional 153 shares during the last quarter. Finally, Tectonic Advisors LLC lifted its position in shares of Prosperity Bancshares by 3.0% during the 3rd quarter. Tectonic Advisors LLC now owns 7,058 shares of the bank’s stock valued at $509,000 after acquiring an additional 206 shares during the last quarter. 80.69% of the stock is owned by institutional investors.

Analyst Ratings Changes

PB has been the subject of several research analyst reports. DA Davidson lowered Prosperity Bancshares from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $80.00 to $78.00 in a report on Tuesday, October 15th. UBS Group lowered their price objective on Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating for the company in a report on Thursday, December 26th. Wolfe Research reissued a “peer perform” rating on shares of Prosperity Bancshares in a report on Thursday, December 5th. Wedbush reaffirmed an “outperform” rating and set a $90.00 target price on shares of Prosperity Bancshares in a report on Thursday, October 24th. Finally, StockNews.com lowered Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Wednesday, January 8th. One analyst has rated the stock with a sell rating, six have issued a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $81.38.

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.