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 stock in a transaction on Wednesday, January 8th. The stock was sold at an average price of $74.12, for a total transaction of $37,060.00. Following the sale, the director now directly owns 109,315 shares in the company, valued at $8,102,427.80. This trade represents a 0.46 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

Prosperity Bancshares Trading Down 2.6 %

Shares of NYSE PB traded down $1.94 during midday trading on Friday, reaching $72.75. 43,724 shares of the stock were exchanged, compared to its average volume of 361,809. The stock has a 50 day moving average price of $79.22 and a 200-day moving average price of $73.11. The company has a market capitalization of $6.93 billion, a P/E ratio of 15.45, a P/E/G ratio of 1.19 and a beta of 0.93. Prosperity Bancshares, Inc. has a 52-week low of $57.16 and a 52-week high of $86.75.

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

Prosperity Bancshares Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th were given a $0.58 dividend. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.56. The ex-dividend date was Friday, December 13th. This represents a $2.32 annualized dividend and a dividend yield of 3.19%. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 49.26%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Bank of America upgraded Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $80.00 target price on the stock in a research report on Tuesday. UBS Group lowered their price objective on Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating on the stock in a report on Thursday, December 26th. StockNews.com lowered Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Wednesday. DA Davidson lowered shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $80.00 to $78.00 in a report on Tuesday, October 15th. Finally, Raymond James lowered shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price target on the stock. in a research report on Tuesday, September 17th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $81.38.

Institutional Investors Weigh In On Prosperity Bancshares

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

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.