Insider Selling: Prosperity Bancshares, Inc. (NYSE:PB) Director Sells 500 Shares of Stock

Prosperity Bancshares, Inc. (NYSE:PB - Get Free Report) Director Ned S. Holmes sold 500 shares of the company's stock in a transaction that occurred on Wednesday, July 23rd. The stock was sold at an average price of $70.21, for a total value of $35,105.00. Following the sale, the director owned 96,915 shares of the company's stock, valued at $6,804,402.15. This trade represents a 0.51% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Prosperity Bancshares Price Performance

PB traded up $0.11 during trading on Friday, reaching $67.70. 1,100,530 shares of the stock were exchanged, compared to its average volume of 759,599. The company has a market capitalization of $6.45 billion, a price-to-earnings ratio of 12.31, a P/E/G ratio of 0.94 and a beta of 0.68. Prosperity Bancshares, Inc. has a 1 year low of $61.57 and a 1 year high of $86.75. The business's 50 day moving average price is $70.74 and its two-hundred day moving average price is $72.13.

Prosperity Bancshares (NYSE:PB - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The bank reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.40 by $0.02. The business had revenue of $310.70 million during the quarter, compared to the consensus estimate of $315.66 million. Prosperity Bancshares had a return on equity of 6.99% and a net margin of 29.37%. During the same quarter in the previous year, the company posted $1.22 EPS. On average, analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Prosperity Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be given a $0.58 dividend. The ex-dividend date is Monday, September 15th. This represents a $2.32 annualized dividend and a dividend yield of 3.43%. Prosperity Bancshares's dividend payout ratio is presently 42.18%.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Royal Bank Of Canada dropped 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. Piper Sandler dropped their price target on shares of Prosperity Bancshares from $86.00 to $84.00 and set an "overweight" rating on the stock in a research note on Thursday. Jefferies Financial Group assumed coverage on shares of Prosperity Bancshares in a report on Wednesday, May 21st. They set a "buy" rating and a $85.00 price target for the company. Keefe, Bruyette & Woods lowered their price objective on Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating on the stock in a report on Monday, May 5th. Finally, Hovde Group cut their target price on Prosperity Bancshares from $85.00 to $83.00 and set an "outperform" rating for the company in a research note on Thursday. Seven investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $84.27.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Steph & Co. acquired a new stake in Prosperity Bancshares during the 2nd quarter valued at $38,000. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of Prosperity Bancshares in the first quarter valued at $48,000. IFP Advisors Inc boosted its stake in shares of Prosperity Bancshares by 1,251.4% during the second quarter. IFP Advisors Inc now owns 973 shares of the bank's stock valued at $68,000 after acquiring an additional 901 shares during the last quarter. Aster Capital Management DIFC Ltd increased its position in Prosperity Bancshares by 349.5% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 917 shares of the bank's stock worth $69,000 after purchasing an additional 713 shares in the last quarter. Finally, Parallel Advisors LLC raised its stake in Prosperity Bancshares by 16.8% in the 2nd quarter. Parallel Advisors LLC now owns 978 shares of the bank's stock valued at $69,000 after purchasing an additional 141 shares during the last quarter. 80.69% of the stock is owned by hedge funds and other institutional investors.

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.