Prosperity Bancshares, Inc. (NYSE:PB) Director Sells $35,105.00 in Stock

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

Prosperity Bancshares Stock Up 0.1%

PB traded up $0.06 on Friday, hitting $67.65. The company's stock had a trading volume of 513,836 shares, compared to its average volume of 653,310. The company's 50 day simple moving average is $70.84 and its 200-day simple moving average is $72.18. The firm has a market cap of $6.44 billion, a P/E ratio of 12.28, a price-to-earnings-growth ratio of 0.96 and a beta of 0.68. Prosperity Bancshares, Inc. has a 12 month low of $61.57 and a 12 month high of $86.75.

Prosperity Bancshares (NYSE:PB - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The bank reported $1.42 EPS for the quarter, topping the consensus estimate of $1.40 by $0.02. The company had revenue of $310.70 million during the quarter, compared to the consensus estimate of $315.66 million. Prosperity Bancshares had a net margin of 29.37% and a return on equity of 6.99%. During the same period last year, the firm earned $1.22 EPS. Equities analysts predict that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current fiscal 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 dividend of $0.58 per share. The ex-dividend date is Monday, September 15th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.43%. Prosperity Bancshares's dividend payout ratio (DPR) is presently 44.19%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of PB. Xponance Inc. lifted its stake in Prosperity Bancshares by 5.6% during the fourth quarter. Xponance Inc. now owns 10,629 shares of the bank's stock worth $801,000 after purchasing an additional 566 shares during the last quarter. Teacher Retirement System of Texas grew its holdings in shares of Prosperity Bancshares by 13.5% during the 4th quarter. Teacher Retirement System of Texas now owns 17,720 shares of the bank's stock valued at $1,335,000 after purchasing an additional 2,112 shares during the last quarter. American Century Companies Inc. grew its holdings in shares of Prosperity Bancshares by 0.8% during the 4th quarter. American Century Companies Inc. now owns 31,013 shares of the bank's stock valued at $2,337,000 after purchasing an additional 255 shares during the last quarter. KLP Kapitalforvaltning AS bought a new position in shares of Prosperity Bancshares during the 4th quarter valued at $1,471,000. Finally, Fox Run Management L.L.C. purchased a new stake in Prosperity Bancshares during the fourth quarter valued at about $235,000. 80.69% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts have commented on the stock. Royal Bank Of Canada cut their price target on shares of Prosperity Bancshares from $85.00 to $78.00 and set a "sector perform" rating on the stock in a research report on Thursday, April 24th. Piper Sandler cut their price objective on shares of Prosperity Bancshares from $86.00 to $84.00 and set an "overweight" rating on the stock in a research report on Thursday. Jefferies Financial Group assumed coverage on shares of Prosperity Bancshares in a research report on Wednesday, May 21st. They set a "buy" rating and a $85.00 price objective on the stock. Keefe, Bruyette & Woods cut 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 report on Monday, May 5th. Finally, Hovde Group cut their price objective on shares of Prosperity Bancshares from $85.00 to $83.00 and set an "outperform" rating on the stock in a research report on Thursday. 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 a consensus rating of "Moderate Buy" and an average target price of $84.27.

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.