Insider Selling: Prosperity Bancshares, Inc. (NYSE:PB) Director Sells 600 Shares of Stock

Prosperity Bancshares, Inc. (NYSE:PB - Get Free Report) Director Ned S. Holmes sold 600 shares of the firm's stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $70.31, for a total value of $42,186.00. Following the transaction, the director now directly owns 45,400 shares in the company, valued at approximately $3,192,074. This represents a 1.30% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Prosperity Bancshares Trading Down 0.9%

Shares of PB traded down $0.63 during mid-day trading on Friday, reaching $68.47. The company had a trading volume of 119,749 shares, compared to its average volume of 589,995. The stock has a market cap of $6.52 billion, a price-to-earnings ratio of 13.54, a price-to-earnings-growth ratio of 0.94 and a beta of 0.68. The firm has a fifty day simple moving average of $68.86 and a 200-day simple moving average of $73.77. Prosperity Bancshares, Inc. has a fifty-two week low of $57.16 and a fifty-two week high of $86.76.

Prosperity Bancshares (NYSE:PB - Get Free Report) last released its quarterly earnings data on Wednesday, April 23rd. The bank reported $1.37 earnings per share for the quarter, beating the consensus estimate of $1.35 by $0.02. The business had revenue of $306.68 million for the quarter, compared to analyst estimates of $307.17 million. Prosperity Bancshares had a return on equity of 6.64% and a net margin of 26.79%. The company's revenue was up 10.7% compared to the same quarter last year. During the same period in the previous year, the company posted $1.18 EPS. As a group, equities analysts predict that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th will be given a dividend of $0.58 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.39%. Prosperity Bancshares's payout ratio is currently 44.19%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on PB shares. Barclays dropped their price objective on Prosperity Bancshares from $88.00 to $86.00 and set an "equal weight" rating on the stock in a report on Tuesday, April 8th. Royal Bank of Canada decreased their price target on 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. Morgan Stanley dropped their price objective on Prosperity Bancshares from $102.00 to $94.00 and set an "overweight" rating for the company in a research note on Thursday, March 13th. Hovde Group decreased their target price on Prosperity Bancshares from $90.00 to $80.00 and set an "outperform" rating on the stock in a research report on Friday, April 25th. Finally, Wall Street Zen upgraded shares of Prosperity Bancshares from a "sell" rating to a "hold" rating in a research report on Tuesday, May 13th. Seven research analysts have rated the stock with a hold rating and ten have given a buy rating to the company's stock. Based on data from MarketBeat.com, Prosperity Bancshares currently has a consensus rating of "Moderate Buy" and a consensus price target of $83.80.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in PB. Vanguard Group Inc. boosted its position in Prosperity Bancshares by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 9,780,006 shares of the bank's stock valued at $736,923,000 after buying an additional 44,567 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in Prosperity Bancshares by 2.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,688,304 shares of the bank's stock worth $334,595,000 after purchasing an additional 102,044 shares during the last quarter. T. Rowe Price Investment Management Inc. raised its position in shares of Prosperity Bancshares by 14.6% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 3,232,995 shares of the bank's stock valued at $230,739,000 after purchasing an additional 412,283 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its stake in shares of Prosperity Bancshares by 1.4% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,342,047 shares of the bank's stock valued at $176,473,000 after buying an additional 32,917 shares during the last quarter. Finally, Snyder Capital Management L P grew its position in shares of Prosperity Bancshares by 7.3% during the fourth quarter. Snyder Capital Management L P now owns 1,220,977 shares of the bank's stock worth $92,001,000 after buying an additional 83,488 shares in the last quarter. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

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.