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 stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $67.71, for a total transaction of $40,626.00. Following the sale, the director now directly owns 45,300 shares in the company, valued at $3,067,263. This trade represents a 1.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

Prosperity Bancshares Price Performance

Shares of NYSE:PB traded up $0.39 during trading on Wednesday, hitting $67.64. The company's stock had a trading volume of 508,310 shares, compared to its average volume of 621,828. The company has a 50-day moving average of $69.02 and a 200-day moving average of $73.35. Prosperity Bancshares, Inc. has a 12 month low of $58.44 and a 12 month high of $86.75. The firm has a market cap of $6.44 billion, a price-to-earnings ratio of 12.88, a P/E/G ratio of 0.85 and a beta of 0.68.

Prosperity Bancshares (NYSE:PB - Get Free Report) last issued its quarterly earnings data on Wednesday, April 23rd. The bank reported $1.37 earnings per share for the quarter, topping the consensus estimate of $1.35 by $0.02. Prosperity Bancshares had a net margin of 27.69% and a return on equity of 6.81%. The firm had revenue of $306.68 million for the quarter, compared to analysts' expectations of $307.17 million. During the same quarter in the prior year, the business earned $1.18 EPS. The business's quarterly revenue was up 10.7% on a year-over-year basis. As a group, research analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be paid a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a yield of 3.43%. The ex-dividend date is Friday, June 13th. Prosperity Bancshares's payout ratio is 44.19%.

Institutional Investors Weigh In On Prosperity Bancshares

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PB. Norges Bank bought a new stake in shares of Prosperity Bancshares during the fourth quarter valued at approximately $68,986,000. T. Rowe Price Investment Management Inc. grew its holdings in shares of Prosperity Bancshares by 14.6% in the first 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. North Reef Capital Management LP purchased a new position in shares of Prosperity Bancshares in the fourth quarter valued at $29,211,000. Nuveen LLC purchased a new position in shares of Prosperity Bancshares in the first quarter valued at $25,491,000. Finally, AQR Capital Management LLC grew its holdings in shares of Prosperity Bancshares by 56.2% in the first quarter. AQR Capital Management LLC now owns 866,223 shares of the bank's stock valued at $61,008,000 after purchasing an additional 311,698 shares in the last quarter. Institutional investors own 80.69% of the company's stock.

Analysts Set New Price Targets

Several analysts recently commented on PB shares. Morgan Stanley cut their price objective on shares of Prosperity Bancshares from $102.00 to $94.00 and set an "overweight" rating on the stock in a research report on Thursday, March 13th. Hovde Group dropped their price target on shares of Prosperity Bancshares from $90.00 to $80.00 and set an "outperform" rating on the stock in a report on Friday, April 25th. Wall Street Zen raised shares of Prosperity Bancshares from a "sell" rating to a "hold" rating in a report on Tuesday, May 13th. Keefe, Bruyette & Woods dropped their price target on shares of Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating on the stock in a report on Monday, May 5th. Finally, Barclays dropped their price target on shares of Prosperity Bancshares from $88.00 to $86.00 and set an "equal weight" rating on the stock in a report on Tuesday, April 8th. Seven equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, Prosperity Bancshares presently has a consensus rating of "Moderate Buy" and a consensus target price of $83.80.

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.

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