Prosperity Bancshares, Inc. (NYSE:PB) Director Sells $36,485.00 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 that occurred on Wednesday, July 2nd. The stock was sold at an average price of $72.97, for a total value of $36,485.00. Following the transaction, the director directly owned 98,415 shares of the company's stock, valued at approximately $7,181,342.55. The trade was a 0.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Prosperity Bancshares Price Performance

Prosperity Bancshares stock traded up $0.17 during trading on Friday, reaching $73.73. 468,888 shares of the company were exchanged, compared to its average volume of 605,387. The stock's 50 day simple moving average is $70.02 and its two-hundred day simple moving average is $72.45. The company has a market capitalization of $7.02 billion, a P/E ratio of 14.04, a PEG ratio of 0.92 and a beta of 0.68. Prosperity Bancshares, Inc. has a 52-week low of $58.66 and a 52-week high of $86.76.

Prosperity Bancshares (NYSE:PB - Get Free Report) last posted its quarterly earnings results on Wednesday, April 23rd. The bank reported $1.37 EPS for the quarter, topping 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 6.81% and a net margin of 27.69%. The company's quarterly revenue was up 10.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.18 EPS. As a group, equities analysts forecast 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 was paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th were paid a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a yield of 3.15%. The ex-dividend date was Friday, June 13th. Prosperity Bancshares's dividend payout ratio (DPR) is presently 44.19%.

Hedge Funds Weigh In On Prosperity Bancshares

Institutional investors and hedge funds have recently bought and sold shares of the company. Smartleaf Asset Management LLC increased its holdings in shares of Prosperity Bancshares by 487.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 376 shares of the bank's stock worth $28,000 after buying an additional 312 shares during the last quarter. Jones Financial Companies Lllp grew its position in Prosperity Bancshares by 368.5% in the fourth quarter. Jones Financial Companies Lllp now owns 520 shares of the bank's stock worth $39,000 after acquiring an additional 409 shares during the period. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in Prosperity Bancshares during the first quarter worth $48,000. Aster Capital Management DIFC Ltd increased its stake in Prosperity Bancshares by 349.5% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 917 shares of the bank's stock worth $69,000 after acquiring an additional 713 shares during the last quarter. Finally, Quarry LP purchased a new stake in Prosperity Bancshares in the fourth quarter valued at $88,000. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on PB shares. Jefferies Financial Group started coverage on shares of Prosperity Bancshares in a report on Wednesday, May 21st. They issued a "buy" rating and a $85.00 price target for the company. Barclays dropped their target price on shares of Prosperity Bancshares from $88.00 to $86.00 and set an "equal weight" rating on the stock in a research report on Tuesday, April 8th. Morgan Stanley reduced their price target on shares of Prosperity Bancshares from $102.00 to $94.00 and set an "overweight" rating for the company in a research report on Thursday, March 13th. Hovde Group lowered their price objective on Prosperity Bancshares from $90.00 to $80.00 and set an "outperform" rating on the stock in a report on Friday, April 25th. Finally, Keefe, Bruyette & Woods reduced their target price on Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating for the company in a report on Monday, May 5th. Seven equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average 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.