Prosperity Bancshares, Inc. (NYSE:PB) Director Ned S. Holmes Sells 500 Shares

Prosperity Bancshares, Inc. (NYSE:PB - Get Free Report) Director Ned S. Holmes sold 500 shares of the stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $72.97, for a total transaction of $36,485.00. Following the completion of the transaction, the director directly owned 98,415 shares of the company's stock, valued at $7,181,342.55. The trade was a 0.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Prosperity Bancshares Price Performance

NYSE PB traded up $0.17 on Friday, hitting $73.73. 468,888 shares of the stock were exchanged, compared to its average volume of 603,559. Prosperity Bancshares, Inc. has a 52-week low of $58.66 and a 52-week high of $86.76. The company has a market capitalization of $7.02 billion, a price-to-earnings ratio of 14.04, a P/E/G ratio of 0.92 and a beta of 0.68. The company's 50-day moving average price is $70.15 and its two-hundred day moving average price is $72.39.

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

Prosperity Bancshares Dividend Announcement

The business also recently disclosed 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. The ex-dividend date was Friday, June 13th. This represents a $2.32 annualized dividend and a yield of 3.15%. Prosperity Bancshares's dividend payout ratio is currently 44.19%.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Barclays decreased their price objective 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. Royal Bank Of Canada cut their target price 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. Jefferies Financial Group assumed coverage on shares of Prosperity Bancshares in a report on Wednesday, May 21st. They issued a "buy" rating and a $85.00 price objective on the stock. 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. Finally, Morgan Stanley reduced their target price on shares of Prosperity Bancshares from $102.00 to $94.00 and set an "overweight" rating for the company in a research note on Thursday, March 13th. Seven investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, Prosperity Bancshares currently has an average rating of "Moderate Buy" and a consensus price target of $83.80.

Institutional Trading of Prosperity Bancshares

A number of hedge funds and other institutional investors have recently modified their holdings of PB. Smartleaf Asset Management LLC boosted its position in Prosperity Bancshares by 487.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 376 shares of the bank's stock valued at $28,000 after purchasing an additional 312 shares during the last quarter. Jones Financial Companies Lllp lifted its stake in shares of Prosperity Bancshares by 368.5% in the 4th quarter. Jones Financial Companies Lllp now owns 520 shares of the bank's stock valued at $39,000 after acquiring an additional 409 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in Prosperity Bancshares during the 1st quarter worth approximately $48,000. Aster Capital Management DIFC Ltd grew its position in shares of Prosperity Bancshares by 349.5% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 917 shares of the bank's stock valued at $69,000 after buying an additional 713 shares during the last quarter. Finally, Quarry LP bought a new position in Prosperity Bancshares during the 4th quarter worth approximately $88,000. Institutional investors and hedge funds own 80.69% of the company's stock.

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.