Insider Selling: Prosperity Bancshares, Inc. (NYSE:PB) Director Sells 500 Shares of Stock

Prosperity Bancshares, Inc. (NYSE:PB - Get Free Report) Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction dated Wednesday, July 9th. The stock was sold at an average price of $74.13, for a total value of $37,065.00. Following the sale, the director directly owned 97,915 shares of the company's stock, valued at approximately $7,258,438.95. This represents a 0.51% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Prosperity Bancshares Trading Down 1.2%

NYSE:PB traded down $0.87 during trading hours on Friday, hitting $73.84. 740,151 shares of the stock were exchanged, compared to its average volume of 608,108. Prosperity Bancshares, Inc. has a 52-week low of $61.57 and a 52-week high of $86.76. The firm's fifty day moving average price is $70.64 and its 200 day moving average price is $72.39. The company has a market cap of $7.03 billion, a P/E ratio of 14.06, a P/E/G ratio of 0.93 and a beta of 0.68.

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

Prosperity Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th were given a $0.58 dividend. The ex-dividend date was Friday, June 13th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.14%. Prosperity Bancshares's dividend payout ratio (DPR) is presently 44.19%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on PB. Royal Bank Of Canada decreased their price objective on Prosperity Bancshares from $85.00 to $78.00 and set a "sector perform" rating for the company in a report on Thursday, April 24th. Keefe, Bruyette & Woods decreased their price objective on Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating for the company in a report on Monday, May 5th. Hovde Group decreased their price objective on Prosperity Bancshares from $90.00 to $80.00 and set an "outperform" rating for the company in a report on Friday, April 25th. Jefferies Financial Group assumed coverage on Prosperity Bancshares in a report on Wednesday, May 21st. They issued a "buy" rating and a $85.00 price objective for the company. 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 research report on Tuesday, April 8th. Seven research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, Prosperity Bancshares currently has a consensus rating of "Moderate Buy" and an average price target of $83.80.

Institutional Investors Weigh In On Prosperity Bancshares

A number of large investors have recently made changes to their positions in the stock. Wedge Capital Management L L P NC grew its position in shares of Prosperity Bancshares by 4.3% in the second quarter. Wedge Capital Management L L P NC now owns 104,254 shares of the bank's stock valued at $7,323,000 after purchasing an additional 4,318 shares in the last quarter. UMB Bank n.a. grew its position in shares of Prosperity Bancshares by 38.6% in the second quarter. UMB Bank n.a. now owns 1,024 shares of the bank's stock valued at $72,000 after purchasing an additional 285 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its position in shares of Prosperity Bancshares by 211.4% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 22,928 shares of the bank's stock valued at $1,693,000 after purchasing an additional 15,566 shares in the last quarter. HWG Holdings LP purchased a new stake in shares of Prosperity Bancshares in the second quarter valued at approximately $251,000. Finally, Sivia Capital Partners LLC purchased a new stake in shares of Prosperity Bancshares in the second quarter valued at approximately $359,000. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

About Prosperity Bancshares

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.