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

Prosperity Bancshares, Inc. (NYSE:PB - Get Free Report) Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction that occurred on Wednesday, July 9th. The shares were sold at an average price of $74.13, for a total value of $37,065.00. Following the completion of the transaction, the director owned 97,915 shares of the company's stock, valued at approximately $7,258,438.95. 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 available through this link.

Prosperity Bancshares Stock Up 1.2%

PB traded up $0.91 during trading on Thursday, reaching $75.20. The stock had a trading volume of 184,502 shares, compared to its average volume of 605,014. The firm has a market capitalization of $7.16 billion, a price-to-earnings ratio of 14.35, a price-to-earnings-growth ratio of 0.93 and a beta of 0.68. Prosperity Bancshares, Inc. has a 1-year low of $60.33 and a 1-year high of $86.76. The stock has a 50 day moving average of $70.51 and a two-hundred day moving average of $72.40.

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

Prosperity Bancshares Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th were given a $0.58 dividend. The ex-dividend date of this dividend was Friday, June 13th. This represents a $2.32 dividend on an annualized basis and a yield of 3.09%. Prosperity Bancshares's dividend payout ratio (DPR) is 44.19%.

Institutional Investors Weigh In On Prosperity Bancshares

A number of institutional investors have recently added to or reduced their stakes in PB. Smartleaf Asset Management LLC lifted its position in Prosperity Bancshares by 487.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 376 shares of the bank's stock worth $28,000 after purchasing an additional 312 shares during the period. Jones Financial Companies Lllp lifted its position in shares of Prosperity Bancshares by 368.5% during 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 shares of Prosperity Bancshares during the 1st quarter valued at $48,000. Aster Capital Management DIFC Ltd lifted its position in shares of Prosperity Bancshares by 349.5% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 917 shares of the bank's stock valued at $69,000 after acquiring an additional 713 shares during the last quarter. Finally, Parallel Advisors LLC lifted its position in shares of Prosperity Bancshares by 16.8% during the 2nd quarter. Parallel Advisors LLC now owns 978 shares of the bank's stock valued at $69,000 after acquiring an additional 141 shares during the last quarter. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have commented on the company. Keefe, Bruyette & Woods decreased their target price on Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating for the company in a research note on Monday, May 5th. Hovde Group decreased their target price on Prosperity Bancshares from $90.00 to $80.00 and set an "outperform" rating for the company in a research note on Friday, April 25th. Morgan Stanley decreased their target price 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. Wall Street Zen upgraded Prosperity Bancshares from a "sell" rating to a "hold" rating in a research report on Tuesday, May 13th. Finally, Jefferies Financial Group began coverage on Prosperity Bancshares in a research report on Wednesday, May 21st. They set a "buy" rating and a $85.00 price objective for the company. Seven research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $83.80.

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.