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 the company's stock in a transaction dated Wednesday, July 9th. The shares were sold at an average price of $74.13, for a total transaction of $37,065.00. Following the completion of the transaction, the director owned 97,915 shares in the company, valued at approximately $7,258,438.95. This trade represents a 0.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

Prosperity Bancshares Price Performance

NYSE:PB remained flat at $74.27 during mid-day trading on Wednesday. The company had a trading volume of 797,034 shares, compared to its average volume of 606,034. The business's fifty day moving average price is $70.38 and its two-hundred day moving average price is $72.39. The company has a market cap of $7.07 billion, a price-to-earnings ratio of 14.15, a PEG ratio of 0.92 and a beta of 0.68. Prosperity Bancshares, Inc. has a 1 year low of $58.66 and a 1 year high of $86.76.

Prosperity Bancshares (NYSE:PB - Get Free Report) last released its earnings results on Wednesday, April 23rd. The bank reported $1.37 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.35 by $0.02. The firm 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%. Prosperity Bancshares's revenue was up 10.7% compared to the same quarter last year. During the same period in the previous year, the company earned $1.18 earnings per share. As a group, research analysts expect that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th were given a dividend of $0.58 per share. The ex-dividend date was Friday, June 13th. This represents a $2.32 dividend on an annualized basis and a yield of 3.12%. Prosperity Bancshares's payout ratio is presently 44.19%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Keefe, Bruyette & Woods dropped their price objective on shares of 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 reduced 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. Jefferies Financial Group initiated coverage on Prosperity Bancshares in a research note on Wednesday, May 21st. They set a "buy" rating and a $85.00 target price for the company. Barclays reduced their target price on Prosperity Bancshares from $88.00 to $86.00 and set an "equal weight" rating for the company in a research note on Tuesday, April 8th. Finally, Royal Bank Of Canada reduced their price objective on 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. Seven research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, Prosperity Bancshares currently has a consensus rating of "Moderate Buy" and a consensus target price of $83.80.

Institutional Investors Weigh In On Prosperity Bancshares

Several institutional investors have recently made changes to their positions in PB. Sivia Capital Partners LLC bought a new stake in shares of Prosperity Bancshares during the second quarter valued at approximately $359,000. Pallas Capital Advisors LLC acquired a new stake in Prosperity Bancshares in the 2nd quarter valued at $438,000. Harbor Capital Advisors Inc. boosted its stake in Prosperity Bancshares by 1.6% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 26,111 shares of the bank's stock valued at $1,834,000 after buying an additional 414 shares in the last quarter. Parallel Advisors LLC boosted its stake in Prosperity Bancshares by 16.8% in the 2nd quarter. Parallel Advisors LLC now owns 978 shares of the bank's stock valued at $69,000 after buying an additional 141 shares in the last quarter. Finally, Voya Investment Management LLC boosted its stake in Prosperity Bancshares by 26.2% in the 1st quarter. Voya Investment Management LLC now owns 109,264 shares of the bank's stock valued at $7,798,000 after buying an additional 22,650 shares in the last quarter. 80.69% of the stock is currently owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.