Prosperity Bancshares, Inc. (NYSE:PB) Director Sells $35,170.00 in Stock

Prosperity Bancshares, Inc. (NYSE:PB - Get Free Report) Director Ned S. Holmes sold 500 shares of the stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $70.34, for a total value of $35,170.00. Following the completion of the sale, the director now directly owns 100,915 shares in the company, valued at $7,098,361.10. This represents a 0.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Prosperity Bancshares Trading Down 0.5%

PB stock traded down $0.37 during trading hours on Friday, hitting $69.75. 581,014 shares of the stock traded hands, compared to its average volume of 594,196. The stock has a 50-day simple moving average of $68.75 and a 200 day simple moving average of $74.58. Prosperity Bancshares, Inc. has a one year low of $57.16 and a one year high of $86.76. The company has a market cap of $6.64 billion, a P/E ratio of 13.78, a P/E/G ratio of 0.94 and a beta of 0.70.

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. Prosperity Bancshares had a return on equity of 6.64% and a net margin of 26.79%. The business had revenue of $306.68 million during the quarter, compared to analyst estimates of $307.17 million. During the same quarter last year, the company posted $1.18 EPS. Prosperity Bancshares's revenue for the quarter was up 10.7% on a year-over-year basis. Analysts forecast that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 13th will be given a $0.58 dividend. The ex-dividend date is Friday, June 13th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.33%. Prosperity Bancshares's dividend payout ratio (DPR) is 44.19%.

Institutional Investors Weigh In On Prosperity Bancshares

A number of institutional investors have recently bought and sold shares of the business. Blue Trust Inc. boosted its position in Prosperity Bancshares by 14.9% during the 4th quarter. Blue Trust Inc. now owns 987 shares of the bank's stock worth $71,000 after acquiring an additional 128 shares during the period. CIBC Private Wealth Group LLC boosted its position in Prosperity Bancshares by 4.4% during the 4th quarter. CIBC Private Wealth Group LLC now owns 3,069 shares of the bank's stock worth $229,000 after acquiring an additional 128 shares during the period. U.S. Capital Wealth Advisors LLC boosted its position in Prosperity Bancshares by 4.9% during the 1st quarter. U.S. Capital Wealth Advisors LLC now owns 3,326 shares of the bank's stock worth $237,000 after acquiring an additional 156 shares during the period. Tectonic Advisors LLC boosted its position in Prosperity Bancshares by 2.0% during the 1st quarter. Tectonic Advisors LLC now owns 8,319 shares of the bank's stock worth $594,000 after acquiring an additional 165 shares during the period. Finally, Sanctuary Advisors LLC boosted its position in Prosperity Bancshares by 3.8% during the 4th quarter. Sanctuary Advisors LLC now owns 5,359 shares of the bank's stock worth $430,000 after acquiring an additional 194 shares during the period. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have weighed in on PB shares. Barclays dropped their target price on 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. Wall Street Zen raised Prosperity Bancshares from a "sell" rating to a "hold" rating in a research report on Tuesday, May 13th. Royal Bank of Canada dropped their target price on Prosperity Bancshares from $85.00 to $78.00 and set a "sector perform" rating on the stock in a research report on Thursday, April 24th. Jefferies Financial Group assumed coverage on Prosperity Bancshares in a report on Wednesday, May 21st. They set a "buy" rating and a $85.00 price target on the stock. Finally, Keefe, Bruyette & Woods lowered their price target on Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating on the stock in a report on Monday, May 5th. Seven investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, Prosperity Bancshares presently has an average rating of "Moderate Buy" and a consensus price target 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.