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, May 28th. The shares were sold at an average price of $70.34, for a total transaction of $35,170.00. Following the completion of the sale, the director now 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Prosperity Bancshares Price Performance

Shares of NYSE:PB traded down $0.65 during midday trading on Monday, reaching $69.00. The company had a trading volume of 314,352 shares, compared to its average volume of 594,183. Prosperity Bancshares, Inc. has a one year low of $57.16 and a one year high of $86.76. The stock has a market capitalization of $6.57 billion, a P/E ratio of 13.64, a PEG ratio of 0.94 and a beta of 0.70. The stock's fifty day moving average price is $68.75 and its 200-day moving average price is $74.47.

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 the consensus estimate of $1.35 by $0.02. Prosperity Bancshares had a net margin of 26.79% and a return on equity of 6.64%. The company had revenue of $306.68 million during the quarter, compared to the consensus estimate of $307.17 million. During the same quarter in the previous year, the firm earned $1.18 EPS. The company's revenue was up 10.7% on a year-over-year basis. As a group, sell-side analysts forecast that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be issued a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a yield of 3.36%. The ex-dividend date is Friday, June 13th. Prosperity Bancshares's dividend payout ratio is presently 44.19%.

Wall Street Analyst Weigh In

PB has been the topic of a number of recent research reports. Morgan Stanley reduced their target price on Prosperity Bancshares from $102.00 to $94.00 and set an "overweight" rating on the stock in a research note on Thursday, March 13th. Wall Street Zen raised Prosperity Bancshares from a "sell" rating to a "hold" rating in a research note on Tuesday, May 13th. Hovde Group cut their target price on shares of Prosperity Bancshares from $90.00 to $80.00 and set an "outperform" rating for the company in a research note on Friday, April 25th. Keefe, Bruyette & Woods reduced their target price on shares of Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating on the stock in a report on Monday, May 5th. Finally, Jefferies Financial Group assumed coverage on shares of Prosperity Bancshares in a report on Wednesday, May 21st. They set a "buy" rating and a $85.00 price target for the company. Seven equities 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, the company has an average rating of "Moderate Buy" and an average target price of $83.80.

Institutional Trading of Prosperity Bancshares

Institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted its holdings in shares of Prosperity Bancshares by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 9,780,006 shares of the bank's stock valued at $736,923,000 after buying an additional 44,567 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Prosperity Bancshares by 2.2% in the first quarter. Dimensional Fund Advisors LP now owns 4,688,304 shares of the bank's stock worth $334,595,000 after acquiring an additional 102,044 shares during the last quarter. T. Rowe Price Investment Management Inc. boosted its stake in Prosperity Bancshares by 14.6% in the first quarter. T. Rowe Price Investment Management Inc. now owns 3,232,995 shares of the bank's stock valued at $230,739,000 after acquiring an additional 412,283 shares during the period. Massachusetts Financial Services Co. MA grew its holdings in shares of Prosperity Bancshares by 1.4% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,342,047 shares of the bank's stock valued at $176,473,000 after purchasing an additional 32,917 shares during the last quarter. Finally, Snyder Capital Management L P raised its position in shares of Prosperity Bancshares by 7.3% during the 4th quarter. Snyder Capital Management L P now owns 1,220,977 shares of the bank's stock worth $92,001,000 after purchasing an additional 83,488 shares during the period. 80.69% of the stock is 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.