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 firm's stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $71.98, for a total transaction of $35,990.00. Following the transaction, the director directly owned 97,415 shares in the company, valued at approximately $7,011,931.70. This trade represents a 0.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link.

Prosperity Bancshares Stock Down 0.3%

Shares of Prosperity Bancshares stock traded down $0.20 during trading on Friday, reaching $73.58. The company's stock had a trading volume of 534,147 shares, compared to its average volume of 602,190. Prosperity Bancshares, Inc. has a 1-year low of $61.57 and a 1-year high of $86.76. The company has a 50-day simple moving average of $71.02 and a two-hundred day simple moving average of $72.29. The company has a market cap of $7.01 billion, a price-to-earnings ratio of 14.02, a P/E/G ratio of 1.02 and a beta of 0.68.

Prosperity Bancshares (NYSE:PB - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The bank reported $1.37 EPS for the quarter, beating analysts' consensus estimates 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 analysts' expectations of $307.17 million. During the same period last year, the business posted $1.18 earnings per share. The firm's revenue was up 10.7% compared to the same quarter last year. As a group, analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be paid a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a yield of 3.15%. The ex-dividend date is Monday, September 15th. Prosperity Bancshares's dividend payout ratio (DPR) is presently 44.19%.

Institutional Trading of Prosperity Bancshares

Several large investors have recently bought and sold shares of the stock. Jones Financial Companies Lllp lifted its position in Prosperity Bancshares by 368.5% during the 4th quarter. Jones Financial Companies Lllp now owns 520 shares of the bank's stock worth $39,000 after acquiring an additional 409 shares during the period. Steph & Co. purchased a new position in shares of Prosperity Bancshares in the second quarter worth about $38,000. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of Prosperity Bancshares during the first quarter worth about $48,000. Aster Capital Management DIFC Ltd lifted its holdings in shares of Prosperity Bancshares by 349.5% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 917 shares of the bank's stock worth $69,000 after purchasing an additional 713 shares during the period. Finally, Parallel Advisors LLC boosted its position in Prosperity Bancshares by 16.8% in the second quarter. Parallel Advisors LLC now owns 978 shares of the bank's stock valued at $69,000 after buying an additional 141 shares during the last quarter. Hedge funds and other institutional investors own 80.69% of the company's stock.

Analyst Ratings Changes

PB has been the topic of several research analyst reports. Royal Bank Of Canada dropped 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. 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 target on the stock. Keefe, Bruyette & Woods cut their price target on Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating on the stock in a research note on Monday, May 5th. Hovde Group lowered their price objective 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. Finally, Wall Street Zen upgraded shares of Prosperity Bancshares from a "sell" rating to a "hold" rating in a report on Tuesday, May 13th. Seven analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, Prosperity Bancshares has an average 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.