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, August 13th. The shares were sold at an average price of $67.88, for a total value of $33,940.00. Following the completion of the transaction, the director owned 95,415 shares in the company, valued at $6,476,770.20. This represents a 0.52% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.
Prosperity Bancshares Trading Down 0.2%
Shares of PB stock traded down $0.12 during midday trading on Monday, reaching $67.06. 19,688 shares of the stock were exchanged, compared to its average volume of 674,480. Prosperity Bancshares, Inc. has a 1 year low of $61.57 and a 1 year high of $86.75. The company's 50 day moving average is $69.75 and its two-hundred day moving average is $70.87. The firm has a market cap of $6.37 billion, a PE ratio of 12.19, a price-to-earnings-growth ratio of 1.01 and a beta of 0.71.
Prosperity Bancshares (NYSE:PB - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The bank reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.40 by $0.02. The business had revenue of $310.70 million during the quarter, compared to analysts' expectations of $315.66 million. Prosperity Bancshares had a net margin of 29.37% and a return on equity of 6.99%. During the same period in the previous year, the company earned $1.22 earnings per share. As a group, equities analysts expect that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.
Prosperity Bancshares Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be paid a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a yield of 3.5%. The ex-dividend date is Monday, September 15th. Prosperity Bancshares's dividend payout ratio (DPR) is currently 42.18%.
Analysts Set New Price Targets
A number of research analysts have recently weighed in on PB shares. 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 report on Thursday, April 24th. Jefferies Financial Group began coverage on Prosperity Bancshares in a research report on Wednesday, May 21st. They issued a "buy" rating and a $85.00 target price for the company. Wall Street Zen raised Prosperity Bancshares from a "sell" rating to a "hold" rating in a research report on Tuesday, May 13th. Keefe, Bruyette & Woods reduced their price target on Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating for the company in a research report on Monday, May 5th. Finally, Hovde Group dropped their price objective on Prosperity Bancshares from $85.00 to $83.00 and set an "outperform" rating on the stock in a report on Thursday, July 24th. Seven equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $84.57.
Get Our Latest Research Report on PB
Institutional Trading of Prosperity Bancshares
Institutional investors have recently added to or reduced their stakes in the business. Steph & Co. bought a new position in shares of Prosperity Bancshares during the 2nd quarter valued at $38,000. BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of Prosperity Bancshares during the 1st quarter valued at $48,000. Employees Retirement System of Texas bought a new position in shares of Prosperity Bancshares during the 2nd quarter valued at $48,000. IFP Advisors Inc grew its position in Prosperity Bancshares by 1,251.4% during the second quarter. IFP Advisors Inc now owns 973 shares of the bank's stock valued at $68,000 after buying an additional 901 shares during the period. Finally, Parallel Advisors LLC grew its position in Prosperity Bancshares by 16.8% during 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 period. 80.69% of the stock is currently owned by hedge funds and other institutional investors.
Prosperity Bancshares Company Profile
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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.
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