Ned S. Holmes Sells 600 Shares of Prosperity Bancshares, Inc. (NYSE:PB) Stock

Prosperity Bancshares, Inc. (NYSE:PB - Get Free Report) Director Ned S. Holmes sold 600 shares of the company's stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $72.95, for a total transaction of $43,770.00. Following the completion of the transaction, the director owned 45,100 shares in the company, valued at approximately $3,290,045. This trade represents a 1.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

Prosperity Bancshares Stock Performance

PB traded up $0.17 on Friday, hitting $73.73. 468,888 shares of the company were exchanged, compared to its average volume of 603,559. The company has a market cap of $7.02 billion, a PE ratio of 14.04, a PEG ratio of 0.92 and a beta of 0.68. The stock's fifty day moving average is $70.15 and its 200-day moving average is $72.39. Prosperity Bancshares, Inc. has a 12 month low of $58.66 and a 12 month high of $86.76.

Prosperity Bancshares (NYSE:PB - Get Free Report) last posted 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. The company had revenue of $306.68 million for the quarter, compared to the consensus estimate of $307.17 million. Prosperity Bancshares had a net margin of 27.69% and a return on equity of 6.81%. The firm's quarterly revenue was up 10.7% compared to the same quarter last year. During the same period last year, the company posted $1.18 EPS. As a group, equities research analysts expect that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Friday, June 13th were issued a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a yield of 3.15%. The ex-dividend date was Friday, June 13th. Prosperity Bancshares's dividend payout ratio (DPR) is presently 44.19%.

Institutional Trading of Prosperity Bancshares

Several hedge funds have recently made changes to their positions in the company. CIBC Private Wealth Group LLC raised its stake in shares of Prosperity Bancshares by 4.4% in the fourth quarter. CIBC Private Wealth Group LLC now owns 3,069 shares of the bank's stock worth $229,000 after buying an additional 128 shares during the period. U.S. Capital Wealth Advisors LLC raised its holdings in shares of Prosperity Bancshares by 4.9% in the first quarter. U.S. Capital Wealth Advisors LLC now owns 3,326 shares of the bank's stock worth $237,000 after buying an additional 156 shares during the period. Tectonic Advisors LLC increased its stake in Prosperity Bancshares by 2.0% in the 1st quarter. Tectonic Advisors LLC now owns 8,319 shares of the bank's stock worth $594,000 after buying an additional 165 shares during the period. Quarry LP increased its stake in shares of Prosperity Bancshares by 16.7% during the first quarter. Quarry LP now owns 1,366 shares of the bank's stock valued at $97,000 after buying an additional 195 shares during the period. Finally, State of Michigan Retirement System lifted its position in shares of Prosperity Bancshares by 0.9% in the 1st quarter. State of Michigan Retirement System now owns 22,797 shares of the bank's stock worth $1,627,000 after purchasing an additional 200 shares during the period. 80.69% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

PB has been the topic of several recent analyst reports. Keefe, Bruyette & Woods cut their target price 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 reduced their target price on shares of Prosperity Bancshares from $90.00 to $80.00 and set an "outperform" rating for the company in a report on Friday, April 25th. Royal Bank Of Canada reduced their price target on Prosperity Bancshares from $85.00 to $78.00 and set a "sector perform" rating for the company in a research report on Thursday, April 24th. Barclays reduced their target price on shares of Prosperity Bancshares from $88.00 to $86.00 and set an "equal weight" rating for the company in a report on Tuesday, April 8th. Finally, Wall Street Zen raised shares of Prosperity Bancshares from a "sell" rating to a "hold" rating in a report on Tuesday, May 13th. Seven research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, Prosperity Bancshares presently has a consensus rating of "Moderate Buy" and an average target price of $83.80.

Prosperity Bancshares Company Profile

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.