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

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

Prosperity Bancshares Price Performance

NYSE PB traded up $0.71 on Wednesday, reaching $73.59. The stock had a trading volume of 947,163 shares, compared to its average volume of 603,918. The company has a market cap of $7.01 billion, a P/E ratio of 14.02, a price-to-earnings-growth ratio of 0.88 and a beta of 0.68. The firm has a fifty day moving average of $69.77 and a two-hundred day moving average of $72.48. Prosperity Bancshares, Inc. has a 1-year low of $58.66 and a 1-year high of $86.76.

Prosperity Bancshares (NYSE:PB - Get Free Report) last issued its quarterly earnings results on Wednesday, April 23rd. The bank reported $1.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.35 by $0.02. The business had revenue of $306.68 million during the quarter, compared to analysts' expectations of $307.17 million. Prosperity Bancshares had a return on equity of 6.81% and a net margin of 27.69%. The firm's revenue for the quarter was up 10.7% compared to the same quarter last year. During the same period in the previous year, the company posted $1.18 earnings per share. Research analysts predict that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Announces Dividend

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

Wall Street Analyst Weigh In

Several equities research analysts have commented on PB shares. Hovde Group cut their target price on Prosperity Bancshares from $90.00 to $80.00 and set an "outperform" rating on the stock in a research note on Friday, April 25th. 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 dropped their price objective 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. Barclays lowered their target price on shares of Prosperity Bancshares from $88.00 to $86.00 and set an "equal weight" rating on the stock in a report on Tuesday, April 8th. Finally, Jefferies Financial Group initiated coverage on shares of Prosperity Bancshares in a research note on Wednesday, May 21st. They issued a "buy" rating and a $85.00 target price for the company. Seven analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $83.80.

Institutional Investors Weigh In On Prosperity Bancshares

Several institutional investors and hedge funds have recently added to or reduced their stakes in PB. Avantax Advisory Services Inc. raised its stake in Prosperity Bancshares by 45.1% during the fourth quarter. Avantax Advisory Services Inc. now owns 7,281 shares of the bank's stock worth $549,000 after acquiring an additional 2,263 shares in the last quarter. Cetera Investment Advisers grew its holdings in Prosperity Bancshares by 5.9% during the 4th quarter. Cetera Investment Advisers now owns 7,675 shares of the bank's stock worth $578,000 after acquiring an additional 427 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of Prosperity Bancshares by 8,212.4% in the first quarter. GAMMA Investing LLC now owns 70,157 shares of the bank's stock worth $5,007,000 after purchasing an additional 69,313 shares during the last quarter. Deutsche Bank AG raised its position in Prosperity Bancshares by 10.6% during the 4th quarter. Deutsche Bank AG now owns 6,194 shares of the bank's stock worth $467,000 after purchasing an additional 592 shares during the last quarter. Finally, Fifth Third Bancorp lifted its stake in shares of Prosperity Bancshares by 44.9% in the first quarter. Fifth Third Bancorp now owns 1,277 shares of the bank's stock worth $91,000 after acquiring an additional 396 shares during the period. 80.69% of the stock is currently owned by institutional investors.

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.

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