Prosperity Bancshares, Inc. (NYSE:PB) Director Sells $34,545.00 in Stock

Prosperity Bancshares, Inc. (NYSE:PB - Get Free Report) Director Ned S. Holmes sold 500 shares of the business's stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $69.09, for a total value of $34,545.00. Following the completion of the transaction, the director now directly owns 98,915 shares of the company's stock, valued at approximately $6,834,037.35. This trade represents a 0.50% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Prosperity Bancshares Trading Down 0.9%

Prosperity Bancshares stock traded down $0.63 during mid-day trading on Friday, reaching $70.15. The company had a trading volume of 1,203,196 shares, compared to its average volume of 600,795. The business has a fifty day simple moving average of $69.56 and a 200 day simple moving average of $72.67. The company has a market cap of $6.68 billion, a P/E ratio of 13.36, a P/E/G ratio of 0.88 and a beta of 0.68. Prosperity Bancshares, Inc. has a fifty-two week low of $58.66 and a fifty-two week high of $86.76.

Prosperity Bancshares (NYSE:PB - Get Free Report) last announced 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 in the prior year, the company earned $1.18 EPS. Prosperity Bancshares's revenue was up 10.7% compared to the same quarter last year. Research analysts forecast that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Prosperity Bancshares Dividend Announcement

The company also recently announced 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. The ex-dividend date of this dividend is Friday, June 13th. This represents a $2.32 dividend on an annualized basis and a yield of 3.31%. Prosperity Bancshares's payout ratio is presently 44.19%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on PB shares. Hovde Group reduced their price objective on shares of Prosperity Bancshares from $90.00 to $80.00 and set an "outperform" rating on the stock in a research note on Friday, April 25th. Morgan Stanley cut their price target on shares of Prosperity Bancshares from $102.00 to $94.00 and set an "overweight" rating for the company in a report on Thursday, March 13th. Keefe, Bruyette & Woods reduced their price target on shares of Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating on the stock in a research report on Monday, May 5th. Royal Bank Of Canada decreased their price objective on shares of 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. Finally, Wall Street Zen upgraded Prosperity Bancshares from a "sell" rating to a "hold" rating in a research note on Tuesday, May 13th. Seven investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $83.80.

Hedge Funds Weigh In On Prosperity Bancshares

Large investors have recently bought and sold shares of the company. Smartleaf Asset Management LLC grew its holdings in shares of Prosperity Bancshares by 487.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 376 shares of the bank's stock worth $28,000 after purchasing an additional 312 shares during the last quarter. Jones Financial Companies Lllp boosted 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 buying an additional 409 shares during the period. BI Asset Management Fondsmaeglerselskab A S bought a new stake in Prosperity Bancshares during the 1st quarter worth approximately $48,000. Aster Capital Management DIFC Ltd grew its holdings in Prosperity Bancshares by 349.5% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 917 shares of the bank's stock worth $69,000 after acquiring an additional 713 shares during the last quarter. Finally, First Horizon Advisors Inc. increased its position in Prosperity Bancshares by 23.9% in the 4th quarter. First Horizon Advisors Inc. now owns 1,010 shares of the bank's stock valued at $76,000 after acquiring an additional 195 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.