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 Prosperity Bancshares 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 owns 98,915 shares of the company's stock, valued at approximately $6,834,037.35. This represents a 0.50% decrease in their position. The sale 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 midday trading on Friday, hitting $70.15. 1,203,196 shares of the stock were exchanged, compared to its average volume of 599,696. The stock has a market capitalization of $6.68 billion, a price-to-earnings ratio of 13.36, a PEG ratio of 0.88 and a beta of 0.68. The stock's 50-day simple moving average is $69.56 and its 200 day simple moving average is $72.61. 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 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.35 by $0.02. Prosperity Bancshares had a net margin of 27.69% and a return on equity of 6.81%. The business had revenue of $306.68 million during the quarter, compared to the consensus estimate of $307.17 million. During the same quarter last year, the firm earned $1.18 EPS. The business's revenue was up 10.7% compared to the same quarter last year. Equities analysts anticipate 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 Tuesday, July 1st. Shareholders of record on Friday, June 13th will be given a $0.58 dividend. The ex-dividend date is Friday, June 13th. This represents a $2.32 dividend on an annualized basis and a yield of 3.31%. Prosperity Bancshares's dividend payout ratio is currently 44.19%.

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. Wall Street Zen raised Prosperity Bancshares from a "sell" rating to a "hold" rating in a report on Tuesday, May 13th. Jefferies Financial Group assumed coverage on shares of Prosperity Bancshares in a research note on Wednesday, May 21st. They issued a "buy" rating and a $85.00 price target on the stock. 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. Hovde Group decreased their price objective on shares of Prosperity Bancshares from $90.00 to $80.00 and set an "outperform" rating on the stock in a report on Friday, April 25th. Finally, Barclays dropped 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 research report on Tuesday, April 8th. Seven analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $83.80.

Hedge Funds Weigh In On Prosperity Bancshares

Several large investors have recently modified their holdings of the business. Smartleaf Asset Management LLC grew its holdings in shares of Prosperity Bancshares by 487.5% during the 4th 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 period. Jones Financial Companies Lllp lifted its position in Prosperity Bancshares by 368.5% in the fourth quarter. Jones Financial Companies Lllp now owns 520 shares of the bank's stock valued at $39,000 after buying an additional 409 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S purchased a new position in Prosperity Bancshares during the first quarter worth about $48,000. Aster Capital Management DIFC Ltd increased its position 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 valued at $69,000 after acquiring an additional 713 shares during the last quarter. Finally, First Horizon Advisors Inc. increased its position in shares of Prosperity Bancshares by 23.9% during the fourth 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 last quarter. Institutional investors and hedge funds own 80.69% of the company's stock.

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.