Prosperity Bancshares, Inc. (NYSE:PB) Director Ned S. Holmes Sells 500 Shares

Prosperity Bancshares, Inc. (NYSE:PB - Get Free Report) Director Ned S. Holmes sold 500 shares of the business's stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $70.31, for a total transaction of $35,155.00. Following the sale, the director now directly owns 99,915 shares in the company, valued at approximately $7,025,023.65. The trade was a 0.50% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Prosperity Bancshares Stock Down 3.0%

PB traded down $2.11 during trading on Friday, hitting $67.57. The company's stock had a trading volume of 621,459 shares, compared to its average volume of 593,116. Prosperity Bancshares, Inc. has a one year low of $57.16 and a one year high of $86.76. The firm has a market cap of $6.44 billion, a PE ratio of 13.35, a P/E/G ratio of 0.94 and a beta of 0.68. The business's 50 day simple moving average is $68.94 and its 200-day simple moving average is $73.58.

Prosperity Bancshares (NYSE:PB - Get Free Report) last announced its quarterly earnings data 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. The firm had revenue of $306.68 million during the quarter, compared to analysts' expectations of $307.17 million. Prosperity Bancshares had a net margin of 26.79% and a return on equity of 6.64%. The company's revenue for the quarter was up 10.7% compared to the same quarter last year. During the same period in the prior year, the company posted $1.18 earnings per share. Equities research analysts expect that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be paid a $0.58 dividend. The ex-dividend date is Friday, June 13th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.43%. Prosperity Bancshares's payout ratio is currently 44.19%.

Hedge Funds Weigh In On Prosperity Bancshares

Institutional investors and hedge funds have recently made changes to their positions in the business. Smartleaf Asset Management LLC lifted its holdings in shares of Prosperity Bancshares by 487.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 376 shares of the bank's stock worth $28,000 after acquiring an additional 312 shares during the last quarter. Jones Financial Companies Lllp lifted its holdings in Prosperity Bancshares by 368.5% during the 4th quarter. Jones Financial Companies Lllp now owns 520 shares of the bank's stock valued at $39,000 after buying an additional 409 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S bought a new stake in Prosperity Bancshares during the 1st quarter valued at about $48,000. Aster Capital Management DIFC Ltd lifted 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 valued at $69,000 after buying an additional 713 shares in the last quarter. Finally, First Horizon Advisors Inc. lifted its holdings in Prosperity Bancshares by 23.9% during the 4th quarter. First Horizon Advisors Inc. now owns 1,010 shares of the bank's stock valued at $76,000 after buying an additional 195 shares in the last quarter. 80.69% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently commented on PB shares. Morgan Stanley cut their price target on shares of Prosperity Bancshares from $102.00 to $94.00 and set an "overweight" rating on the stock in a report on Thursday, March 13th. Royal Bank of Canada cut their price target on shares of Prosperity Bancshares from $85.00 to $78.00 and set a "sector perform" rating on the stock in a report on Thursday, April 24th. Wall Street Zen upgraded shares of Prosperity Bancshares from a "sell" rating to a "hold" rating in a report on Tuesday, May 13th. 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 report on Tuesday, April 8th. Finally, Hovde Group dropped their target price 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. Seven equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target 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.