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

Prosperity Bancshares, Inc. (NYSE:PB - Get Free Report) Director Ned S. Holmes sold 500 shares of the business's stock in a transaction that occurred 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 transaction, the director now owns 99,915 shares of the company's stock, valued at $7,025,023.65. This trade represents a 0.50% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Prosperity Bancshares Stock Performance

Prosperity Bancshares stock traded down $0.30 during mid-day trading on Thursday, reaching $69.67. 274,268 shares of the company were exchanged, compared to its average volume of 591,449. The firm's 50-day simple moving average is $68.75 and its two-hundred day simple moving average is $73.88. Prosperity Bancshares, Inc. has a twelve month low of $57.16 and a twelve month high of $86.76. The firm has a market cap of $6.64 billion, a PE ratio of 13.77, a price-to-earnings-growth ratio of 0.94 and a beta of 0.68.

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 for the quarter, topping the consensus estimate of $1.35 by $0.02. Prosperity Bancshares had a return on equity of 6.64% and a net margin of 26.79%. The firm had revenue of $306.68 million during the quarter, compared to the consensus estimate of $307.17 million. The company's revenue for the quarter was up 10.7% on a year-over-year basis. During the same period last year, the company earned $1.18 earnings per share. As a group, equities research analysts anticipate 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. Stockholders of record on Friday, June 13th will be issued a $0.58 dividend. This represents a $2.32 annualized dividend and a dividend yield of 3.33%. The ex-dividend date is Friday, June 13th. Prosperity Bancshares's payout ratio is 44.19%.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in PB. Vanguard Group Inc. raised its stake in shares of Prosperity Bancshares by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 9,780,006 shares of the bank's stock worth $736,923,000 after buying an additional 44,567 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in Prosperity Bancshares by 2.2% during the first quarter. Dimensional Fund Advisors LP now owns 4,688,304 shares of the bank's stock worth $334,595,000 after acquiring an additional 102,044 shares during the period. T. Rowe Price Investment Management Inc. raised its position in Prosperity Bancshares by 14.6% in the first quarter. T. Rowe Price Investment Management Inc. now owns 3,232,995 shares of the bank's stock worth $230,739,000 after acquiring an additional 412,283 shares in the last quarter. Massachusetts Financial Services Co. MA raised its position in Prosperity Bancshares by 1.4% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,342,047 shares of the bank's stock worth $176,473,000 after acquiring an additional 32,917 shares in the last quarter. Finally, Snyder Capital Management L P lifted its holdings in Prosperity Bancshares by 7.3% in the fourth quarter. Snyder Capital Management L P now owns 1,220,977 shares of the bank's stock valued at $92,001,000 after acquiring an additional 83,488 shares during the period. 80.69% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on PB. Keefe, Bruyette & Woods lowered their target price on shares of Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating for the company in a research note on Monday, May 5th. Hovde Group decreased their price target on Prosperity Bancshares from $90.00 to $80.00 and set an "outperform" rating for the company in a report on Friday, April 25th. Wall Street Zen upgraded Prosperity Bancshares from a "sell" rating to a "hold" rating in a report on Tuesday, May 13th. Royal Bank of Canada cut their target price on Prosperity Bancshares from $85.00 to $78.00 and set a "sector perform" rating on the stock in a research report on Thursday, April 24th. Finally, Jefferies Financial Group assumed coverage on shares of Prosperity Bancshares in a research report on Wednesday, May 21st. They issued a "buy" rating and a $85.00 price target for the company. Seven analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the company 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.