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 that occurred on Wednesday, June 25th. The shares were sold at an average price of $69.09, for a total value of $41,454.00. Following the completion of the sale, the director now owns 45,200 shares of the company's stock, valued at approximately $3,122,868. This represents a 1.31% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Prosperity Bancshares Stock Performance

Prosperity Bancshares stock traded down $0.63 during midday trading on Friday, reaching $70.15. The company's stock had a trading volume of 1,203,196 shares, compared to its average volume of 600,795. The firm has a market capitalization of $6.68 billion, a PE 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. The stock's 50 day simple moving average is $69.56 and its 200 day simple moving average is $72.67.

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, beating analysts' consensus estimates of $1.35 by $0.02. The business had revenue of $306.68 million during the quarter, compared to the consensus estimate of $307.17 million. Prosperity Bancshares had a net margin of 27.69% and a return on equity of 6.81%. The business's revenue was up 10.7% compared to the same quarter last year. During the same quarter last year, the firm posted $1.18 EPS. Equities analysts predict that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 13th will be issued a dividend of $0.58 per share. The ex-dividend date is Friday, June 13th. This represents a $2.32 annualized dividend and a yield of 3.31%. Prosperity Bancshares's dividend payout ratio is presently 44.19%.

Institutional Inflows and Outflows

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

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on PB. Wall Street Zen raised shares of Prosperity Bancshares from a "sell" rating to a "hold" rating in a research report on Tuesday, May 13th. Jefferies Financial Group assumed coverage on Prosperity Bancshares in a report on Wednesday, May 21st. They set a "buy" rating and a $85.00 price target on the stock. Barclays reduced their price objective on Prosperity Bancshares from $88.00 to $86.00 and set an "equal weight" rating for the company in a research note on Tuesday, April 8th. Hovde Group decreased their price objective on Prosperity Bancshares from $90.00 to $80.00 and set an "outperform" rating for the company in a research report on Friday, April 25th. Finally, Keefe, Bruyette & Woods dropped their target price on Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating on the stock in a report on Monday, May 5th. Seven research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average 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.