Prosperity Bancshares, Inc. (NYSE:PB) Director Sells $41,454.00 in Stock

Prosperity Bancshares, Inc. (NYSE:PB - Get Free Report) Director Ned S. Holmes sold 600 shares of the stock in a transaction on Wednesday, June 25th. The stock was 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 in the company, valued at approximately $3,122,868. The trade was a 1.31% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Prosperity Bancshares Stock Down 0.9%

Shares of PB traded down $0.63 during mid-day trading on Friday, hitting $70.15. 1,203,196 shares of the company traded hands, compared to its average volume of 599,696. The company has a market capitalization of $6.68 billion, a PE ratio of 13.36, a price-to-earnings-growth ratio of 0.88 and a beta of 0.68. The business has a 50 day moving average of $69.56 and a 200 day moving average of $72.61. Prosperity Bancshares, Inc. has a 1-year low of $58.66 and a 1-year high of $86.76.

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 (EPS) for the quarter, beating analysts' consensus estimates of $1.35 by $0.02. The business had revenue of $306.68 million for the quarter, compared to analyst estimates of $307.17 million. Prosperity Bancshares had a net margin of 27.69% and a return on equity of 6.81%. Prosperity Bancshares's revenue for the quarter was up 10.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.18 EPS. As a group, research analysts expect that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

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

Hedge Funds Weigh In On Prosperity Bancshares

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PB. CIBC Private Wealth Group LLC increased its holdings in shares of Prosperity Bancshares by 4.4% in the fourth quarter. CIBC Private Wealth Group LLC now owns 3,069 shares of the bank's stock valued at $229,000 after purchasing an additional 128 shares during the period. U.S. Capital Wealth Advisors LLC lifted its holdings in shares of Prosperity Bancshares by 4.9% during the first quarter. U.S. Capital Wealth Advisors LLC now owns 3,326 shares of the bank's stock worth $237,000 after purchasing an additional 156 shares during the period. Tectonic Advisors LLC boosted its position in Prosperity Bancshares by 2.0% in the first quarter. Tectonic Advisors LLC now owns 8,319 shares of the bank's stock valued at $594,000 after buying an additional 165 shares during the last quarter. Sanctuary Advisors LLC increased its holdings in Prosperity Bancshares by 3.8% in the 4th quarter. Sanctuary Advisors LLC now owns 5,359 shares of the bank's stock worth $430,000 after buying an additional 194 shares during the period. Finally, First Horizon Advisors Inc. increased its holdings in Prosperity Bancshares by 23.9% in the 4th quarter. First Horizon Advisors Inc. now owns 1,010 shares of the bank's stock worth $76,000 after buying an additional 195 shares during the period. Hedge funds and other institutional investors own 80.69% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on PB shares. Jefferies Financial Group initiated coverage on shares of Prosperity Bancshares in a report on Wednesday, May 21st. They issued a "buy" rating and a $85.00 price target for the company. Keefe, Bruyette & Woods reduced their price objective 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. Barclays cut their price target on Prosperity Bancshares from $88.00 to $86.00 and set an "equal weight" rating on the stock in a report on Tuesday, April 8th. Wall Street Zen upgraded Prosperity Bancshares from a "sell" rating to a "hold" rating in a research note on Tuesday, May 13th. Finally, Hovde Group dropped their price objective on Prosperity Bancshares from $90.00 to $80.00 and set an "outperform" rating on the stock in a research report on Friday, April 25th. Seven investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $83.80.

About Prosperity Bancshares

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.