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 company's stock in a transaction on Wednesday, May 28th. The shares were sold at an average price of $70.30, for a total value of $42,180.00. Following the completion of the transaction, the director now directly owns 45,600 shares in the company, valued at approximately $3,205,680. This trade represents a 1.30% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Prosperity Bancshares Stock Down 0.9%

PB stock traded down $0.65 during trading on Monday, hitting $69.00. The company had a trading volume of 314,352 shares, compared to its average volume of 594,183. The firm has a 50-day moving average price of $68.75 and a 200-day moving average price of $74.47. The firm has a market cap of $6.57 billion, a PE ratio of 13.64, a price-to-earnings-growth ratio of 0.94 and a beta of 0.70. Prosperity Bancshares, Inc. has a 1-year low of $57.16 and a 1-year high of $86.76.

Prosperity Bancshares (NYSE:PB - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The bank reported $1.37 EPS 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 business had revenue of $306.68 million during the quarter, compared to analysts' expectations of $307.17 million. During the same quarter in the prior year, the business earned $1.18 earnings per share. The company's quarterly revenue was up 10.7% compared to the same quarter last year. Sell-side analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 earnings per share 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 3.36%. The ex-dividend date is Friday, June 13th. Prosperity Bancshares's payout ratio is 44.19%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in PB. Smartleaf Asset Management LLC boosted its holdings in Prosperity Bancshares by 487.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 376 shares of the bank's stock valued at $28,000 after purchasing an additional 312 shares in the last quarter. Jones Financial Companies Lllp lifted its holdings in shares of Prosperity Bancshares by 368.5% in 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 during the period. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of Prosperity Bancshares in the first quarter valued at approximately $48,000. Aster Capital Management DIFC Ltd grew its holdings in Prosperity Bancshares by 349.5% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 917 shares of the bank's stock worth $69,000 after acquiring an additional 713 shares during the period. Finally, Blue Trust Inc. boosted its position in shares of Prosperity Bancshares by 14.9% during the 4th quarter. Blue Trust Inc. now owns 987 shares of the bank's stock worth $71,000 after purchasing an additional 128 shares in the last quarter. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. Hovde Group lowered 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. Keefe, Bruyette & Woods lowered their price target on shares of Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating for the company in a report on Monday, May 5th. Barclays decreased their price target on Prosperity Bancshares from $88.00 to $86.00 and set an "equal weight" rating for the company in a report on Tuesday, April 8th. Morgan Stanley lowered their price objective on Prosperity Bancshares from $102.00 to $94.00 and set an "overweight" rating for the company in a research report on Thursday, March 13th. Finally, Wall Street Zen raised Prosperity Bancshares from a "sell" rating to a "hold" rating in a research report on Tuesday, May 13th. Seven analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus 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.