Ned S. Holmes Sells 600 Shares of Prosperity Bancshares, Inc. (NYSE:PB) Stock

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 owns 45,600 shares of the company's stock, valued at $3,205,680. The trade was a 1.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

Prosperity Bancshares Price Performance

NYSE PB traded down $0.37 on Friday, reaching $69.75. The company had a trading volume of 581,014 shares, compared to its average volume of 594,196. The firm has a market capitalization of $6.64 billion, a PE ratio of 13.78, a P/E/G 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. The firm has a 50-day moving average of $68.75 and a 200-day moving average of $74.58.

Prosperity Bancshares (NYSE:PB - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The bank reported $1.37 earnings per share 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 return on equity of 6.64% and a net margin of 26.79%. Prosperity Bancshares's quarterly revenue was up 10.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.18 EPS. As a group, sell-side analysts expect that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th will be paid a dividend of $0.58 per share. 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 dividend payout ratio (DPR) is currently 44.19%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on PB. Royal Bank of Canada dropped their price objective on shares of Prosperity Bancshares from $85.00 to $78.00 and set a "sector perform" rating for the company in a research note on Thursday, April 24th. Jefferies Financial Group began coverage on shares of Prosperity Bancshares in a research note on Wednesday, May 21st. They set a "buy" rating and a $85.00 price objective for the company. Barclays dropped their price objective on shares of 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. Morgan Stanley dropped their price objective on shares of Prosperity Bancshares from $102.00 to $94.00 and set an "overweight" rating for the company in a research note on Thursday, March 13th. Finally, Wall Street Zen raised shares of Prosperity Bancshares from a "sell" rating to a "hold" rating in a research report on Tuesday, May 13th. Seven research analysts have rated the stock with a hold rating and ten have given a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $83.80.

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 boosted its stake in shares of Prosperity Bancshares by 487.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 376 shares of the bank's stock valued at $28,000 after buying an additional 312 shares during the last quarter. Jones Financial Companies Lllp boosted its stake in shares of 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 during the last quarter. BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of Prosperity Bancshares during the 1st quarter valued at approximately $48,000. Aster Capital Management DIFC Ltd boosted its stake in shares of 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 during the last quarter. Finally, Blue Trust Inc. boosted its stake in shares of Prosperity Bancshares by 14.9% during the 4th quarter. Blue Trust Inc. now owns 987 shares of the bank's stock valued at $71,000 after buying an additional 128 shares during the last quarter. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

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.