Insider Selling: Prosperity Bancshares, Inc. (NYSE:PB) Director Sells 600 Shares of Stock

Prosperity Bancshares, Inc. (NYSE:PB - Get Free Report) Director Ned S. Holmes sold 600 shares of the stock in a transaction that occurred on Wednesday, July 9th. The shares were sold at an average price of $74.12, for a total value of $44,472.00. Following the transaction, the director owned 45,000 shares of the company's stock, valued at $3,335,400. This represents a 1.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

Prosperity Bancshares Price Performance

Shares of NYSE:PB traded down $0.87 on Friday, hitting $73.84. 740,151 shares of the company's stock were exchanged, compared to its average volume of 606,618. The business's 50 day simple moving average is $70.72 and its two-hundred day simple moving average is $72.35. The stock has a market capitalization of $7.03 billion, a price-to-earnings ratio of 14.06, a price-to-earnings-growth ratio of 0.92 and a beta of 0.68. Prosperity Bancshares, Inc. has a 12 month low of $61.57 and a 12 month high of $86.76.

Prosperity Bancshares (NYSE:PB - Get Free Report) last released its quarterly earnings data on Wednesday, April 23rd. The bank reported $1.37 earnings per share for the quarter, beating the consensus estimate of $1.35 by $0.02. The firm had revenue of $306.68 million during the quarter, compared to the consensus estimate of $307.17 million. Prosperity Bancshares had a return on equity of 6.81% and a net margin of 27.69%. The firm's quarterly revenue was up 10.7% on a year-over-year basis. During the same period in the previous year, the company posted $1.18 earnings per share. Equities analysts forecast that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Friday, June 13th were issued a $0.58 dividend. The ex-dividend date of this dividend was Friday, June 13th. This represents a $2.32 annualized dividend and a dividend yield of 3.14%. Prosperity Bancshares's payout ratio is currently 44.19%.

Institutional Trading of Prosperity Bancshares

Several institutional investors and hedge funds have recently made changes to their positions in PB. Wealth Enhancement Advisory Services LLC grew its stake in Prosperity Bancshares by 8.2% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 7,362 shares of the bank's stock valued at $525,000 after purchasing an additional 561 shares during the last quarter. Principal Financial Group Inc. grew its stake in Prosperity Bancshares by 0.4% in the first quarter. Principal Financial Group Inc. now owns 219,056 shares of the bank's stock valued at $15,634,000 after purchasing an additional 855 shares during the last quarter. Avantax Advisory Services Inc. grew its stake in Prosperity Bancshares by 45.1% in the fourth quarter. Avantax Advisory Services Inc. now owns 7,281 shares of the bank's stock valued at $549,000 after purchasing an additional 2,263 shares during the last quarter. Cetera Investment Advisers grew its stake in Prosperity Bancshares by 5.9% in the fourth quarter. Cetera Investment Advisers now owns 7,675 shares of the bank's stock valued at $578,000 after purchasing an additional 427 shares during the last quarter. Finally, Teacher Retirement System of Texas grew its stake in Prosperity Bancshares by 23.1% in the first quarter. Teacher Retirement System of Texas now owns 21,818 shares of the bank's stock valued at $1,557,000 after purchasing an additional 4,098 shares during the last quarter. 80.69% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on PB shares. Royal Bank Of Canada lowered their price target on Prosperity Bancshares from $85.00 to $78.00 and set a "sector perform" rating for the company in a research report on Thursday, April 24th. Hovde Group lowered their price target 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. Barclays lowered their price target on Prosperity Bancshares from $88.00 to $86.00 and set an "equal weight" rating for the company in a research report on Tuesday, April 8th. Keefe, Bruyette & Woods lowered their price target on Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating for the company in a research report on Monday, May 5th. Finally, Wall Street Zen upgraded 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 given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target 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.