Prosperity Bancshares (NYSE:PB) Director Sells $40,308.00 in Stock

Key Points

• Director Ned Holmes sold 600 shares of Prosperity Bancshares stock for $40,308.00, reducing their ownership by 1.34% to 44,100 shares.
• The company recently announced a quarterly dividend of $0.58 per share, with a payout scheduled for October 1st, implying a yearly yield of 3.4%.
• Prosperity Bancshares is currently assessed with an average rating of "Moderate Buy" and a consensus target price of $83.75 from analysts.

Prosperity Bancshares, Inc. (NYSE:PB - Get Free Report) Director Ned Holmes sold 600 shares of Prosperity Bancshares stock in a transaction on Wednesday, September 10th. The stock was sold at an average price of $67.18, for a total transaction of $40,308.00. Following the transaction, the director directly owned 44,100 shares of the company's stock, valued at approximately $2,962,638. This trade represents a 1.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Prosperity Bancshares Price Performance

PB stock traded up $0.35 during midday trading on Wednesday, reaching $67.25. The company had a trading volume of 898,135 shares, compared to its average volume of 718,146. The company has a market capitalization of $6.39 billion, a price-to-earnings ratio of 12.23, a price-to-earnings-growth ratio of 1.02 and a beta of 0.74. The stock has a 50 day moving average price of $69.49 and a 200-day moving average price of $69.72. Prosperity Bancshares, Inc. has a 1-year low of $61.57 and a 1-year high of $86.75.

Prosperity Bancshares (NYSE:PB - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The bank reported $1.42 EPS for the quarter, topping the consensus estimate of $1.40 by $0.02. Prosperity Bancshares had a return on equity of 6.99% and a net margin of 29.37%.The firm had revenue of $310.70 million during the quarter, compared to the consensus estimate of $315.66 million. During the same quarter in the previous year, the firm earned $1.22 earnings per share. As a group, research analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be paid a $0.58 dividend. The ex-dividend date is Monday, September 15th. This represents a $2.32 annualized dividend and a yield of 3.4%. Prosperity Bancshares's dividend payout ratio (DPR) is currently 42.18%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Wealth Enhancement Advisory Services LLC grew its stake in Prosperity Bancshares by 8.2% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 7,362 shares of the bank's stock valued at $525,000 after acquiring an additional 561 shares in the last quarter. Principal Financial Group Inc. grew its position in Prosperity Bancshares by 0.4% in the 1st quarter. Principal Financial Group Inc. now owns 219,056 shares of the bank's stock worth $15,634,000 after purchasing an additional 855 shares during the last quarter. Envestnet Asset Management Inc. lifted its position in Prosperity Bancshares by 1.8% in the first quarter. Envestnet Asset Management Inc. now owns 58,236 shares of the bank's stock worth $4,156,000 after purchasing an additional 1,016 shares during the period. Teacher Retirement System of Texas lifted its position 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 worth $1,557,000 after purchasing an additional 4,098 shares during the period. Finally, PNC Financial Services Group Inc. raised its stake in Prosperity Bancshares by 9.2% during the first quarter. PNC Financial Services Group Inc. now owns 2,968 shares of the bank's stock worth $212,000 after acquiring an additional 249 shares in the last quarter. Institutional investors and hedge funds own 80.69% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on PB shares. Jefferies Financial Group started coverage on Prosperity Bancshares in a research report on Wednesday, May 21st. They issued a "buy" rating and a $85.00 target price for the company. Citigroup increased their target price on Prosperity Bancshares from $76.00 to $78.00 and gave the stock a "buy" rating in a research note on Tuesday, August 26th. Wall Street Zen raised Prosperity Bancshares from a "sell" rating to a "hold" rating in a report on Tuesday, May 13th. Cantor Fitzgerald initiated coverage on Prosperity Bancshares in a research report on Wednesday. They set an "overweight" rating and a $78.00 target price for the company. Finally, Hovde Group dropped their target price on Prosperity Bancshares from $85.00 to $83.00 and set an "outperform" rating on the stock in a research note on Thursday, July 24th. Eleven equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $83.75.

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.

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