Insider Selling: Prosperity Bancshares, Inc. (NYSE:PB) Director Sells 500 Shares of Stock

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $81.44, for a total value of $40,720.00. Following the completion of the transaction, the director now owns 113,815 shares in the company, valued at $9,269,093.60. This represents a 0.44 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Prosperity Bancshares Trading Down 0.2 %

Prosperity Bancshares stock traded down $0.12 during midday trading on Wednesday, hitting $81.71. The stock had a trading volume of 402,129 shares, compared to its average volume of 572,417. Prosperity Bancshares, Inc. has a 12 month low of $57.16 and a 12 month high of $85.13. The business has a fifty day moving average price of $74.18 and a 200 day moving average price of $68.67. The stock has a market cap of $7.78 billion, a P/E ratio of 17.37, a P/E/G ratio of 1.23 and a beta of 0.89.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.34 earnings per share for the quarter, beating analysts’ consensus estimates of $1.31 by $0.03. Prosperity Bancshares had a net margin of 25.39% and a return on equity of 6.46%. The business had revenue of $459.00 million for the quarter, compared to analysts’ expectations of $299.83 million. During the same period in the previous year, the business earned $1.20 earnings per share. On average, equities analysts anticipate that Prosperity Bancshares, Inc. will post 5.05 EPS for the current fiscal year.

Prosperity Bancshares Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be paid a dividend of $0.58 per share. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.56. The ex-dividend date of this dividend is Friday, December 13th. This represents a $2.32 annualized dividend and a dividend yield of 2.84%. Prosperity Bancshares’s dividend payout ratio is 47.56%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Victory Capital Management Inc. lifted its position in shares of Prosperity Bancshares by 3.0% during the 2nd quarter. Victory Capital Management Inc. now owns 6,359,165 shares of the bank’s stock worth $388,799,000 after buying an additional 184,453 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of Prosperity Bancshares by 14.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,287,615 shares of the bank’s stock valued at $262,141,000 after buying an additional 532,241 shares during the period. Geode Capital Management LLC lifted its position in Prosperity Bancshares by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 1,708,509 shares of the bank’s stock valued at $123,162,000 after acquiring an additional 15,309 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Prosperity Bancshares by 0.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,183,295 shares of the bank’s stock worth $85,280,000 after buying an additional 6,518 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in Prosperity Bancshares by 2.1% in the second quarter. Bank of New York Mellon Corp now owns 935,420 shares of the bank’s stock valued at $57,192,000 after buying an additional 19,224 shares during the period. Institutional investors and hedge funds own 80.69% of the company’s stock.

Wall Street Analysts Forecast Growth

PB has been the topic of several research analyst reports. Wedbush reiterated an “outperform” rating and set a $90.00 price target on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Raymond James downgraded shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price target on the stock. in a report on Tuesday, September 17th. Compass Point upped their price objective on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the company a “buy” rating in a report on Friday, July 26th. Royal Bank of Canada reiterated a “sector perform” rating and set a $77.00 price target on shares of Prosperity Bancshares in a research report on Thursday, October 24th. Finally, DA Davidson downgraded shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $80.00 to $78.00 in a report on Tuesday, October 15th. Five investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $78.96.

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.