Ned S. Holmes Sells 500 Shares of Prosperity Bancshares, Inc. (NYSE:PB) Stock

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned S. Holmes sold 500 shares of the firm’s stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $70.86, for a total transaction of $35,430.00. Following the completion of the transaction, the director now directly owns 104,315 shares of the company’s stock, valued at approximately $7,391,760.90. The trade was a 0.48 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Prosperity Bancshares Trading Down 0.1 %

PB stock opened at $70.49 on Friday. Prosperity Bancshares, Inc. has a twelve month low of $57.16 and a twelve month high of $86.76. The company’s 50 day moving average is $76.43 and its two-hundred day moving average is $76.15. The stock has a market cap of $6.71 billion, a P/E ratio of 13.93, a PEG ratio of 0.94 and a beta of 0.94.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings data on Wednesday, January 29th. The bank reported $1.37 earnings per share for the quarter, topping analysts’ consensus estimates of $1.33 by $0.04. Prosperity Bancshares had a net margin of 26.79% and a return on equity of 6.64%. On average, equities research analysts predict that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be issued a dividend of $0.58 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $2.32 dividend on an annualized basis and a yield of 3.29%. Prosperity Bancshares’s payout ratio is currently 45.85%.

Analyst Upgrades and Downgrades

PB has been the subject of several recent research reports. StockNews.com lowered shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Wednesday. UBS Group lowered their price objective on shares of Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating for the company in a research note on Thursday, December 26th. Raymond James raised their price objective on shares of Prosperity Bancshares from $82.00 to $87.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. Morgan Stanley lowered 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, Wolfe Research reiterated a “peer perform” rating on shares of Prosperity Bancshares in a research note on Thursday, December 5th. One analyst has rated the stock with a sell rating, six have issued a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, Prosperity Bancshares presently has an average rating of “Hold” and a consensus target price of $83.50.

Hedge Funds Weigh In On Prosperity Bancshares

A number of institutional investors have recently modified their holdings of the business. Blue Trust Inc. increased its holdings in shares of Prosperity Bancshares by 14.9% in the 4th quarter. Blue Trust Inc. now owns 987 shares of the bank’s stock valued at $71,000 after acquiring an additional 128 shares during the period. CIBC Private Wealth Group LLC increased its holdings in shares of Prosperity Bancshares by 4.4% in the 4th quarter. CIBC Private Wealth Group LLC now owns 3,069 shares of the bank’s stock valued at $229,000 after acquiring an additional 128 shares during the period. GAMMA Investing LLC increased its holdings in shares of Prosperity Bancshares by 20.4% in the 4th quarter. GAMMA Investing LLC now owns 844 shares of the bank’s stock valued at $64,000 after acquiring an additional 143 shares during the period. M&T Bank Corp increased its holdings in shares of Prosperity Bancshares by 0.3% in the 3rd quarter. M&T Bank Corp now owns 45,392 shares of the bank’s stock valued at $3,272,000 after acquiring an additional 149 shares during the period. Finally, Sanctuary Advisors LLC increased its holdings in shares of Prosperity Bancshares by 3.8% in the 4th quarter. Sanctuary Advisors LLC now owns 5,359 shares of the bank’s stock valued at $430,000 after acquiring an additional 194 shares during the period. 80.69% of the stock is owned by institutional investors and hedge funds.

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.