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

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned S. Holmes sold 500 shares of the firm’s stock in a transaction on Wednesday, March 26th. The shares were sold at an average price of $72.12, for a total transaction of $36,060.00. Following the completion of the transaction, the director now directly owns 103,815 shares of the company’s stock, valued at approximately $7,487,137.80. The trade was a 0.48 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Prosperity Bancshares Trading Down 0.2 %

Shares of NYSE:PB opened at $71.53 on Friday. The company has a 50-day moving average price of $75.99 and a 200-day moving average price of $76.13. The company has a market cap of $6.81 billion, a price-to-earnings ratio of 14.14, a price-to-earnings-growth ratio of 0.94 and a beta of 0.94. Prosperity Bancshares, Inc. has a 12 month low of $57.16 and a 12 month high of $86.76.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, January 29th. The bank reported $1.37 EPS for the quarter, beating analysts’ consensus estimates of $1.33 by $0.04. Prosperity Bancshares had a return on equity of 6.64% and a net margin of 26.79%. As a group, research analysts forecast that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal 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 given a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a yield of 3.24%. The ex-dividend date is Friday, March 14th. Prosperity Bancshares’s payout ratio is currently 45.85%.

Institutional Investors Weigh In On Prosperity Bancshares

Several institutional investors and hedge funds have recently modified their holdings of PB. Wealth Enhancement Advisory Services LLC lifted its position in Prosperity Bancshares by 9.8% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 6,801 shares of the bank’s stock valued at $512,000 after buying an additional 608 shares during the period. Forum Financial Management LP bought a new stake in Prosperity Bancshares during the fourth quarter worth about $242,000. GTS Securities LLC purchased a new stake in Prosperity Bancshares in the fourth quarter worth about $303,000. iSAM Funds UK Ltd increased its stake in shares of Prosperity Bancshares by 11.1% during the fourth quarter. iSAM Funds UK Ltd now owns 13,540 shares of the bank’s stock valued at $1,020,000 after purchasing an additional 1,349 shares in the last quarter. Finally, Squarepoint Ops LLC purchased a new position in shares of Prosperity Bancshares during the fourth quarter valued at approximately $1,473,000. 80.69% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on PB shares. UBS Group cut their price objective on Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating for the company in a report on Thursday, December 26th. 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 report on Thursday, March 13th. Bank of America upgraded Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $80.00 price target on the stock in a research report on Tuesday, January 7th. Wolfe Research reissued a “peer perform” rating on shares of Prosperity Bancshares in a report on Thursday, December 5th. Finally, Raymond James increased their price target on shares of Prosperity Bancshares from $82.00 to $87.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $83.50.

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.