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 stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $78.48, for a total value of $39,240.00. Following the transaction, the director now directly owns 110,815 shares in the company, valued at $8,696,761.20. The trade was a 0.45 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Prosperity Bancshares Stock Performance

Prosperity Bancshares stock opened at $74.11 on Friday. The stock has a market cap of $7.06 billion, a PE ratio of 15.73, a price-to-earnings-growth ratio of 1.19 and a beta of 0.92. The stock has a 50-day moving average of $78.64 and a two-hundred day moving average of $71.45. Prosperity Bancshares, Inc. has a one year low of $57.16 and a one year high of $86.75.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, beating the consensus estimate of $1.31 by $0.03. The firm had revenue of $459.00 million during the quarter, compared to analyst estimates of $299.83 million. Prosperity Bancshares had a net margin of 25.39% and a return on equity of 6.46%. During the same period last year, the firm posted $1.20 EPS. As a group, sell-side analysts predict that Prosperity Bancshares, Inc. will post 5.05 EPS for the current fiscal year.

Prosperity Bancshares Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be issued a dividend of $0.58 per share. The ex-dividend date of this dividend is Friday, December 13th. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.56. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.13%. Prosperity Bancshares’s payout ratio is 49.26%.

Hedge Funds Weigh In On Prosperity Bancshares

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Victory Capital Management Inc. grew its stake in Prosperity Bancshares by 3.0% during the 2nd quarter. Victory Capital Management Inc. now owns 6,359,165 shares of the bank’s stock valued at $388,799,000 after purchasing an additional 184,453 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Prosperity Bancshares by 14.2% in the second 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 last quarter. Geode Capital Management LLC increased its holdings 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 worth $123,162,000 after buying an additional 15,309 shares during the period. Charles Schwab Investment Management Inc. raised its position in 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 position in Prosperity Bancshares by 2.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 935,420 shares of the bank’s stock worth $57,192,000 after buying an additional 19,224 shares during the last quarter. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on PB shares. StockNews.com cut shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Friday, November 29th. Wolfe Research reiterated a “peer perform” rating on shares of Prosperity Bancshares in a research note on Thursday, December 5th. Royal Bank of Canada reissued a “sector perform” rating and issued a $77.00 price objective on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Hovde Group increased their target price on Prosperity Bancshares from $80.50 to $82.50 and gave the company an “outperform” rating in a research report on Monday, August 26th. Finally, Wedbush reiterated an “outperform” rating and issued a $90.00 price target on shares of Prosperity Bancshares in a report on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $81.65.

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.