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 business’s stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $70.63, for a total transaction of $35,315.00. Following the sale, the director now directly owns 104,815 shares of the company’s stock, valued at $7,403,083.45. This represents a 0.47 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Prosperity Bancshares Price Performance

Prosperity Bancshares stock opened at $70.97 on Friday. The firm has a 50 day simple moving average of $76.87 and a 200-day simple moving average of $76.25. Prosperity Bancshares, Inc. has a 1-year low of $57.16 and a 1-year high of $86.76. The stock has a market cap of $6.76 billion, a price-to-earnings ratio of 14.02, a price-to-earnings-growth ratio of 0.94 and a beta of 0.94.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings results on Wednesday, January 29th. The bank reported $1.37 earnings per share for the quarter, beating the consensus estimate of $1.33 by $0.04. Prosperity Bancshares had a net margin of 26.79% and a return on equity of 6.64%. Equities analysts expect that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be paid a $0.58 dividend. The ex-dividend date is Friday, March 14th. This represents a $2.32 annualized dividend and a dividend yield of 3.27%. Prosperity Bancshares’s dividend payout ratio (DPR) is 45.85%.

Institutional Trading of Prosperity Bancshares

Hedge funds have recently made changes to their positions in the company. US Bancorp DE raised its position in Prosperity Bancshares by 3.4% in the third quarter. US Bancorp DE now owns 4,720 shares of the bank’s stock valued at $340,000 after purchasing an additional 153 shares during the period. Crossmark Global Holdings Inc. lifted its stake in Prosperity Bancshares by 26.6% during the third quarter. Crossmark Global Holdings Inc. now owns 6,485 shares of the bank’s stock worth $467,000 after purchasing an additional 1,364 shares in the last quarter. Aigen Investment Management LP lifted its stake in Prosperity Bancshares by 91.2% during the third quarter. Aigen Investment Management LP now owns 7,925 shares of the bank’s stock worth $571,000 after purchasing an additional 3,780 shares in the last quarter. MQS Management LLC lifted its stake in Prosperity Bancshares by 23.7% during the third quarter. MQS Management LLC now owns 5,828 shares of the bank’s stock worth $420,000 after purchasing an additional 1,116 shares in the last quarter. Finally, KBC Group NV lifted its stake in Prosperity Bancshares by 15.4% during the third quarter. KBC Group NV now owns 2,824 shares of the bank’s stock worth $204,000 after purchasing an additional 376 shares in the last quarter. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently commented on PB. StockNews.com raised shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a research note on Tuesday. Bank of America raised shares of Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $80.00 target price for the company in a research note on Tuesday, January 7th. Barclays boosted their target price on shares of Prosperity Bancshares from $84.00 to $88.00 and gave the stock an “equal weight” rating in a research note on Friday, December 20th. Wolfe Research reissued a “peer perform” rating on shares of Prosperity Bancshares in a research note on Thursday, December 5th. Finally, UBS Group cut their target price 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. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $83.50.

About Prosperity Bancshares

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.