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 business’s stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $82.17, for a total transaction of $41,085.00. Following the transaction, the director now owns 111,315 shares in the company, valued at $9,146,753.55. This represents a 0.45 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Prosperity Bancshares Stock Performance

Shares of NYSE PB opened at $81.91 on Thursday. The firm has a 50 day moving average price of $77.74 and a two-hundred day moving average price of $70.83. The stock has a market cap of $7.80 billion, a P/E ratio of 17.39, a price-to-earnings-growth ratio of 1.22 and a beta of 0.92. Prosperity Bancshares, Inc. has a 52-week low of $57.16 and a 52-week high of $86.75.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share (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 the consensus estimate of $299.83 million. Prosperity Bancshares had a net margin of 25.39% and a return on equity of 6.46%. During the same quarter last year, the firm earned $1.20 earnings per share. Analysts predict that Prosperity Bancshares, Inc. will post 5.05 earnings per share 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. The ex-dividend date of this dividend is Friday, December 13th. This represents a $2.32 annualized dividend and a dividend yield of 2.83%. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.56. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 49.26%.

Hedge Funds Weigh In On Prosperity Bancshares

Several large investors have recently modified their holdings of the business. Dimensional Fund Advisors LP increased its stake 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 purchasing an additional 532,241 shares in the last quarter. Point72 Asset Management L.P. bought a new stake in Prosperity Bancshares in the third quarter valued at $16,478,000. Victory Capital Management Inc. increased its stake in Prosperity Bancshares by 3.0% in the second 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 in the last quarter. Thrivent Financial for Lutherans increased its stake in Prosperity Bancshares by 16.0% in the second quarter. Thrivent Financial for Lutherans now owns 811,772 shares of the bank’s stock valued at $49,632,000 after purchasing an additional 112,101 shares in the last quarter. Finally, Jane Street Group LLC increased its stake in Prosperity Bancshares by 418.0% in the third quarter. Jane Street Group LLC now owns 111,548 shares of the bank’s stock valued at $8,039,000 after purchasing an additional 90,015 shares in the last quarter. Institutional investors own 80.69% of the company’s stock.

Analyst Upgrades and Downgrades

PB has been the topic of several recent analyst reports. Raymond James lowered shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price objective on the stock. in a research note on Tuesday, September 17th. Barclays upped their price target on shares of Prosperity Bancshares from $76.00 to $84.00 and gave the company an “equal weight” rating in a research note on Thursday, December 5th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $77.00 price target on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Hovde Group upped their price target on shares of Prosperity Bancshares from $80.50 to $82.50 and gave the company an “outperform” rating in a research note on Monday, August 26th. Finally, Wedbush reiterated an “outperform” rating and issued a $90.00 price target on shares of Prosperity Bancshares in a research note on Thursday, October 24th. One analyst has rated the stock with a sell rating, five have issued a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, Prosperity Bancshares currently has a consensus rating of “Moderate Buy” and an average target price of $80.68.

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.