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, April 2nd. The shares were sold at an average price of $70.87, for a total transaction of $35,435.00. Following the transaction, the director now owns 103,315 shares of the company’s stock, valued at $7,321,934.05. This trade represents a 0.48 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Prosperity Bancshares Stock Performance

Shares of NYSE:PB opened at $66.16 on Friday. The firm has a market cap of $6.30 billion, a PE ratio of 13.07, a price-to-earnings-growth ratio of 0.94 and a beta of 0.82. The firm’s 50 day simple moving average is $75.11 and its 200-day simple moving average is $76.05. Prosperity Bancshares, Inc. has a one year low of $57.16 and a one year high of $86.76.

Prosperity Bancshares (NYSE:PB) last issued its earnings results on Wednesday, January 29th. The bank reported $1.37 earnings per share 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%. Equities research analysts predict that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Friday, March 14th were paid a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a yield of 3.51%. The ex-dividend date was Friday, March 14th. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 45.85%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Cerity Partners LLC lifted its position in shares of Prosperity Bancshares by 22.6% in the 3rd quarter. Cerity Partners LLC now owns 6,282 shares of the bank’s stock worth $453,000 after purchasing an additional 1,157 shares during the period. FMR LLC raised its stake in Prosperity Bancshares by 69.9% in the third quarter. FMR LLC now owns 7,736 shares of the bank’s stock worth $558,000 after buying an additional 3,182 shares in the last quarter. Glenmede Trust Co. NA purchased a new stake in Prosperity Bancshares during the third quarter worth $294,000. Walleye Capital LLC purchased a new stake in Prosperity Bancshares during the third quarter worth $368,000. Finally, Captrust Financial Advisors boosted its position in Prosperity Bancshares by 6.2% during the 3rd quarter. Captrust Financial Advisors now owns 5,848 shares of the bank’s stock valued at $421,000 after acquiring an additional 341 shares in the last quarter. 80.69% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages have recently issued reports on PB. StockNews.com cut shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Wednesday, March 19th. Bank of America upgraded Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $80.00 price objective on the stock in a research report on Tuesday, January 7th. Morgan Stanley cut their target price on Prosperity Bancshares from $102.00 to $94.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. Wolfe Research restated a “peer perform” rating on shares of Prosperity Bancshares in a report on Thursday, December 5th. Finally, UBS Group dropped 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. One analyst has rated the stock with a sell rating, six have issued a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus 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.