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 dated Wednesday, December 4th. The shares were sold at an average price of $83.04, for a total value of $41,520.00. Following the completion of the transaction, the director now owns 112,815 shares of the company’s stock, valued at $9,368,157.60. The trade was a 0.44 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Prosperity Bancshares Stock Down 1.5 %

Shares of PB stock opened at $82.17 on Friday. The firm has a 50 day moving average price of $76.89 and a two-hundred day moving average price of $70.26. The company has a market capitalization of $7.83 billion, a PE ratio of 17.45, a price-to-earnings-growth ratio of 1.24 and a beta of 0.92. Prosperity Bancshares, Inc. has a 12-month low of $57.16 and a 12-month 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 for the quarter, beating analysts’ consensus estimates of $1.31 by $0.03. Prosperity Bancshares had a net margin of 25.39% and a return on equity of 6.46%. The company had revenue of $459.00 million during the quarter, compared to the consensus estimate of $299.83 million. During the same period in the previous year, the business earned $1.20 earnings per share. As a group, research analysts expect that Prosperity Bancshares, Inc. will post 5.05 EPS for the current 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 given a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.82%. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.56. The ex-dividend date is Friday, December 13th. Prosperity Bancshares’s payout ratio is presently 49.26%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. DA Davidson cut Prosperity Bancshares from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $80.00 to $78.00 in a report on Tuesday, October 15th. Barclays raised their price objective on Prosperity Bancshares from $76.00 to $84.00 and gave the company an “equal weight” rating in a report on Thursday. Wedbush reiterated an “outperform” rating and issued a $90.00 target price on shares of Prosperity Bancshares in a research note on Thursday, October 24th. StockNews.com downgraded shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Friday, November 29th. Finally, Wolfe Research reiterated a “peer perform” rating on shares of Prosperity Bancshares in a research note on Thursday. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $80.68.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. GAMMA Investing LLC increased its stake in Prosperity Bancshares by 59.6% in the second quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock valued at $29,000 after acquiring an additional 177 shares during the last quarter. Quarry LP grew its stake in shares of Prosperity Bancshares by 533.3% during the second quarter. Quarry LP now owns 494 shares of the bank’s stock worth $30,000 after buying an additional 416 shares during the last quarter. Quest Partners LLC grew its stake in shares of Prosperity Bancshares by 3,147.1% during the second quarter. Quest Partners LLC now owns 552 shares of the bank’s stock worth $34,000 after buying an additional 535 shares during the last quarter. Strategic Financial Concepts LLC bought a new stake in shares of Prosperity Bancshares during the second quarter worth $43,000. Finally, Headlands Technologies LLC bought a new stake in shares of Prosperity Bancshares during the second quarter worth $46,000. 80.69% of the stock is owned by institutional investors.

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.