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 company’s stock in a transaction dated Wednesday, February 12th. The shares were sold at an average price of $78.30, for a total transaction of $39,150.00. Following the completion of the sale, the director now directly owns 106,815 shares in the company, valued at approximately $8,363,614.50. The trade was a 0.47 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Prosperity Bancshares Stock Down 1.9 %

NYSE PB traded down $1.53 on Wednesday, hitting $78.02. The company’s stock had a trading volume of 317,382 shares, compared to its average volume of 520,035. Prosperity Bancshares, Inc. has a 1-year low of $57.16 and a 1-year high of $86.75. The company’s 50-day moving average is $78.06 and its 200 day moving average is $75.63. The firm has a market cap of $7.43 billion, a PE ratio of 15.42, a PEG ratio of 0.98 and a beta of 0.94.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings results on Wednesday, January 29th. The bank reported $1.37 earnings per share (EPS) 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%. On average, equities analysts expect that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Prosperity Bancshares Announces Dividend

The company also recently disclosed 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. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.97%. The ex-dividend date of this dividend is Friday, March 14th. Prosperity Bancshares’s dividend payout ratio is currently 45.85%.

Institutional Investors Weigh In On Prosperity Bancshares

Institutional investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in shares of Prosperity Bancshares by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 9,780,006 shares of the bank’s stock valued at $736,923,000 after buying an additional 44,567 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its stake in shares of Prosperity Bancshares by 1.4% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,342,047 shares of the bank’s stock valued at $176,473,000 after buying an additional 32,917 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Prosperity Bancshares by 0.9% in the third quarter. Geode Capital Management LLC now owns 1,708,509 shares of the bank’s stock valued at $123,162,000 after buying an additional 15,309 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Prosperity Bancshares by 0.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,188,208 shares of the bank’s stock valued at $89,531,000 after buying an additional 4,913 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Prosperity Bancshares in the fourth quarter valued at $68,986,000. 80.69% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. Stephens upped their price objective on shares of Prosperity Bancshares from $93.00 to $94.00 and gave the stock an “overweight” rating in a research note on Thursday, January 30th. Raymond James increased their price objective on shares of Prosperity Bancshares from $82.00 to $87.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. UBS Group cut their target price on shares of Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating on the stock in a report on Thursday, December 26th. DA Davidson downgraded shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $80.00 to $78.00 in a research report on Tuesday, October 15th. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $77.00 price objective on shares of Prosperity Bancshares in a research report on Thursday, October 24th. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, Prosperity Bancshares currently has an average rating of “Moderate Buy” and an average target price of $82.88.

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.