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 firm’s stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $70.86, for a total value of $35,430.00. Following the completion of the transaction, the director now owns 104,315 shares in the company, valued at approximately $7,391,760.90. This trade represents a 0.48 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Prosperity Bancshares Stock Down 1.1 %

PB stock opened at $70.51 on Friday. The stock’s 50 day moving average is $76.49 and its two-hundred day moving average is $76.17. Prosperity Bancshares, Inc. has a 52-week low of $57.16 and a 52-week high of $86.76. The company has a market capitalization of $6.72 billion, a PE ratio of 13.93, a P/E/G ratio of 0.94 and a beta of 0.94.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, January 29th. The bank reported $1.37 earnings per share for the quarter, topping analysts’ consensus estimates of $1.33 by $0.04. Prosperity Bancshares had a net margin of 26.79% and a return on equity of 6.64%. As a group, sell-side analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Prosperity Bancshares Announces Dividend

The business also recently announced 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 dividend on an annualized basis and a dividend yield of 3.29%. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 45.85%.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Wolfe Research restated a “peer perform” rating on shares of Prosperity Bancshares in a report on Thursday, December 5th. StockNews.com lowered shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Wednesday. UBS Group lowered their price target on Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating for the company in a report on Thursday, December 26th. Raymond James raised their price objective on Prosperity Bancshares from $82.00 to $87.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. Finally, Morgan Stanley decreased their target price on Prosperity Bancshares from $102.00 to $94.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Prosperity Bancshares has an average rating of “Hold” and a consensus target price of $83.50.

Hedge Funds Weigh In On Prosperity Bancshares

Large investors have recently modified their holdings of the stock. Smartleaf Asset Management LLC lifted its holdings in Prosperity Bancshares by 487.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 376 shares of the bank’s stock worth $28,000 after buying an additional 312 shares during the last quarter. Jones Financial Companies Lllp raised its position in shares of Prosperity Bancshares by 368.5% during the 4th quarter. Jones Financial Companies Lllp now owns 520 shares of the bank’s stock valued at $39,000 after acquiring an additional 409 shares in the last quarter. UMB Bank n.a. lifted its stake in Prosperity Bancshares by 102.7% during the fourth quarter. UMB Bank n.a. now owns 592 shares of the bank’s stock worth $45,000 after purchasing an additional 300 shares during the last quarter. First Horizon Advisors Inc. boosted its holdings in Prosperity Bancshares by 190.0% in the third quarter. First Horizon Advisors Inc. now owns 815 shares of the bank’s stock worth $59,000 after purchasing an additional 534 shares during the period. Finally, GAMMA Investing LLC increased its stake in Prosperity Bancshares by 20.4% during the fourth quarter. GAMMA Investing LLC now owns 844 shares of the bank’s stock valued at $64,000 after purchasing an additional 143 shares during the last quarter. Institutional investors own 80.69% of the company’s stock.

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.