Insider Selling: Prosperity Bancshares, Inc. (NYSE:PB) Director Sells 500 Shares of Stock

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned S. Holmes sold 500 shares of the firm’s stock in a transaction on Wednesday, January 29th. The stock was sold at an average price of $79.92, for a total value of $39,960.00. Following the sale, the director now directly owns 107,815 shares of the company’s stock, valued at approximately $8,616,574.80. This trade represents a 0.46 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Prosperity Bancshares Stock Performance

NYSE PB traded up $1.43 during trading on Thursday, reaching $80.89. 144,231 shares of the company’s stock were exchanged, compared to its average volume of 499,786. The stock has a market cap of $7.71 billion, a P/E ratio of 17.17, a price-to-earnings-growth ratio of 1.11 and a beta of 0.93. The company has a 50 day moving average price of $78.80 and a two-hundred day moving average price of $74.93. Prosperity Bancshares, Inc. has a 1 year low of $57.16 and a 1 year high of $86.75.

Prosperity Bancshares (NYSE:PB) last posted its earnings results on Wednesday, January 29th. The bank reported $1.37 earnings per share for the quarter, beating the consensus estimate of $1.33 by $0.04. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%. Research analysts forecast that Prosperity Bancshares, Inc. will post 5.05 EPS for the current fiscal year.

Prosperity Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be given a $0.58 dividend. This represents a $2.32 annualized dividend and a yield of 2.87%. The ex-dividend date of this dividend is Friday, March 14th. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 45.85%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on PB shares. Wolfe Research reissued a “peer perform” rating on shares of Prosperity Bancshares in a research note on Thursday, December 5th. Wedbush reissued an “outperform” rating and set a $90.00 target price on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Barclays lifted their price objective on Prosperity Bancshares from $84.00 to $88.00 and gave the company an “equal weight” rating in a research note on Friday, December 20th. DA Davidson cut Prosperity Bancshares from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $80.00 to $78.00 in a research note on Tuesday, October 15th. Finally, Raymond James lifted their price objective on Prosperity Bancshares from $82.00 to $87.00 and gave the company an “outperform” rating in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, Prosperity Bancshares currently has an average rating of “Hold” and an average target price of $82.88.

Hedge Funds Weigh In On Prosperity Bancshares

Several institutional investors have recently added to or reduced their stakes in the stock. Envestnet Asset Management Inc. grew its holdings in shares of Prosperity Bancshares by 7.2% in the 2nd quarter. Envestnet Asset Management Inc. now owns 47,395 shares of the bank’s stock worth $2,898,000 after acquiring an additional 3,175 shares during the period. Bank of Montreal Can grew its holdings in shares of Prosperity Bancshares by 3.4% in the 2nd quarter. Bank of Montreal Can now owns 15,425 shares of the bank’s stock worth $946,000 after acquiring an additional 506 shares during the period. The Manufacturers Life Insurance Company grew its holdings in shares of Prosperity Bancshares by 0.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 83,001 shares of the bank’s stock worth $5,075,000 after acquiring an additional 582 shares during the period. Algert Global LLC grew its holdings in shares of Prosperity Bancshares by 27.7% in the 2nd quarter. Algert Global LLC now owns 43,415 shares of the bank’s stock worth $2,654,000 after acquiring an additional 9,415 shares during the period. Finally, Northwestern Mutual Wealth Management Co. grew its holdings in shares of Prosperity Bancshares by 135.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 10,480 shares of the bank’s stock worth $641,000 after acquiring an additional 6,022 shares during the period. Institutional investors and hedge funds 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.