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 business’s stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $70.87, for a total transaction of $35,435.00. Following the completion of the transaction, the director now directly owns 103,315 shares of the company’s stock, valued at $7,321,934.05. The trade was a 0.48 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Prosperity Bancshares Stock Performance

Shares of NYSE:PB opened at $64.38 on Friday. The stock has a 50-day simple moving average of $74.82 and a 200-day simple moving average of $76.02. The stock has a market capitalization of $6.13 billion, a P/E ratio of 12.72, a PEG ratio of 0.94 and a beta of 0.82. Prosperity Bancshares, Inc. has a 1 year low of $57.16 and a 1 year high of $86.76.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings data on Wednesday, January 29th. The bank reported $1.37 earnings per share (EPS) for the quarter, topping 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%. Analysts predict that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th were given a $0.58 dividend. This represents a $2.32 annualized dividend and a yield of 3.60%. The ex-dividend date was Friday, March 14th. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 45.85%.

Institutional Investors Weigh In On Prosperity Bancshares

Institutional investors and hedge funds have recently modified their holdings of the stock. Smartleaf Asset Management LLC lifted its position 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 acquiring an additional 312 shares in the last quarter. Jones Financial Companies Lllp lifted its position in shares of Prosperity Bancshares by 368.5% during the fourth quarter. Jones Financial Companies Lllp now owns 520 shares of the bank’s stock worth $39,000 after purchasing an additional 409 shares in the last quarter. UMB Bank n.a. boosted its stake in shares of Prosperity Bancshares by 102.7% in the fourth quarter. UMB Bank n.a. now owns 592 shares of the bank’s stock valued at $45,000 after purchasing an additional 300 shares during the period. GAMMA Investing LLC grew its holdings in Prosperity Bancshares by 20.4% during the 4th quarter. GAMMA Investing LLC now owns 844 shares of the bank’s stock valued at $64,000 after purchasing an additional 143 shares in the last quarter. Finally, Aster Capital Management DIFC Ltd increased its stake in Prosperity Bancshares by 349.5% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 917 shares of the bank’s stock worth $69,000 after buying an additional 713 shares during the period. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the stock. Raymond James boosted their price objective on shares of Prosperity Bancshares from $82.00 to $87.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. StockNews.com downgraded Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Wednesday, March 19th. Stephens raised their price objective on Prosperity Bancshares from $93.00 to $94.00 and gave the stock an “overweight” rating in a report on Thursday, January 30th. Bank of America upgraded Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $80.00 target price for the company in a research note on Tuesday, January 7th. Finally, Morgan Stanley reduced 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. One analyst has rated the stock with a sell rating, six have issued a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $83.50.

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.