Prosperity Bancshares, Inc. (NYSE:PB) Director Ned S. Holmes Sells 600 Shares of Stock

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned S. Holmes sold 600 shares of the stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $70.30, for a total transaction of $42,180.00. Following the sale, the director now owns 45,600 shares of the company’s stock, valued at $3,205,680. This trade represents a 1.30% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

Prosperity Bancshares Stock Up 1.2%

Shares of PB opened at $70.06 on Friday. The company has a market capitalization of $6.67 billion, a PE ratio of 13.85, a P/E/G ratio of 0.94 and a beta of 0.70. Prosperity Bancshares, Inc. has a 52-week low of $57.16 and a 52-week high of $86.76. The company has a 50-day simple moving average of $68.80 and a 200-day simple moving average of $74.67.

Prosperity Bancshares (NYSE:PB) last issued its earnings results on Wednesday, April 23rd. The bank reported $1.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.35 by $0.02. Prosperity Bancshares had a net margin of 26.79% and a return on equity of 6.64%. The company had revenue of $306.68 million during the quarter, compared to analysts’ expectations of $307.17 million. During the same period last year, the company posted $1.18 earnings per share. The firm’s quarterly revenue was up 10.7% compared to the same quarter last year. On average, research analysts anticipate 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, July 1st. Investors of record on Friday, June 13th will be paid a $0.58 dividend. This represents a $2.32 annualized dividend and a yield of 3.31%. The ex-dividend date of this dividend is Friday, June 13th. Prosperity Bancshares’s payout ratio is currently 44.19%.

Analyst Ratings Changes

PB has been the subject of several analyst reports. Hovde Group reduced their price objective on Prosperity Bancshares from $90.00 to $80.00 and set an “outperform” rating for the company in a research note on Friday, April 25th. Morgan Stanley dropped their target price on Prosperity Bancshares from $102.00 to $94.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Stephens increased their price target on Prosperity Bancshares from $93.00 to $94.00 and gave the stock an “overweight” rating in a report on Thursday, January 30th. Barclays lowered their price objective on shares of Prosperity Bancshares from $88.00 to $86.00 and set an “equal weight” rating on the stock in a research report on Tuesday, April 8th. Finally, Raymond James upped their price objective on shares of Prosperity Bancshares from $82.00 to $87.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. Seven investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Prosperity Bancshares presently has a consensus rating of “Moderate Buy” and an average price target of $83.80.

Hedge Funds Weigh In On Prosperity Bancshares

Several hedge funds and other institutional investors have recently bought and sold shares of PB. Allspring Global Investments Holdings LLC grew its holdings in Prosperity Bancshares by 3.9% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 282,920 shares of the bank’s stock valued at $21,128,000 after purchasing an additional 10,589 shares during the last quarter. Avantax Advisory Services Inc. boosted its position in shares of Prosperity Bancshares by 45.1% in the 4th quarter. Avantax Advisory Services Inc. now owns 7,281 shares of the bank’s stock worth $549,000 after buying an additional 2,263 shares in the last quarter. Hodges Capital Management Inc. boosted its position in shares of Prosperity Bancshares by 4.9% in the 4th quarter. Hodges Capital Management Inc. now owns 147,231 shares of the bank’s stock worth $11,094,000 after buying an additional 6,902 shares in the last quarter. Cetera Investment Advisers grew its stake in Prosperity Bancshares by 5.9% in the 4th quarter. Cetera Investment Advisers now owns 7,675 shares of the bank’s stock valued at $578,000 after acquiring an additional 427 shares during the last quarter. Finally, O Shaughnessy Asset Management LLC increased its holdings in Prosperity Bancshares by 20.1% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 3,784 shares of the bank’s stock valued at $285,000 after acquiring an additional 632 shares in the last quarter. 80.69% of the stock is owned by institutional investors and hedge funds.

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.