Prosperity Bancshares (NYSE:PB) Director Sells 600 Shares of Company Stock

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned Holmes sold 600 shares of the firm’s stock in a transaction on Wednesday, September 30th. The shares were sold at an average price of $66.56, for a total value of $39,936.00. Following the completion of the sale, the director directly owned 38,600 shares in the company, valued at approximately $2,569,216. This represents a 1.53% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink.

Prosperity Bancshares Price Performance

Shares of PB stock traded up $0.28 on Thursday, hitting $66.48. 684,438 shares of the company’s stock were exchanged, compared to its average volume of 1,124,847. The company has a 50 day moving average of $72.07 and a 200 day moving average of $70.37. The stock has a market cap of $6.71 billion, a P/E ratio of 11.53, a price-to-earnings-growth ratio of 0.73 and a beta of 0.63. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.75 and a quick ratio of 0.75. Prosperity Bancshares, Inc. has a 12 month low of $61.06 and a 12 month high of $77.20.

Prosperity Bancshares (NYSE:PB) last issued its earnings results on Wednesday, July 29th. The bank reported $1.62 EPS for the quarter, topping the consensus estimate of $1.50 by $0.12. The firm had revenue of $391.25 million during the quarter, compared to the consensus estimate of $380.73 million. Prosperity Bancshares had a return on equity of 7.39% and a net margin of 29.95%.The business’s quarterly revenue was up 25.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.42 earnings per share. On average, equities research analysts predict that Prosperity Bancshares, Inc. will post 6.47 EPS for the current year.

Prosperity Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be given a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date is Tuesday, September 15th. Prosperity Bancshares’s dividend payout ratio is currently 41.59%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Benchmark assumed coverage on shares of Prosperity Bancshares in a research note on Wednesday, June 24th. They set a “hold” rating on the stock. Royal Bank Of Canada lifted their price target on Prosperity Bancshares from $78.00 to $80.00 and gave the company a “sector perform” rating in a research note on Thursday, July 30th. TD Cowen upped their price objective on Prosperity Bancshares from $82.00 to $84.00 and gave the company a “buy” rating in a research note on Friday, July 31st. Morgan Stanley raised their price objective on shares of Prosperity Bancshares from $80.00 to $81.00 and gave the company an “underweight” rating in a report on Monday. Finally, Citigroup reduced their target price on shares of Prosperity Bancshares from $79.00 to $77.00 and set a “neutral” rating on the stock in a report on Tuesday, September 22nd. Five analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $78.27.

Institutional Trading of Prosperity Bancshares

A number of institutional investors have recently bought and sold shares of PB. BlackRock Inc. acquired a new stake in Prosperity Bancshares during the 2nd quarter worth about $746,776,000. Barrow Hanley Mewhinney & Strauss LLC bought a new stake in shares of Prosperity Bancshares during the 2nd quarter valued at about $350,099,000. Dimensional Fund Advisors LP grew its stake in Prosperity Bancshares by 4.3% during the first quarter. Dimensional Fund Advisors LP now owns 4,929,309 shares of the bank’s stock worth $331,142,000 after purchasing an additional 205,291 shares during the period. Geode Capital Management LLC grew its stake in Prosperity Bancshares by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 1,876,428 shares of the bank’s stock worth $129,710,000 after purchasing an additional 7,602 shares during the period. Finally, North Reef Capital Management LP increased its holdings in Prosperity Bancshares by 149.0% in the first quarter. North Reef Capital Management LP now owns 1,107,877 shares of the bank’s stock worth $74,427,000 after purchasing an additional 662,877 shares in the last quarter. Institutional investors own 80.69% of the company’s stock.

About Prosperity Bancshares

Prosperity Bancshares, Inc is a bank holding company headquartered in Houston, Texas. Through its principal subsidiary, Prosperity Bank, the company provides a range of banking and financial services to individuals, businesses and institutional customers.

Prosperity Bank offers deposit accounts, commercial and consumer lending, mortgage and real estate loans, treasury management, cash management, online and mobile banking, and other related financial services. Its lending activities support businesses, agricultural customers, real estate projects and consumers.

Founded in 1983, Prosperity Bancshares has expanded through organic growth and acquisitions.