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

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned S. Holmes sold 600 shares of the firm’s stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $67.71, for a total transaction of $40,626.00. Following the completion of the transaction, the director now directly owns 45,300 shares in the company, valued at approximately $3,067,263. The trade was a 1.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Prosperity Bancshares Stock Performance

PB stock opened at $67.64 on Thursday. Prosperity Bancshares, Inc. has a one year low of $58.44 and a one year high of $86.76. The company’s fifty day moving average price is $69.03 and its 200-day moving average price is $73.31. The company has a market capitalization of $6.44 billion, a PE ratio of 12.88, a price-to-earnings-growth ratio of 0.84 and a beta of 0.68.

Prosperity Bancshares (NYSE:PB) last released its earnings results on Wednesday, April 23rd. The bank reported $1.37 EPS for the quarter, topping the consensus estimate of $1.35 by $0.02. Prosperity Bancshares had a net margin of 27.69% and a return on equity of 6.81%. The firm had revenue of $306.68 million for the quarter, compared to the consensus estimate of $307.17 million. During the same quarter in the previous year, the firm earned $1.18 earnings per share. The company’s quarterly revenue was up 10.7% compared to the same quarter last year. On average, research analysts predict that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 13th will be given a $0.58 dividend. This represents a $2.32 annualized dividend and a yield of 3.43%. The ex-dividend date of this dividend is Friday, June 13th. Prosperity Bancshares’s dividend payout ratio is presently 44.19%.

Institutional Investors Weigh In On Prosperity Bancshares

Several large investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its position in Prosperity Bancshares by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 9,780,006 shares of the bank’s stock worth $736,923,000 after purchasing an additional 44,567 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Prosperity Bancshares by 2.2% during the first quarter. Dimensional Fund Advisors LP now owns 4,688,304 shares of the bank’s stock valued at $334,595,000 after acquiring an additional 102,044 shares during the last quarter. T. Rowe Price Investment Management Inc. increased its position in Prosperity Bancshares by 14.6% during the first quarter. T. Rowe Price Investment Management Inc. now owns 3,232,995 shares of the bank’s stock valued at $230,739,000 after acquiring an additional 412,283 shares during the last quarter. Massachusetts Financial Services Co. MA increased its position in Prosperity Bancshares by 1.4% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,342,047 shares of the bank’s stock valued at $176,473,000 after acquiring an additional 32,917 shares during the last quarter. Finally, Snyder Capital Management L P increased its position in Prosperity Bancshares by 7.3% during the fourth quarter. Snyder Capital Management L P now owns 1,220,977 shares of the bank’s stock valued at $92,001,000 after acquiring an additional 83,488 shares during the last quarter. Institutional investors own 80.69% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on PB. Royal Bank Of Canada reduced their price target on shares of Prosperity Bancshares from $85.00 to $78.00 and set a “sector perform” rating on the stock in a research report on Thursday, April 24th. Morgan Stanley reduced their price target on shares of Prosperity Bancshares from $102.00 to $94.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. Keefe, Bruyette & Woods dropped their price objective on shares of Prosperity Bancshares from $95.00 to $90.00 and set an “outperform” rating on the stock in a report on Monday, May 5th. Hovde Group lowered their price target on shares of Prosperity Bancshares from $90.00 to $80.00 and set an “outperform” rating on the stock in a research note on Friday, April 25th. Finally, 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 note on Tuesday, April 8th. Seven investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $83.80.

Prosperity Bancshares Company Profile

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.