Prosperity Bancshares (NYSE:PB) Director Sells $39,936.00 in Stock

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned Holmes sold 600 shares of the firm’s stock in a transaction that occurred on Wednesday, September 30th. The stock was sold at an average price of $66.56, for a total transaction of $39,936.00. Following the completion of the transaction, the director directly owned 38,600 shares in the company, valued at $2,569,216. This trade represents a 1.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Prosperity Bancshares Stock Up 0.9%

Shares of NYSE:PB opened at $67.39 on Friday. Prosperity Bancshares, Inc. has a 52-week low of $61.06 and a 52-week high of $77.20. The stock has a market cap of $6.80 billion, a P/E ratio of 11.68, a PEG ratio of 0.73 and a beta of 0.66. The business has a fifty day moving average of $71.84 and a two-hundred day moving average of $70.36. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.01.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings results on Wednesday, July 29th. The bank reported $1.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.50 by $0.12. Prosperity Bancshares had a net margin of 29.95% and a return on equity of 7.39%. The business had revenue of $391.25 million during the quarter, compared to the consensus estimate of $380.73 million. During the same quarter last year, the firm earned $1.42 EPS. The business’s revenue was up 25.9% compared to the same quarter last year. On average, research analysts expect that Prosperity Bancshares, Inc. will post 6.48 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th were issued a dividend of $0.60 per share. The ex-dividend date was Tuesday, September 15th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.6%. Prosperity Bancshares’s dividend payout ratio is currently 41.59%.

Institutional Investors Weigh In On Prosperity Bancshares

Several institutional investors and hedge funds have recently modified their holdings of PB. Parkside Financial Bank & Trust increased its holdings in Prosperity Bancshares by 52.0% during the 2nd quarter. Parkside Financial Bank & Trust now owns 576 shares of the bank’s stock worth $42,000 after purchasing an additional 197 shares during the last quarter. Earned Wealth Advisors LLC raised its position in shares of Prosperity Bancshares by 6.2% in the 1st quarter. Earned Wealth Advisors LLC now owns 3,639 shares of the bank’s stock valued at $244,000 after purchasing an additional 213 shares in the last quarter. Versant Capital Management Inc boosted its stake in shares of Prosperity Bancshares by 3.3% during the 2nd quarter. Versant Capital Management Inc now owns 10,921 shares of the bank’s stock valued at $798,000 after buying an additional 348 shares during the last quarter. GAMMA Investing LLC boosted its stake in shares of Prosperity Bancshares by 33.8% during the 2nd quarter. GAMMA Investing LLC now owns 1,990 shares of the bank’s stock valued at $145,000 after buying an additional 503 shares during the last quarter. Finally, PNC Financial Services Group Inc. grew its position in shares of Prosperity Bancshares by 20.3% during the first quarter. PNC Financial Services Group Inc. now owns 3,721 shares of the bank’s stock worth $250,000 after buying an additional 628 shares in the last quarter. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Benchmark assumed coverage on shares of Prosperity Bancshares in a report on Wednesday, June 24th. They issued a “hold” rating on the stock. Weiss Ratings lowered shares of Prosperity Bancshares from a “buy (b)” rating to a “buy (b-)” rating in a research note on Thursday, September 24th. Morgan Stanley lifted their price target on shares of Prosperity Bancshares from $80.00 to $81.00 and gave the company an “underweight” rating in a research report on Monday, September 28th. Citigroup reduced their price target on shares of Prosperity Bancshares from $79.00 to $77.00 and set a “neutral” rating on the stock in a research note on Tuesday, September 22nd. Finally, Wall Street Zen upgraded shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a report on Saturday, August 1st. Five analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $78.27.

Prosperity Bancshares Company Profile

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.