Ned S. Holmes Sells 500 Shares of Prosperity Bancshares, Inc. (NYSE:PB) Stock

Prosperity Bancshares, Inc. (NYSE:PBGet Free Report) Director Ned S. Holmes sold 500 shares of the stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $83.96, for a total value of $41,980.00. Following the transaction, the director now directly owns 114,315 shares in the company, valued at $9,597,887.40. The trade was a 0.44 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Prosperity Bancshares Price Performance

PB stock opened at $82.50 on Friday. The company has a market capitalization of $7.86 billion, a price-to-earnings ratio of 17.52, a PEG ratio of 1.24 and a beta of 0.89. Prosperity Bancshares, Inc. has a 1-year low of $57.16 and a 1-year high of $85.13. The business has a 50 day simple moving average of $73.79 and a two-hundred day simple moving average of $68.31.

Prosperity Bancshares (NYSE:PBGet Free Report) last posted its earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share for the quarter, beating the consensus estimate of $1.31 by $0.03. The company had revenue of $459.00 million during the quarter, compared to analysts’ expectations of $299.83 million. Prosperity Bancshares had a net margin of 25.39% and a return on equity of 6.46%. During the same period last year, the company posted $1.20 earnings per share. Sell-side analysts anticipate that Prosperity Bancshares, Inc. will post 5.05 EPS for the current fiscal year.

Prosperity Bancshares Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be issued a $0.58 dividend. This represents a $2.32 annualized dividend and a dividend yield of 2.81%. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.56. The ex-dividend date is Friday, December 13th. Prosperity Bancshares’s payout ratio is 47.56%.

Hedge Funds Weigh In On Prosperity Bancshares

Several institutional investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC boosted its position in shares of Prosperity Bancshares by 59.6% during the 2nd quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock valued at $29,000 after acquiring an additional 177 shares during the last quarter. Quarry LP raised its stake in Prosperity Bancshares by 533.3% during the second quarter. Quarry LP now owns 494 shares of the bank’s stock valued at $30,000 after purchasing an additional 416 shares in the last quarter. Quest Partners LLC grew its stake in shares of Prosperity Bancshares by 3,147.1% in the 2nd quarter. Quest Partners LLC now owns 552 shares of the bank’s stock worth $34,000 after buying an additional 535 shares in the last quarter. Strategic Financial Concepts LLC bought a new stake in shares of Prosperity Bancshares in the 2nd quarter worth about $43,000. Finally, Headlands Technologies LLC bought a new stake in shares of Prosperity Bancshares in the 2nd quarter worth about $46,000. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on PB shares. Barclays upped their price objective on Prosperity Bancshares from $75.00 to $76.00 and gave the company an “equal weight” rating in a research report on Thursday, October 24th. Compass Point upped their target price on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the company a “buy” rating in a report on Friday, July 26th. Morgan Stanley raised shares of Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $75.00 to $86.00 in a research report on Monday, August 5th. DA Davidson cut Prosperity Bancshares from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $80.00 to $78.00 in a report on Tuesday, October 15th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $90.00 price objective on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Five investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, Prosperity Bancshares presently has a consensus rating of “Moderate Buy” and a consensus target price of $78.96.

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About Prosperity Bancshares

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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.

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