Prosperity Bancshares, Inc. (NYSE:PB) Director Sells $37,625.00 in Stock

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $75.25, for a total transaction of $37,625.00. Following the completion of the transaction, the director now owns 109,815 shares of the company’s stock, valued at $8,263,578.75. This represents a 0.45 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Prosperity Bancshares Stock Up 1.3 %

Shares of PB stock opened at $74.73 on Thursday. The stock’s 50-day moving average price is $79.20 and its 200 day moving average price is $73.10. The stock has a market capitalization of $7.12 billion, a PE ratio of 15.87, a price-to-earnings-growth ratio of 1.19 and a beta of 0.93. Prosperity Bancshares, Inc. has a 52-week low of $57.16 and a 52-week high of $86.75.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share for the quarter, topping the consensus estimate of $1.31 by $0.03. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%. The firm had revenue of $459.00 million during the quarter, compared to the consensus estimate of $299.83 million. During the same period last year, the company earned $1.20 earnings per share. Analysts expect that Prosperity Bancshares, Inc. will post 5.05 earnings per share for the current fiscal year.

Prosperity Bancshares Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th were issued a $0.58 dividend. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.56. The ex-dividend date of this dividend was Friday, December 13th. This represents a $2.32 annualized dividend and a dividend yield of 3.10%. Prosperity Bancshares’s payout ratio is presently 49.26%.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on PB. DA Davidson lowered shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $80.00 to $78.00 in a report on Tuesday, October 15th. UBS Group cut their price target on Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating on the stock in a research note on Thursday, December 26th. Bank of America raised Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $80.00 price objective for the company in a research report on Tuesday. Raymond James downgraded Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price objective on the stock. in a report on Tuesday, September 17th. Finally, Barclays boosted their target price on Prosperity Bancshares from $84.00 to $88.00 and gave the stock an “equal weight” rating in a research note on Friday, December 20th. One research analyst has rated the stock with a sell rating, six have given a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $81.38.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in PB. Quarry LP boosted its holdings in Prosperity Bancshares by 533.3% in the 2nd 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 holdings in Prosperity Bancshares by 3,147.1% during the second quarter. Quest Partners LLC now owns 552 shares of the bank’s stock worth $34,000 after acquiring an additional 535 shares during the period. Strategic Financial Concepts LLC acquired a new position in Prosperity Bancshares during the second quarter worth $43,000. Headlands Technologies LLC purchased a new position in Prosperity Bancshares in the second quarter worth $46,000. Finally, GAMMA Investing LLC lifted its holdings in Prosperity Bancshares by 47.9% in the third quarter. GAMMA Investing LLC now owns 701 shares of the bank’s stock valued at $51,000 after acquiring an additional 227 shares during the period. 80.69% of the stock is currently owned by institutional investors and hedge funds.

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.