Insider Selling: Prosperity Bancshares, Inc. (NYSE:PB) Director Sells 500 Shares of Stock

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned S. Holmes sold 500 shares of the company’s stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $70.63, for a total value of $35,315.00. Following the transaction, the director now owns 104,815 shares in the company, valued at $7,403,083.45. This trade represents a 0.47 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Prosperity Bancshares Stock Performance

Shares of PB stock opened at $70.97 on Friday. The stock’s 50-day moving average is $76.87 and its two-hundred day moving average is $76.25. The firm has a market cap of $6.76 billion, a price-to-earnings ratio of 14.02, a PEG ratio of 0.94 and a beta of 0.94. Prosperity Bancshares, Inc. has a 1 year low of $57.16 and a 1 year high of $86.76.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings data on Wednesday, January 29th. The bank reported $1.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.33 by $0.04. Prosperity Bancshares had a return on equity of 6.64% and a net margin of 26.79%. As a group, research analysts predict that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Prosperity Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be issued a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a dividend yield of 3.27%. The ex-dividend date of this dividend is Friday, March 14th. Prosperity Bancshares’s payout ratio is 45.85%.

Hedge Funds Weigh In On Prosperity Bancshares

Several hedge funds have recently made changes to their positions in PB. US Bancorp DE grew its holdings in shares of Prosperity Bancshares by 3.4% during the third quarter. US Bancorp DE now owns 4,720 shares of the bank’s stock worth $340,000 after buying an additional 153 shares during the last quarter. Crossmark Global Holdings Inc. grew its holdings in shares of Prosperity Bancshares by 26.6% during the third quarter. Crossmark Global Holdings Inc. now owns 6,485 shares of the bank’s stock worth $467,000 after buying an additional 1,364 shares during the last quarter. Aigen Investment Management LP grew its holdings in shares of Prosperity Bancshares by 91.2% during the third quarter. Aigen Investment Management LP now owns 7,925 shares of the bank’s stock worth $571,000 after buying an additional 3,780 shares during the last quarter. MQS Management LLC grew its holdings in shares of Prosperity Bancshares by 23.7% during the third quarter. MQS Management LLC now owns 5,828 shares of the bank’s stock worth $420,000 after buying an additional 1,116 shares during the last quarter. Finally, KBC Group NV grew its holdings in shares of Prosperity Bancshares by 15.4% during the third quarter. KBC Group NV now owns 2,824 shares of the bank’s stock worth $204,000 after buying an additional 376 shares during the last quarter. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on PB shares. Raymond James increased their price objective on Prosperity Bancshares from $82.00 to $87.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. Morgan Stanley reduced their price objective on Prosperity Bancshares from $102.00 to $94.00 and set an “overweight” rating on the stock in a research note on Thursday. UBS Group reduced their price objective 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. Barclays increased their price objective on Prosperity Bancshares from $84.00 to $88.00 and gave the company an “equal weight” rating in a research note on Friday, December 20th. Finally, Stephens raised their price target on Prosperity Bancshares from $93.00 to $94.00 and gave the company an “overweight” rating in a research note on Thursday, January 30th. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $83.50.

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.