Harrison Stafford II Sells 2,000 Shares of Prosperity Bancshares Inc. (PB) Stock
Prosperity Bancshares Inc. (NYSE:PB) Director Harrison Stafford II sold 2,000 shares of Prosperity Bancshares stock in a transaction dated Tuesday, November 8th. The shares were sold at an average price of $55.00, for a total value of $110,000.00. Following the sale, the director now owns 103,900 shares of the company’s stock, valued at $5,714,500. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.
Shares of Prosperity Bancshares Inc. (NYSE:PB) opened at 60.92 on Friday. Prosperity Bancshares Inc. has a 52 week low of $33.57 and a 52 week high of $62.57. The company has a 50-day moving average price of $55.13 and a 200 day moving average price of $52.87. The firm has a market cap of $4.23 billion, a price-to-earnings ratio of 15.42 and a beta of 1.19.
Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results on Wednesday, October 26th. The company reported $0.99 EPS for the quarter, meeting the consensus estimate of $0.99. Prosperity Bancshares had a return on equity of 7.83% and a net margin of 34.83%. The firm earned $183.80 million during the quarter, compared to analysts’ expectations of $189.25 million. During the same period in the prior year, the firm posted $1.01 earnings per share. The business’s quarterly revenue was down 2.2% compared to the same quarter last year. Analysts expect that Prosperity Bancshares Inc. will post $3.92 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 3rd. Investors of record on Friday, December 16th will be given a dividend of $0.34 per share. The ex-dividend date is Wednesday, December 14th. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.30. This represents a $1.36 annualized dividend and a yield of 2.23%. Prosperity Bancshares’s dividend payout ratio is 30.30%.
A number of hedge funds and other institutional investors have recently modified their holdings of PB. Riverhead Capital Management LLC boosted its stake in Prosperity Bancshares by 40,913.9% in the second quarter. Riverhead Capital Management LLC now owns 5,000,000 shares of the company’s stock worth $5,012,000 after buying an additional 4,987,809 shares during the last quarter. Emerald Acquisition Ltd. acquired a new stake in Prosperity Bancshares during the second quarter worth about $22,319,000. BlackRock Fund Advisors boosted its stake in Prosperity Bancshares by 9.5% in the third quarter. BlackRock Fund Advisors now owns 3,640,718 shares of the company’s stock worth $199,839,000 after buying an additional 316,760 shares during the last quarter. Vanguard Group Inc. boosted its stake in Prosperity Bancshares by 4.3% in the second quarter. Vanguard Group Inc. now owns 5,293,252 shares of the company’s stock worth $269,903,000 after buying an additional 219,156 shares during the last quarter. Finally, Nordea Investment Management AB boosted its stake in Prosperity Bancshares by 537.9% in the third quarter. Nordea Investment Management AB now owns 252,590 shares of the company’s stock worth $13,865,000 after buying an additional 212,990 shares during the last quarter. 80.53% of the stock is owned by hedge funds and other institutional investors.
Several brokerages have recently issued reports on PB. DA Davidson lowered Prosperity Bancshares from a “buy” rating to a “neutral” rating in a report on Thursday, October 27th. Zacks Investment Research upgraded Prosperity Bancshares from a “sell” rating to a “hold” rating in a report on Thursday, October 13th. Deutsche Bank AG boosted their target price on Prosperity Bancshares from $54.00 to $59.00 and gave the stock a “hold” rating in a report on Tuesday, October 11th. FBR & Co upgraded Prosperity Bancshares from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $55.00 to $60.00 in a report on Tuesday, October 11th. Finally, SunTrust Banks Inc. started coverage on Prosperity Bancshares in a report on Thursday, October 6th. They issued a “neutral” rating for the company. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and six have issued a buy rating to the company. Prosperity Bancshares currently has an average rating of “Hold” and an average price target of $52.08.
About Prosperity Bancshares
Prosperity Bancshares, Inc is a financial holding company. The Company operates through its bank subsidiary, Prosperity Bank (the Bank). The Bank provides a range of financial products and services to small and medium-sized businesses and consumers. The Company’s additional products and services include trust services, brokerage, mortgage lending, credit card and independent sales organization (ISO) sponsorship operations.
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