Robert H. Steelhammer Sells 5,000 Shares of Prosperity Bancshares, Inc. (PB) Stock
Prosperity Bancshares, Inc. (NYSE:PB) Director Robert H. Steelhammer sold 5,000 shares of the stock in a transaction dated Thursday, August 24th. The shares were sold at an average price of $61.51, for a total value of $307,550.00. Following the completion of the transaction, the director now directly owns 142,800 shares of the company’s stock, valued at approximately $8,783,628. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.
Prosperity Bancshares, Inc. (NYSE:PB) opened at 61.92 on Friday. The firm’s 50-day moving average price is $63.66 and its 200-day moving average price is $67.16. Prosperity Bancshares, Inc. has a 12-month low of $52.19 and a 12-month high of $77.87. The company has a market cap of $4.30 billion, a P/E ratio of 15.68 and a beta of 1.33.
Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, July 26th. The bank reported $0.99 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.00 by $0.01. Prosperity Bancshares had a net margin of 35.20% and a return on equity of 7.49%. The company had revenue of $180.01 million during the quarter, compared to the consensus estimate of $187.13 million. During the same period in the prior year, the company earned $0.98 earnings per share. Analysts expect that Prosperity Bancshares, Inc. will post $3.99 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 15th will be issued a dividend of $0.34 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $1.36 annualized dividend and a dividend yield of 2.20%. Prosperity Bancshares’s dividend payout ratio is presently 34.34%.
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Several hedge funds and other institutional investors have recently made changes to their positions in the company. Chicago Equity Partners LLC acquired a new position in shares of Prosperity Bancshares during the first quarter valued at approximately $520,000. Eqis Capital Management Inc. boosted its position in shares of Prosperity Bancshares by 39.2% in the first quarter. Eqis Capital Management Inc. now owns 4,420 shares of the bank’s stock valued at $308,000 after buying an additional 1,244 shares in the last quarter. State Treasurer State of Michigan boosted its position in shares of Prosperity Bancshares by 0.7% in the first quarter. State Treasurer State of Michigan now owns 28,200 shares of the bank’s stock valued at $1,966,000 after buying an additional 200 shares in the last quarter. Great West Life Assurance Co. Can boosted its position in shares of Prosperity Bancshares by 4.5% in the first quarter. Great West Life Assurance Co. Can now owns 40,328 shares of the bank’s stock valued at $2,809,000 after buying an additional 1,735 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund boosted its position in shares of Prosperity Bancshares by 9.3% in the first quarter. Oregon Public Employees Retirement Fund now owns 24,584 shares of the bank’s stock valued at $1,714,000 after buying an additional 2,100 shares in the last quarter. 75.31% of the stock is currently owned by institutional investors.
PB has been the subject of a number of analyst reports. Wedbush raised Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $67.00 price target for the company in a report on Friday, May 19th. ValuEngine downgraded Prosperity Bancshares from a “buy” rating to a “hold” rating in a report on Wednesday, May 24th. Morgan Stanley raised Prosperity Bancshares from an “underweight” rating to an “equal weight” rating and increased their price target for the company from $63.00 to $65.00 in a report on Monday, June 5th. They noted that the move was a valuation call. BidaskClub raised Prosperity Bancshares from a “sell” rating to a “hold” rating in a report on Saturday, June 10th. Finally, Hovde Group reduced their price target on Prosperity Bancshares from $70.00 to $68.00 and set a “market perform” rating for the company in a report on Monday, June 26th. Four analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have assigned a buy rating to the stock. Prosperity Bancshares presently has an average rating of “Hold” and an average price target of $71.25.
Prosperity Bancshares Company Profile
Prosperity Bancshares, Inc is a financial holding company, which 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, through the Bank, offers a range of loan and deposit products to its customers.
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