Prosperity Bancshares (NYSE:PB) Director Ned Holmes Sells 600 Shares

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned Holmes sold 600 shares of the firm’s stock in a transaction dated Wednesday, November 12th. The shares were sold at an average price of $67.28, for a total transaction of $40,368.00. Following the completion of the sale, the director owned 43,200 shares in the company, valued at $2,906,496. This represents a 1.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.

Prosperity Bancshares Stock Performance

NYSE:PB traded down $0.16 during mid-day trading on Thursday, hitting $67.01. 346,599 shares of the company’s stock traded hands, compared to its average volume of 792,645. The company has a fifty day moving average of $65.67 and a 200 day moving average of $68.34. The company has a market capitalization of $6.37 billion, a P/E ratio of 11.94, a P/E/G ratio of 0.97 and a beta of 0.75. Prosperity Bancshares, Inc. has a twelve month low of $61.06 and a twelve month high of $86.75.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, October 29th. The bank reported $1.45 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.45. The firm had revenue of $314.67 million for the quarter, compared to analyst estimates of $317.94 million. Prosperity Bancshares had a net margin of 30.28% and a return on equity of 7.06%. The business’s quarterly revenue was up 3.9% compared to the same quarter last year. During the same period in the previous year, the company earned $1.34 earnings per share. On average, research analysts expect that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current fiscal year.

Prosperity Bancshares Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 2nd. Investors of record on Monday, December 15th will be paid a $0.60 dividend. The ex-dividend date is Monday, December 15th. This represents a $2.40 annualized dividend and a dividend yield of 3.6%. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.58. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 42.78%.

Hedge Funds Weigh In On Prosperity Bancshares

A number of large investors have recently made changes to their positions in the stock. Mather Group LLC. acquired a new stake in Prosperity Bancshares in the 3rd quarter valued at about $26,000. Steph & Co. purchased a new stake in Prosperity Bancshares in the second quarter valued at approximately $38,000. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in shares of Prosperity Bancshares during the 3rd quarter worth $42,000. BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of Prosperity Bancshares in the 1st quarter worth about $48,000. Finally, Employees Retirement System of Texas purchased a new stake in Prosperity Bancshares during the second quarter worth approximately $48,000. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on PB. Weiss Ratings reissued a “hold (c)” rating on shares of Prosperity Bancshares in a report on Wednesday, October 8th. Citigroup restated a “neutral” rating and set a $68.00 price target (down previously from $78.00) on shares of Prosperity Bancshares in a report on Monday, September 15th. Raymond James Financial reaffirmed an “outperform” rating and set a $77.00 target price (up previously from $75.00) on shares of Prosperity Bancshares in a research note on Thursday, October 30th. TD Cowen raised their target price on Prosperity Bancshares from $79.00 to $83.00 and gave the company a “buy” rating in a report on Friday, October 31st. Finally, Cowen reiterated a “buy” rating on shares of Prosperity Bancshares in a report on Friday, October 31st. Eleven analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, Prosperity Bancshares currently has a consensus rating of “Moderate Buy” and a consensus price target of $80.21.

About Prosperity Bancshares

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.