Ned S. Holmes Sells 500 Shares of Prosperity Bancshares, Inc. (NYSE:PB) Stock

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned S. Holmes sold 500 shares of the firm’s stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $70.86, for a total transaction of $35,430.00. Following the transaction, the director now directly owns 104,315 shares of the company’s stock, valued at $7,391,760.90. This represents a 0.48 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

Prosperity Bancshares Stock Performance

PB traded up $0.72 on Wednesday, reaching $71.34. The company had a trading volume of 866,925 shares, compared to its average volume of 523,370. The business has a 50 day simple moving average of $76.58 and a 200 day simple moving average of $76.21. The company has a market cap of $6.80 billion, a price-to-earnings ratio of 14.10, a P/E/G ratio of 0.94 and a beta of 0.94. Prosperity Bancshares, Inc. has a 52-week low of $57.16 and a 52-week high of $86.76.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings data on Wednesday, January 29th. The bank reported $1.37 earnings per share for the quarter, beating 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, equities research analysts predict that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be paid a dividend of $0.58 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.25%. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 45.85%.

Institutional Investors Weigh In On Prosperity Bancshares

Institutional investors and hedge funds have recently modified their holdings of the stock. Smartleaf Asset Management LLC boosted its holdings in shares of Prosperity Bancshares by 487.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 376 shares of the bank’s stock worth $28,000 after purchasing an additional 312 shares during the period. Jones Financial Companies Lllp boosted its position in Prosperity Bancshares by 368.5% during the fourth quarter. Jones Financial Companies Lllp now owns 520 shares of the bank’s stock valued at $39,000 after purchasing an additional 409 shares in the last quarter. UMB Bank n.a. increased its position in shares of Prosperity Bancshares by 102.7% during the fourth quarter. UMB Bank n.a. now owns 592 shares of the bank’s stock worth $45,000 after purchasing an additional 300 shares in the last quarter. First Horizon Advisors Inc. raised its position in shares of Prosperity Bancshares by 190.0% in the 3rd quarter. First Horizon Advisors Inc. now owns 815 shares of the bank’s stock valued at $59,000 after purchasing an additional 534 shares during the last quarter. Finally, GAMMA Investing LLC lifted its position in Prosperity Bancshares by 20.4% during the 4th quarter. GAMMA Investing LLC now owns 844 shares of the bank’s stock worth $64,000 after acquiring an additional 143 shares during the period. Institutional investors own 80.69% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on PB. Morgan Stanley cut their price objective on Prosperity Bancshares from $102.00 to $94.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Stephens increased their price target on Prosperity Bancshares from $93.00 to $94.00 and gave the stock an “overweight” rating in a report on Thursday, January 30th. Raymond James raised their price objective on shares of Prosperity Bancshares from $82.00 to $87.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. Bank of America raised Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $80.00 target price on the stock in a research note on Tuesday, January 7th. Finally, Wolfe Research reissued a “peer perform” rating on shares of Prosperity Bancshares in a research note on Thursday, December 5th. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $83.50.

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.