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 stock in a transaction that occurred 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 completion of the transaction, the director now owns 104,815 shares of the company’s stock, valued at $7,403,083.45. The trade was a 0.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Prosperity Bancshares Price Performance

PB traded down $0.67 during midday trading on Thursday, reaching $69.63. 134,590 shares of the company’s stock were exchanged, compared to its average volume of 521,930. Prosperity Bancshares, Inc. has a 1-year low of $57.16 and a 1-year high of $86.76. The stock has a market capitalization of $6.63 billion, a PE ratio of 13.75, a P/E/G ratio of 0.94 and a beta of 0.94. The business’s 50-day moving average price is $76.98 and its 200 day moving average price is $76.29.

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

Prosperity Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be issued a $0.58 dividend. The ex-dividend date is Friday, March 14th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.33%. Prosperity Bancshares’s dividend payout ratio (DPR) is 45.85%.

Institutional Trading of Prosperity Bancshares

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Prospector Partners LLC raised its stake in Prosperity Bancshares by 24.6% in the 3rd quarter. Prospector Partners LLC now owns 228,992 shares of the bank’s stock valued at $16,503,000 after purchasing an additional 45,177 shares during the last quarter. Thrivent Financial for Lutherans grew its holdings in shares of Prosperity Bancshares by 0.9% during the third quarter. Thrivent Financial for Lutherans now owns 818,744 shares of the bank’s stock worth $59,007,000 after buying an additional 6,972 shares in the last quarter. Sanctuary Advisors LLC acquired a new position in shares of Prosperity Bancshares in the third quarter valued at approximately $372,000. US Bancorp DE lifted its stake 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 valued at $340,000 after buying an additional 153 shares during the period. Finally, Jane Street Group LLC lifted its stake in shares of Prosperity Bancshares by 418.0% during the third quarter. Jane Street Group LLC now owns 111,548 shares of the bank’s stock valued at $8,039,000 after buying an additional 90,015 shares during the period. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Wolfe Research restated a “peer perform” rating on shares of Prosperity Bancshares in a report on Thursday, December 5th. Bank of America raised Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $80.00 price target on the stock in a research report on Tuesday, January 7th. Barclays boosted their price objective on Prosperity Bancshares from $84.00 to $88.00 and gave the stock an “equal weight” rating in a research report on Friday, December 20th. Raymond James boosted their target price on shares of Prosperity Bancshares from $82.00 to $87.00 and gave the stock an “outperform” rating in a research note on Thursday, January 30th. Finally, Morgan Stanley dropped their price target on shares of Prosperity Bancshares from $102.00 to $94.00 and set an “overweight” rating on the stock in a research note on Thursday. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the stock currently 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.