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

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned S. Holmes sold 500 shares of the business’s stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $79.01, for a total value of $39,505.00. Following the transaction, the director now owns 108,315 shares in the company, valued at approximately $8,557,968.15. This represents a 0.46 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Prosperity Bancshares Stock Performance

NYSE:PB opened at $78.31 on Friday. The stock has a 50-day simple moving average of $79.07 and a 200 day simple moving average of $74.32. Prosperity Bancshares, Inc. has a one year low of $57.16 and a one year high of $86.75. The company has a market capitalization of $7.46 billion, a price-to-earnings ratio of 16.63, a price-to-earnings-growth ratio of 1.11 and a beta of 0.93.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share for the quarter, beating analysts’ consensus estimates of $1.31 by $0.03. The business had revenue of $459.00 million during the quarter, compared to the consensus estimate of $299.83 million. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%. During the same period in the previous year, the business earned $1.20 EPS. On average, equities research analysts forecast that Prosperity Bancshares, Inc. will post 5.05 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders 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 annualized dividend and a yield of 2.96%. Prosperity Bancshares’s payout ratio is 49.26%.

Institutional Trading of Prosperity Bancshares

Institutional investors and hedge funds have recently modified their holdings of the business. Point72 Asset Management L.P. bought a new stake in shares of Prosperity Bancshares during the 3rd quarter valued at about $16,478,000. Jane Street Group LLC boosted its stake in Prosperity Bancshares by 418.0% in the third quarter. Jane Street Group LLC now owns 111,548 shares of the bank’s stock valued at $8,039,000 after acquiring an additional 90,015 shares during the period. AQR Capital Management LLC grew its holdings in shares of Prosperity Bancshares by 11.9% during the second quarter. AQR Capital Management LLC now owns 673,198 shares of the bank’s stock valued at $40,883,000 after purchasing an additional 71,694 shares during the last quarter. Los Angeles Capital Management LLC acquired a new stake in shares of Prosperity Bancshares during the 3rd quarter worth approximately $4,804,000. Finally, Sei Investments Co. lifted its holdings in shares of Prosperity Bancshares by 126.7% in the 2nd quarter. Sei Investments Co. now owns 93,013 shares of the bank’s stock worth $5,687,000 after purchasing an additional 51,979 shares during the last quarter. 80.69% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Wedbush reiterated an “outperform” rating and set a $90.00 target price on shares of Prosperity Bancshares in a report on Thursday, October 24th. StockNews.com lowered shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Wednesday, January 8th. Barclays upped their target price on shares of Prosperity Bancshares from $84.00 to $88.00 and gave the company an “equal weight” rating in a research note on Friday, December 20th. UBS Group dropped their price target on shares of Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating on the stock in a research note on Thursday, December 26th. Finally, Bank of America raised shares of Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $80.00 price objective for the company in a research report on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, six have given a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, Prosperity Bancshares has an average rating of “Hold” and an average price target of $81.38.

Prosperity Bancshares Company Profile

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.