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

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned S. Holmes sold 500 shares of the stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $70.87, for a total transaction of $35,435.00. Following the sale, the director now directly owns 103,315 shares of the company’s stock, valued at $7,321,934.05. The trade was a 0.48 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Prosperity Bancshares Price Performance

Shares of PB stock traded down $3.87 during trading hours on Thursday, hitting $67.66. The company had a trading volume of 223,440 shares, compared to its average volume of 547,456. The stock has a market capitalization of $6.45 billion, a PE ratio of 13.37, a price-to-earnings-growth ratio of 0.94 and a beta of 0.94. The company’s fifty day moving average is $75.35 and its 200 day moving average is $76.12. Prosperity Bancshares, Inc. has a fifty-two week low of $57.16 and a fifty-two week high of $86.76.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, January 29th. The bank reported $1.37 earnings per share (EPS) 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%. Equities analysts forecast that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th were paid a $0.58 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $2.32 annualized dividend and a yield of 3.43%. Prosperity Bancshares’s dividend payout ratio is currently 45.85%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on PB shares. Raymond James boosted their price target on Prosperity Bancshares from $82.00 to $87.00 and gave the stock an “outperform” rating in a research note on Thursday, January 30th. Morgan Stanley dropped their target price on shares of Prosperity Bancshares from $102.00 to $94.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. UBS Group cut 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. Stephens boosted their price target on Prosperity Bancshares from $93.00 to $94.00 and gave the company an “overweight” rating in a research note on Thursday, January 30th. Finally, StockNews.com downgraded shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Wednesday, March 19th. One analyst has rated the stock with a sell rating, six have issued a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $83.50.

Hedge Funds Weigh In On Prosperity Bancshares

Several large investors have recently bought and sold shares of the stock. Smartleaf Asset Management LLC raised its holdings in shares of Prosperity Bancshares by 487.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 376 shares of the bank’s stock valued at $28,000 after buying an additional 312 shares during the last quarter. Jones Financial Companies Lllp raised its stake in Prosperity Bancshares by 368.5% during the 4th quarter. Jones Financial Companies Lllp now owns 520 shares of the bank’s stock valued at $39,000 after acquiring an additional 409 shares during the last quarter. UMB Bank n.a. raised its stake in Prosperity Bancshares by 102.7% during the 4th quarter. UMB Bank n.a. now owns 592 shares of the bank’s stock valued at $45,000 after acquiring an additional 300 shares during the last quarter. 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. Finally, Aster Capital Management DIFC Ltd increased its holdings in shares of Prosperity Bancshares by 349.5% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 917 shares of the bank’s stock valued at $69,000 after purchasing an additional 713 shares during the period. Institutional investors and hedge funds own 80.69% of the company’s stock.

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.