Insider Selling: Prosperity Bancshares, Inc. (NYSE:PB) Director Sells 500 Shares of Stock

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned S. Holmes sold 500 shares of the firm’s stock in a transaction dated Wednesday, February 12th. The stock was sold at an average price of $78.30, for a total transaction of $39,150.00. Following the sale, the director now owns 106,815 shares of the company’s stock, valued at $8,363,614.50. This trade represents a 0.47 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

Prosperity Bancshares Price Performance

NYSE PB traded down $1.53 during trading on Wednesday, hitting $78.02. The company’s stock had a trading volume of 317,382 shares, compared to its average volume of 520,035. The company has a market cap of $7.43 billion, a PE ratio of 15.42, a P/E/G ratio of 0.98 and a beta of 0.94. The business’s 50 day simple moving average is $78.06 and its 200-day simple moving average is $75.63. Prosperity Bancshares, Inc. has a fifty-two week low of $57.16 and a fifty-two week high of $86.75.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings results 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%. Analysts expect that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be issued a $0.58 dividend. This represents a $2.32 annualized dividend and a yield of 2.97%. The ex-dividend date of this dividend is Friday, March 14th. Prosperity Bancshares’s payout ratio is currently 45.85%.

Analysts Set New Price Targets

PB has been the subject of a number of research reports. UBS Group cut their target price on shares of Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating for the company in a research report on Thursday, December 26th. Bank of America upgraded 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. Wolfe Research restated a “peer perform” rating on shares of Prosperity Bancshares in a research report on Thursday, December 5th. Barclays lifted 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 report on Friday, December 20th. Finally, StockNews.com raised shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a research note on Friday, January 31st. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, Prosperity Bancshares currently has a consensus rating of “Moderate Buy” and a consensus target price of $82.88.

Hedge Funds Weigh In On Prosperity Bancshares

Hedge funds have recently modified their holdings of the business. GAMMA Investing LLC raised its position in shares of Prosperity Bancshares by 47.9% during the 3rd quarter. GAMMA Investing LLC now owns 701 shares of the bank’s stock worth $51,000 after acquiring an additional 227 shares in the last quarter. CWM LLC grew its stake in shares of Prosperity Bancshares by 29.3% in the 3rd quarter. CWM LLC now owns 7,803 shares of the bank’s stock valued at $562,000 after purchasing an additional 1,766 shares during the last quarter. Creative Planning boosted its stake in shares of Prosperity Bancshares by 17.2% in the third quarter. Creative Planning now owns 3,909 shares of the bank’s stock valued at $282,000 after buying an additional 574 shares in the last quarter. NBC Securities Inc. boosted its stake in shares of Prosperity Bancshares by 36.1% in the third quarter. NBC Securities Inc. now owns 6,004 shares of the bank’s stock valued at $432,000 after buying an additional 1,594 shares in the last quarter. Finally, Hunter Perkins Capital Management LLC raised its holdings in Prosperity Bancshares by 2.8% during the third quarter. Hunter Perkins Capital Management LLC now owns 159,220 shares of the bank’s stock worth $11,530,000 after purchasing an additional 4,265 shares during the last quarter. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

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.