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 stock in a transaction on Wednesday, April 23rd. The shares were sold at an average price of $67.58, for a total value of $33,790.00. Following the sale, the director now owns 103,415 shares of the company’s stock, valued at approximately $6,988,785.70. This represents a 0.48 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Prosperity Bancshares Stock Performance

Shares of PB opened at $67.06 on Friday. The business’s 50-day moving average is $70.21 and its two-hundred day moving average is $75.32. The company has a market capitalization of $6.39 billion, a P/E ratio of 13.25, a P/E/G ratio of 0.94 and a beta of 0.82. 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 posted its earnings results on Wednesday, April 23rd. The bank reported $1.37 EPS for the quarter, topping the consensus estimate of $1.35 by $0.02. The firm had revenue of $306.68 million for the quarter, compared to analyst estimates of $307.17 million. Prosperity Bancshares had a return on equity of 6.64% and a net margin of 26.79%. Analysts forecast that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Prosperity Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th will be issued a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a dividend yield of 3.46%. The ex-dividend date is Friday, June 13th. Prosperity Bancshares’s dividend payout ratio (DPR) is 44.19%.

Wall Street Analysts Forecast Growth

PB has been the subject of a number of research analyst reports. Bank of America upgraded Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $80.00 price target for the company in a research note on Tuesday, January 7th. Hovde Group decreased their price objective on shares of Prosperity Bancshares from $90.00 to $80.00 and set an “outperform” rating for the company in a research report on Friday. Barclays lowered their target price on shares of Prosperity Bancshares from $88.00 to $86.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 8th. StockNews.com lowered shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Thursday. Finally, Stephens lifted their price objective on shares of Prosperity Bancshares from $93.00 to $94.00 and gave the stock an “overweight” rating in a research note on Thursday, January 30th. One analyst has rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $83.23.

Hedge Funds Weigh In On Prosperity Bancshares

Several large investors have recently made changes to their positions in PB. Smartleaf Asset Management LLC increased its holdings in 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 in the last quarter. Jones Financial Companies Lllp boosted its stake in shares of Prosperity Bancshares by 368.5% during the 4th quarter. Jones Financial Companies Lllp now owns 520 shares of the bank’s stock worth $39,000 after acquiring an additional 409 shares in the last quarter. UMB Bank n.a. grew its position in shares of 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 period. GAMMA Investing LLC increased its stake in shares of Prosperity Bancshares by 20.4% in the 4th quarter. GAMMA Investing LLC now owns 844 shares of the bank’s stock valued at $64,000 after purchasing an additional 143 shares in the last quarter. Finally, Aster Capital Management DIFC Ltd raised its holdings in Prosperity Bancshares by 349.5% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 917 shares of the bank’s stock worth $69,000 after purchasing an additional 713 shares during the period. 80.69% of the stock is currently owned by institutional investors and hedge funds.

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.