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 company’s stock in a transaction that occurred on Wednesday, January 8th. The stock was sold at an average price of $74.12, for a total transaction of $37,060.00. Following the completion of the sale, the director now directly owns 109,315 shares of the company’s stock, valued at approximately $8,102,427.80. This represents a 0.46 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Prosperity Bancshares Stock Performance

NYSE PB opened at $73.39 on Friday. The firm’s 50 day moving average price is $79.25 and its two-hundred day moving average price is $73.32. The stock has a market cap of $6.99 billion, a price-to-earnings ratio of 15.58, a PEG ratio of 1.19 and a beta of 0.93. Prosperity Bancshares, Inc. has a twelve month low of $57.16 and a twelve month high of $86.75.

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

Prosperity Bancshares Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Friday, December 13th were issued a dividend of $0.58 per share. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.56. This represents a $2.32 annualized dividend and a dividend yield of 3.16%. The ex-dividend date was Friday, December 13th. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 49.26%.

Analyst Upgrades and Downgrades

PB has been the subject of a number of research analyst reports. StockNews.com downgraded Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Wednesday. Wedbush restated an “outperform” rating and issued a $90.00 price objective on shares of Prosperity Bancshares in a report on Thursday, October 24th. Raymond James lowered Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 target price on the stock. in a report on Tuesday, September 17th. Bank of America raised shares of Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $80.00 price target for the company in a report on Tuesday, January 7th. Finally, Barclays lifted their price objective on shares of Prosperity Bancshares from $84.00 to $88.00 and gave the stock an “equal weight” rating in a research note on Friday, December 20th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $81.38.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Quarry LP increased its holdings in Prosperity Bancshares by 533.3% in the second quarter. Quarry LP now owns 494 shares of the bank’s stock worth $30,000 after buying an additional 416 shares during the last quarter. Quest Partners LLC increased its stake in shares of Prosperity Bancshares by 3,147.1% during the 2nd quarter. Quest Partners LLC now owns 552 shares of the bank’s stock worth $34,000 after purchasing an additional 535 shares during the last quarter. Strategic Financial Concepts LLC bought a new position in shares of Prosperity Bancshares during the 2nd quarter valued at $43,000. Headlands Technologies LLC acquired a new stake in shares of Prosperity Bancshares in the 2nd quarter valued at $46,000. Finally, GAMMA Investing LLC boosted its holdings in Prosperity Bancshares by 47.9% in the third quarter. GAMMA Investing LLC now owns 701 shares of the bank’s stock worth $51,000 after purchasing an additional 227 shares in the last quarter. 80.69% of the stock is owned by hedge funds and other institutional investors.

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.