Prosperity Bancshares, Inc. (NYSE:PB) CEO David Zalman bought 15,056 shares of the company’s stock in a transaction on Monday, March 23rd. The stock was bought at an average cost of $43.17 per share, with a total value of $649,967.52. Following the completion of the acquisition, the chief executive officer now owns 563,000 shares of the company’s stock, valued at approximately $24,304,710. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website.
Shares of PB opened at $51.69 on Friday. The company has a debt-to-equity ratio of 0.02, a current ratio of 0.75 and a quick ratio of 0.75. The firm has a 50 day simple moving average of $64.02 and a 200-day simple moving average of $68.88. Prosperity Bancshares, Inc. has a 1-year low of $42.02 and a 1-year high of $75.22. The stock has a market cap of $4.81 billion, a price-to-earnings ratio of 11.34, a price-to-earnings-growth ratio of 0.86 and a beta of 1.22.
Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings data on Wednesday, January 29th. The bank reported $1.44 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.22 by $0.22. Prosperity Bancshares had a net margin of 34.66% and a return on equity of 8.04%. The business had revenue of $267.54 million during the quarter, compared to analysts’ expectations of $248.69 million. During the same period last year, the company posted $1.19 EPS. On average, equities analysts expect that Prosperity Bancshares, Inc. will post 5.25 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Monday, March 16th will be paid a dividend of $0.46 per share. The ex-dividend date of this dividend is Friday, March 13th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 3.56%. Prosperity Bancshares’s dividend payout ratio (DPR) is 36.65%.
A number of brokerages have issued reports on PB. Hovde Group cut shares of Prosperity Bancshares from a “market perform” rating to an “underperform” rating in a report on Wednesday, December 11th. ValuEngine cut shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Friday, December 20th. Stephens increased their target price on shares of Prosperity Bancshares from $75.00 to $78.00 and gave the company an “equal weight” rating in a report on Thursday, January 30th. Wedbush raised shares of Prosperity Bancshares from a “neutral” rating to an “outperform” rating and dropped their target price for the company from $75.00 to $74.00 in a report on Monday, March 2nd. Finally, Raymond James raised shares of Prosperity Bancshares from a “market perform” rating to an “outperform” rating and set a $78.00 target price for the company in a report on Thursday, January 30th. Four equities research analysts have rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $74.64.
Institutional investors and hedge funds have recently modified their holdings of the company. Sowell Financial Services LLC purchased a new position in shares of Prosperity Bancshares during the 4th quarter worth approximately $27,000. Smith Asset Management Group LP purchased a new stake in Prosperity Bancshares in the 4th quarter worth approximately $32,000. Signaturefd LLC grew its stake in Prosperity Bancshares by 152.7% in the 4th quarter. Signaturefd LLC now owns 460 shares of the bank’s stock worth $33,000 after acquiring an additional 278 shares during the period. Marshall Wace North America L.P. purchased a new stake in Prosperity Bancshares in the 1st quarter worth approximately $35,000. Finally, KBC Group NV purchased a new stake in Prosperity Bancshares in the 4th quarter worth approximately $62,000. 80.88% of the stock is owned by institutional investors and hedge funds.
About Prosperity Bancshares
Prosperity Bancshares, Inc operates as bank holding company for the Prosperity Bank that provides retail and commercial banking services to small and medium-sized businesses, and consumers. It accepts various deposit products, such as demand, savings, money market, and time accounts. The company also offers 1-4 family residential mortgage, commercial mortgage and multifamily residential, commercial and industrial, agricultural real estate, 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; and consumer durables and home equity loans.
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