Prosperity Bancshares (NYSE:PB) Director Ned Holmes Sells 600 Shares

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned Holmes sold 600 shares of the business’s stock in a transaction dated Wednesday, December 17th. The shares were sold at an average price of $71.99, for a total transaction of $43,194.00. Following the completion of the transaction, the director owned 42,700 shares in the company, valued at $3,073,973. The trade was a 1.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

Prosperity Bancshares Stock Up 0.5%

Shares of Prosperity Bancshares stock traded up $0.35 during trading on Wednesday, reaching $71.85. 794,567 shares of the stock were exchanged, compared to its average volume of 807,097. The stock’s fifty day moving average is $67.00 and its 200 day moving average is $68.12. The firm has a market cap of $6.82 billion, a price-to-earnings ratio of 12.81, a price-to-earnings-growth ratio of 1.06 and a beta of 0.70. Prosperity Bancshares, Inc. has a 1 year low of $61.06 and a 1 year high of $82.75.

Prosperity Bancshares (NYSE:PB) last posted its earnings results on Wednesday, October 29th. The bank reported $1.45 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.45. The company had revenue of $314.67 million for the quarter, compared to analysts’ expectations of $317.94 million. Prosperity Bancshares had a return on equity of 7.06% and a net margin of 30.28%.Prosperity Bancshares’s quarterly revenue was up 3.9% on a year-over-year basis. During the same period last year, the firm earned $1.34 earnings per share. Equities analysts forecast that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Stockholders of record on Monday, December 15th will be paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 3.3%. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.58. The ex-dividend date of this dividend is Monday, December 15th. Prosperity Bancshares’s payout ratio is presently 42.78%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of PB. Tudor Investment Corp ET AL bought a new stake in Prosperity Bancshares during the third quarter worth about $4,882,000. Allworth Financial LP grew its stake in shares of Prosperity Bancshares by 59.2% in the 3rd quarter. Allworth Financial LP now owns 2,129 shares of the bank’s stock worth $141,000 after buying an additional 792 shares during the last quarter. Swiss Life Asset Management Ltd bought a new position in Prosperity Bancshares during the 3rd quarter valued at approximately $293,000. Danske Bank A S bought a new position in shares of Prosperity Bancshares during the third quarter valued at $40,000. Finally, NewEdge Advisors LLC increased its stake in Prosperity Bancshares by 16.7% during the 3rd quarter. NewEdge Advisors LLC now owns 8,611 shares of the bank’s stock valued at $571,000 after purchasing an additional 1,235 shares in the last quarter. 80.69% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages recently commented on PB. Cantor Fitzgerald began coverage on Prosperity Bancshares in a research note on Wednesday, September 10th. They issued an “overweight” rating and a $78.00 price target for the company. Hovde Group lowered shares of Prosperity Bancshares from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 26th. Cowen reaffirmed a “buy” rating on shares of Prosperity Bancshares in a research report on Friday, October 31st. Raymond James Financial reaffirmed an “outperform” rating and set a $77.00 target price (up previously from $75.00) on shares of Prosperity Bancshares in a research note on Thursday, October 30th. Finally, Royal Bank Of Canada decreased their price target on shares of Prosperity Bancshares from $78.00 to $72.00 and set a “sector perform” rating for the company in a research note on Friday, October 10th. Ten research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $80.21.

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.