Prosperity Bancshares, Inc. (NYSE:PB) Director Sells $37,625.00 in Stock

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned S. Holmes sold 500 shares of the stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $75.25, for a total transaction of $37,625.00. Following the completion of the transaction, the director now directly owns 109,815 shares in the company, valued at $8,263,578.75. The trade was a 0.45 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Prosperity Bancshares Stock Down 0.3 %

Shares of PB opened at $74.80 on Tuesday. The stock has a market capitalization of $7.13 billion, a P/E ratio of 15.88, a PEG ratio of 1.19 and a beta of 0.93. The firm has a fifty day simple moving average of $79.20 and a two-hundred day simple moving average of $73.00. 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 earnings results on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, topping the consensus estimate of $1.31 by $0.03. Prosperity Bancshares had a net margin of 25.39% and a return on equity of 6.46%. The firm had revenue of $459.00 million during the quarter, compared to analysts’ expectations of $299.83 million. During the same period last year, the company posted $1.20 EPS. Sell-side analysts expect that Prosperity Bancshares, Inc. will post 5.05 EPS for the current fiscal year.

Prosperity Bancshares Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Friday, December 13th were given 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 dividend on an annualized basis and a yield of 3.10%. The ex-dividend date was Friday, December 13th. Prosperity Bancshares’s dividend payout ratio (DPR) is 49.26%.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the business. GAMMA Investing LLC lifted its position in Prosperity Bancshares by 20.4% during the 4th quarter. GAMMA Investing LLC now owns 844 shares of the bank’s stock valued at $64,000 after acquiring an additional 143 shares during the period. Franklin Resources Inc. lifted its position in Prosperity Bancshares by 40.6% during the 3rd quarter. Franklin Resources Inc. now owns 34,411 shares of the bank’s stock valued at $2,509,000 after acquiring an additional 9,935 shares during the period. Tidal Investments LLC lifted its position in Prosperity Bancshares by 5.7% during the 3rd quarter. Tidal Investments LLC now owns 3,875 shares of the bank’s stock valued at $279,000 after acquiring an additional 209 shares during the period. Sanctuary Advisors LLC purchased a new position in Prosperity Bancshares during the 3rd quarter valued at about $372,000. Finally, Sunbelt Securities Inc. lifted its position in Prosperity Bancshares by 31.0% during the 3rd quarter. Sunbelt Securities Inc. now owns 981 shares of the bank’s stock valued at $71,000 after acquiring an additional 232 shares during the period. 80.69% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on PB. Barclays increased their price target on shares of Prosperity Bancshares from $84.00 to $88.00 and gave the stock an “equal weight” rating in a report on Friday, December 20th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $77.00 price objective on shares of Prosperity Bancshares in a research note on Thursday, October 24th. UBS Group cut their price objective on shares of Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating for the company in a research note on Thursday, December 26th. DA Davidson cut shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating and cut their price objective for the company from $80.00 to $78.00 in a research note on Tuesday, October 15th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $90.00 price objective on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Six equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $81.50.

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.