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 stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $80.01, for a total value of $40,005.00. Following the completion of the sale, the director now directly owns 107,315 shares of the company’s stock, valued at $8,586,273.15. The trade was a 0.46 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Prosperity Bancshares Stock Down 0.9 %

Shares of NYSE PB opened at $79.96 on Friday. The firm has a 50-day moving average price of $78.31 and a 200 day moving average price of $75.39. Prosperity Bancshares, Inc. has a 52 week low of $57.16 and a 52 week high of $86.75. The stock has a market capitalization of $7.62 billion, a price-to-earnings ratio of 15.80, a price-to-earnings-growth ratio of 0.97 and a beta of 0.94.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings results on Wednesday, January 29th. The bank reported $1.37 EPS for the quarter, topping the consensus estimate of $1.33 by $0.04. Prosperity Bancshares had a return on equity of 6.64% and a net margin of 26.79%. Equities research analysts expect that Prosperity Bancshares, Inc. will post 5.8 EPS for the current fiscal year.

Prosperity Bancshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be paid a $0.58 dividend. The ex-dividend date is Friday, March 14th. This represents a $2.32 dividend on an annualized basis and a yield of 2.90%. Prosperity Bancshares’s payout ratio is 45.85%.

Analysts Set New Price Targets

A number of analysts recently weighed in on PB shares. Royal Bank of Canada reiterated a “sector perform” rating and set a $77.00 price target on shares of Prosperity Bancshares in a research note on Thursday, October 24th. DA Davidson lowered Prosperity Bancshares from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $80.00 to $78.00 in a report on Tuesday, October 15th. Bank of America raised Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $80.00 price objective for the company in a research note on Tuesday, January 7th. Raymond James lifted their target price on Prosperity Bancshares from $82.00 to $87.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. Finally, UBS Group cut their price target on Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating for the company in a research note on Thursday, December 26th. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $82.88.

Hedge Funds Weigh In On Prosperity Bancshares

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. HighTower Advisors LLC grew its position in shares of Prosperity Bancshares by 18.9% in the fourth quarter. HighTower Advisors LLC now owns 25,756 shares of the bank’s stock valued at $1,941,000 after purchasing an additional 4,096 shares during the last quarter. Wealthfront Advisers LLC purchased a new position in Prosperity Bancshares during the fourth quarter worth $1,288,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Prosperity Bancshares by 5.4% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,358 shares of the bank’s stock worth $1,233,000 after buying an additional 841 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of Prosperity Bancshares in the fourth quarter worth $8,643,000. Finally, M&T Bank Corp lifted its position in shares of Prosperity Bancshares by 8.0% in the fourth quarter. M&T Bank Corp now owns 49,001 shares of the bank’s stock valued at $3,692,000 after acquiring an additional 3,609 shares in the last quarter. Institutional investors and hedge funds own 80.69% of the company’s stock.

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.