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

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned Holmes sold 600 shares of the stock in a transaction that occurred on Wednesday, December 3rd. The shares were sold at an average price of $70.08, for a total transaction of $42,048.00. Following the sale, the director directly owned 42,900 shares in the company, valued at $3,006,432. This trade represents a 1.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Prosperity Bancshares Stock Up 0.5%

PB stock traded up $0.36 during trading on Thursday, hitting $70.41. The company had a trading volume of 134,713 shares, compared to its average volume of 795,014. The firm has a 50-day moving average price of $66.00 and a 200-day moving average price of $68.05. Prosperity Bancshares, Inc. has a 12 month low of $61.06 and a 12 month high of $83.77. The stock has a market cap of $6.69 billion, a price-to-earnings ratio of 12.52, a PEG ratio of 1.03 and a beta of 0.70.

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

Prosperity Bancshares Increases Dividend

The company also recently declared 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 3.4%. 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 currently 42.78%.

Institutional Trading of Prosperity Bancshares

Several hedge funds have recently added to or reduced their stakes in PB. Mather Group LLC. bought a new stake in shares of Prosperity Bancshares in the third quarter worth about $26,000. Community Bank N.A. acquired a new position in shares of Prosperity Bancshares in the 3rd quarter valued at approximately $29,000. Steph & Co. bought a new stake in Prosperity Bancshares during the 2nd quarter worth approximately $38,000. Danske Bank A S bought a new stake in Prosperity Bancshares during the 3rd quarter worth approximately $40,000. Finally, Annis Gardner Whiting Capital Advisors LLC acquired a new stake in Prosperity Bancshares during the 3rd quarter worth approximately $42,000. Institutional investors and hedge funds own 80.69% of the company’s stock.

Analyst Upgrades and Downgrades

PB has been the subject of a number of research reports. Royal Bank Of Canada lowered their price objective on Prosperity Bancshares from $78.00 to $72.00 and set a “sector perform” rating for the company in a research report on Friday, October 10th. Citigroup reaffirmed a “neutral” rating and issued a $68.00 target price (down previously from $78.00) on shares of Prosperity Bancshares in a research note on Monday, September 15th. Raymond James Financial reiterated an “outperform” rating and set a $77.00 price target (up previously from $75.00) on shares of Prosperity Bancshares in a research report on Thursday, October 30th. Cantor Fitzgerald began coverage on shares of Prosperity Bancshares in a research note on Wednesday, September 10th. They set an “overweight” rating and a $78.00 price target for the company. Finally, Barclays reduced their price objective on shares of Prosperity Bancshares from $85.00 to $82.00 and set an “equal weight” rating on the stock in a research note on Tuesday, November 11th. Ten equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Prosperity Bancshares presently has an average 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.