Prosperity Bancshares, Inc. (NYSE:PB) Director Sells $35,435.00 in Stock

Prosperity Bancshares, Inc. (NYSE:PB - Get Free Report) Director Ned S. Holmes sold 500 shares of the company's stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $70.87, for a total value of $35,435.00. Following the sale, the director now owns 103,315 shares of the company's stock, valued at approximately $7,321,934.05. The trade was a 0.48 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Prosperity Bancshares Stock Down 2.6 %

Shares of PB traded down $1.74 during trading on Friday, reaching $64.38. The company's stock had a trading volume of 1,016,899 shares, compared to its average volume of 553,773. The company has a market cap of $6.13 billion, a price-to-earnings ratio of 12.72, a P/E/G ratio of 0.94 and a beta of 0.82. The company has a fifty day moving average of $74.82 and a two-hundred day moving average of $76.02. Prosperity Bancshares, Inc. has a twelve month low of $57.16 and a twelve month high of $86.76.

Prosperity Bancshares (NYSE:PB - Get Free Report) last posted its quarterly earnings results on Wednesday, January 29th. The bank reported $1.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.33 by $0.04. Prosperity Bancshares had a net margin of 26.79% and a return on equity of 6.64%. As a group, equities analysts forecast that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

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Prosperity Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th were given a dividend of $0.58 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $2.32 annualized dividend and a dividend yield of 3.60%. Prosperity Bancshares's payout ratio is 45.85%.

Institutional Trading of Prosperity Bancshares

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Cerity Partners LLC grew its position in shares of Prosperity Bancshares by 22.6% in the 3rd quarter. Cerity Partners LLC now owns 6,282 shares of the bank's stock worth $453,000 after acquiring an additional 1,157 shares in the last quarter. FMR LLC boosted its holdings in Prosperity Bancshares by 69.9% in the third quarter. FMR LLC now owns 7,736 shares of the bank's stock worth $558,000 after purchasing an additional 3,182 shares during the period. Glenmede Trust Co. NA acquired a new position in Prosperity Bancshares in the third quarter worth $294,000. Walleye Capital LLC bought a new stake in Prosperity Bancshares during the third quarter valued at $368,000. Finally, Captrust Financial Advisors raised its holdings in shares of Prosperity Bancshares by 6.2% during the third quarter. Captrust Financial Advisors now owns 5,848 shares of the bank's stock worth $421,000 after purchasing an additional 341 shares during the period. 80.69% of the stock is owned by institutional investors.

Analyst Ratings Changes

PB has been the subject of several recent research reports. Bank of America raised shares of Prosperity Bancshares from an "underperform" rating to a "neutral" rating and set a $80.00 price objective for the company in a research report on Tuesday, January 7th. Stephens increased their price target on Prosperity Bancshares from $93.00 to $94.00 and gave the company an "overweight" rating in a report on Thursday, January 30th. Morgan Stanley cut their price objective on Prosperity Bancshares from $102.00 to $94.00 and set an "overweight" rating on the stock in a research report on Thursday, March 13th. UBS Group decreased their target price on Prosperity Bancshares from $77.00 to $76.00 and set a "buy" rating for the company in a research report on Thursday, December 26th. Finally, Barclays raised their target price on Prosperity Bancshares from $84.00 to $88.00 and gave the company an "equal weight" rating in a report on Friday, December 20th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, Prosperity Bancshares has a consensus rating of "Hold" and a consensus target price of $83.50.

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.