Prosperity Bancshares, Inc. (NYSE:PB) Director Sells $37,060.00 in Stock

Prosperity Bancshares, Inc. (NYSE:PB - Get Free Report) Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $74.12, for a total value of $37,060.00. Following the sale, the director now owns 109,315 shares of the company's stock, valued at approximately $8,102,427.80. This trade represents a 0.46 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website.

Prosperity Bancshares Trading Down 1.7 %

NYSE:PB traded down $1.30 during midday trading on Friday, hitting $73.39. 484,844 shares of the company traded hands, compared to its average volume of 438,657. The firm has a market capitalization of $6.99 billion, a P/E ratio of 15.58, a P/E/G ratio of 1.19 and a beta of 0.93. Prosperity Bancshares, Inc. has a 12-month low of $57.16 and a 12-month high of $86.75. The firm's fifty day moving average is $79.25 and its 200-day moving average is $73.12.

Prosperity Bancshares (NYSE:PB - Get Free Report) last announced its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, beating the consensus estimate of $1.31 by $0.03. The firm had revenue of $459.00 million for the quarter, compared to analyst estimates of $299.83 million. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%. During the same quarter last year, the firm posted $1.20 earnings per share. On average, research analysts expect that Prosperity Bancshares, Inc. will post 5.05 EPS for the current fiscal year.

Prosperity Bancshares Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th were issued a dividend of $0.58 per share. The ex-dividend date was Friday, December 13th. This is a positive change from Prosperity Bancshares's previous quarterly dividend of $0.56. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.16%. Prosperity Bancshares's payout ratio is 49.26%.

Institutional Trading of Prosperity Bancshares

Several institutional investors and hedge funds have recently bought and sold shares of PB. Los Angeles Capital Management LLC purchased a new position in shares of Prosperity Bancshares during the 3rd quarter valued at approximately $4,804,000. Prospector Partners LLC raised its position in Prosperity Bancshares by 24.6% in the third quarter. Prospector Partners LLC now owns 228,992 shares of the bank's stock valued at $16,503,000 after purchasing an additional 45,177 shares during the period. Thrivent Financial for Lutherans lifted its position in shares of Prosperity Bancshares by 16.0% during the second quarter. Thrivent Financial for Lutherans now owns 811,772 shares of the bank's stock worth $49,632,000 after purchasing an additional 112,101 shares in the last quarter. Sanctuary Advisors LLC purchased a new position in Prosperity Bancshares in the third quarter valued at $372,000. Finally, US Bancorp DE grew its holdings in Prosperity Bancshares by 3.4% during the 3rd quarter. US Bancorp DE now owns 4,720 shares of the bank's stock worth $340,000 after acquiring an additional 153 shares in the last quarter. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PB has been the topic of a number of analyst reports. Raymond James cut Prosperity Bancshares from a "strong-buy" rating to an "outperform" rating and set a $80.00 price target on the stock. in a research note on Tuesday, September 17th. DA Davidson cut shares of Prosperity Bancshares from a "buy" rating to a "neutral" rating and dropped their target price for the company from $80.00 to $78.00 in a report on Tuesday, October 15th. Wedbush reaffirmed an "outperform" rating and set a $90.00 price objective on shares of Prosperity Bancshares in a research report on Thursday, October 24th. Wolfe Research reiterated a "peer perform" rating on shares of Prosperity Bancshares in a research note on Thursday, December 5th. Finally, Royal Bank of Canada reiterated a "sector perform" rating and issued a $77.00 price objective on shares of Prosperity Bancshares in a report on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the stock. According to MarketBeat, Prosperity Bancshares has a consensus rating of "Hold" and a consensus target price of $81.38.

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.