Ned S. Holmes Sells 500 Shares of Prosperity Bancshares, Inc. (NYSE:PB) Stock

Prosperity Bancshares, Inc. (NYSE:PB - Get Free Report) Director Ned S. Holmes sold 500 shares of the business's stock in a transaction on Wednesday, April 16th. The shares were sold at an average price of $65.87, for a total transaction of $32,935.00. Following the transaction, the director now owns 103,915 shares of the company's stock, valued at $6,844,881.05. This trade represents a 0.48 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Prosperity Bancshares Price Performance

Prosperity Bancshares stock traded up $1.61 during midday trading on Tuesday, reaching $67.14. 999,740 shares of the company traded hands, compared to its average volume of 569,916. Prosperity Bancshares, Inc. has a 12 month low of $57.16 and a 12 month high of $86.76. The firm has a market capitalization of $6.40 billion, a price-to-earnings ratio of 13.27, a price-to-earnings-growth ratio of 0.94 and a beta of 0.82. The business has a 50 day moving average of $71.06 and a two-hundred day moving average of $75.45.

Prosperity Bancshares (NYSE:PB - Get Free Report) last issued its quarterly earnings results on Wednesday, January 29th. The bank reported $1.37 earnings per share for the quarter, topping 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 year.

Prosperity Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be paid a $0.58 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $2.32 dividend on an annualized basis and a yield of 3.46%. Prosperity Bancshares's payout ratio is presently 45.85%.

Institutional Trading of Prosperity Bancshares

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Norges Bank bought a new stake in shares of Prosperity Bancshares in the fourth quarter worth about $68,986,000. North Reef Capital Management LP purchased a new stake in Prosperity Bancshares in the 4th quarter worth about $29,211,000. Vaughan Nelson Investment Management L.P. grew its stake in shares of Prosperity Bancshares by 25.1% during the first quarter. Vaughan Nelson Investment Management L.P. now owns 1,112,574 shares of the bank's stock valued at $79,404,000 after buying an additional 223,355 shares during the last quarter. Northern Trust Corp increased its stake in Prosperity Bancshares by 25.5% in the fourth quarter. Northern Trust Corp now owns 937,108 shares of the bank's stock worth $70,611,000 after purchasing an additional 190,449 shares during the period. Finally, ExodusPoint Capital Management LP grew its stake in Prosperity Bancshares by 462.3% in the 4th quarter. ExodusPoint Capital Management LP now owns 169,778 shares of the bank's stock worth $12,793,000 after acquiring an additional 139,585 shares in the last quarter. Institutional investors own 80.69% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently commented on PB shares. Bank of America raised Prosperity Bancshares from an "underperform" rating to a "neutral" rating and set a $80.00 target price on the stock in a research note on Tuesday, January 7th. UBS Group cut their price target on shares of Prosperity Bancshares from $77.00 to $76.00 and set a "buy" rating on the stock in a report on Thursday, December 26th. Barclays reduced their target price on Prosperity Bancshares from $88.00 to $86.00 and set an "equal weight" rating on the stock in a research note on Tuesday, April 8th. Raymond James raised their price objective on shares of Prosperity Bancshares from $82.00 to $87.00 and gave the stock an "outperform" rating in a report on Thursday, January 30th. Finally, Stephens boosted their target price on shares of Prosperity Bancshares from $93.00 to $94.00 and gave the company an "overweight" rating in a report on Thursday, January 30th. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $83.35.

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.