Insider Selling: Prosperity Bancshares, Inc. (NYSE:PB) Director Sells 500 Shares of Stock

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned S. Holmes sold 500 shares of the business’s stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $82.17, for a total value of $41,085.00. Following the transaction, the director now owns 111,315 shares in the company, valued at approximately $9,146,753.55. This represents a 0.45 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Prosperity Bancshares Trading Up 0.8 %

NYSE:PB traded up $0.67 during midday trading on Wednesday, reaching $81.91. The company had a trading volume of 398,159 shares, compared to its average volume of 563,111. Prosperity Bancshares, Inc. has a 12-month low of $57.16 and a 12-month high of $86.75. The firm has a market capitalization of $7.80 billion, a price-to-earnings ratio of 17.25, a PEG ratio of 1.22 and a beta of 0.92. The stock’s fifty day simple moving average is $77.51 and its 200-day simple moving average is $70.75.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, topping analysts’ consensus estimates of $1.31 by $0.03. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%. The business had revenue of $459.00 million during the quarter, compared to the consensus estimate of $299.83 million. During the same period in the previous year, the company posted $1.20 earnings per share. As a group, sell-side analysts expect that Prosperity Bancshares, Inc. will post 5.05 EPS for the current year.

Prosperity Bancshares Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be paid a dividend of $0.58 per share. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.56. The ex-dividend date is Friday, December 13th. This represents a $2.32 annualized dividend and a yield of 2.83%. Prosperity Bancshares’s payout ratio is presently 49.26%.

Hedge Funds Weigh In On Prosperity Bancshares

Hedge funds have recently added to or reduced their stakes in the stock. Quarry LP grew its holdings in shares of Prosperity Bancshares by 533.3% during the second quarter. Quarry LP now owns 494 shares of the bank’s stock worth $30,000 after purchasing an additional 416 shares during the last quarter. Quest Partners LLC lifted its position in Prosperity Bancshares by 3,147.1% during the 2nd quarter. Quest Partners LLC now owns 552 shares of the bank’s stock worth $34,000 after acquiring an additional 535 shares during the period. GAMMA Investing LLC raised its position in Prosperity Bancshares by 47.9% during the 3rd quarter. GAMMA Investing LLC now owns 701 shares of the bank’s stock worth $51,000 after buying an additional 227 shares during the last quarter. Headlands Technologies LLC acquired a new stake in shares of Prosperity Bancshares in the 2nd quarter worth $46,000. Finally, First Horizon Advisors Inc. increased its stake in shares of Prosperity Bancshares by 190.0% during the third quarter. First Horizon Advisors Inc. now owns 815 shares of the bank’s stock worth $59,000 after acquiring an additional 534 shares during the period. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have commented on PB shares. Wedbush restated an “outperform” rating and issued a $90.00 target price on shares of Prosperity Bancshares in a research report on Thursday, October 24th. StockNews.com lowered shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Friday, November 29th. Wolfe Research reaffirmed a “peer perform” rating on shares of Prosperity Bancshares in a research note on Thursday, December 5th. DA Davidson cut shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating and dropped their price target for the company from $80.00 to $78.00 in a research report on Tuesday, October 15th. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $77.00 price objective on shares of Prosperity Bancshares in a report on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $80.68.

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.