Insider Selling: Prosperity Bancshares (NYSE:PB) Director Sells $39,354.00 in Stock

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned Holmes sold 600 shares of the stock in a transaction that occurred on Wednesday, November 19th. The shares were sold at an average price of $65.59, for a total transaction of $39,354.00. Following the completion of the transaction, the director owned 43,100 shares of the company’s stock, valued at $2,826,929. This trade represents a 1.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Prosperity Bancshares Trading Up 1.2%

NYSE:PB traded up $0.82 during midday trading on Wednesday, hitting $66.28. 740,798 shares of the stock were exchanged, compared to its average volume of 797,195. The company has a market capitalization of $6.30 billion, a price-to-earnings ratio of 11.81, a P/E/G ratio of 0.97 and a beta of 0.75. Prosperity Bancshares, Inc. has a one year low of $61.06 and a one year high of $86.75. The business has a 50-day moving average price of $65.51 and a two-hundred day moving average price of $68.27.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results on Wednesday, October 29th. The bank reported $1.45 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.45. The company had revenue of $314.67 million for the quarter, compared to analysts’ expectations of $317.94 million. Prosperity Bancshares had a return on equity of 7.06% and a net margin of 30.28%.The firm’s revenue for the quarter was up 3.9% on a year-over-year basis. During the same period last year, the firm earned $1.34 EPS. Sell-side analysts forecast that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Monday, December 15th will be issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date of this dividend is Monday, December 15th. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.58. Prosperity Bancshares’s dividend payout ratio is currently 42.78%.

Institutional Trading of Prosperity Bancshares

Several hedge funds and other institutional investors have recently modified their holdings of PB. Envestnet Asset Management Inc. grew its stake in Prosperity Bancshares by 1.8% during the 1st quarter. Envestnet Asset Management Inc. now owns 58,236 shares of the bank’s stock valued at $4,156,000 after acquiring an additional 1,016 shares in the last quarter. Los Angeles Capital Management LLC boosted its holdings in shares of Prosperity Bancshares by 15.3% during the first quarter. Los Angeles Capital Management LLC now owns 74,302 shares of the bank’s stock worth $5,303,000 after purchasing an additional 9,887 shares during the period. Y Intercept Hong Kong Ltd grew its position in Prosperity Bancshares by 100.7% during the first quarter. Y Intercept Hong Kong Ltd now owns 26,514 shares of the bank’s stock valued at $1,892,000 after purchasing an additional 13,306 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Prosperity Bancshares during the first quarter valued at approximately $2,126,000. Finally, Oak Thistle LLC increased its stake in Prosperity Bancshares by 26.8% in the 1st quarter. Oak Thistle LLC now owns 12,394 shares of the bank’s stock valued at $885,000 after buying an additional 2,620 shares during the period. Institutional investors and hedge funds own 80.69% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on PB. Citigroup reaffirmed a “neutral” rating and issued a $68.00 price objective (down previously from $78.00) on shares of Prosperity Bancshares in a research note on Monday, September 15th. Hovde Group reduced their target price on shares of Prosperity Bancshares from $83.00 to $80.00 and set an “outperform” rating for the company in a report on Thursday, October 30th. Royal Bank Of Canada dropped their price target on Prosperity Bancshares from $78.00 to $72.00 and set a “sector perform” rating on the stock in a report on Friday, October 10th. TD Cowen increased their price objective on Prosperity Bancshares from $79.00 to $83.00 and gave the company a “buy” rating in a research report on Friday, October 31st. Finally, Barclays decreased their target price on Prosperity Bancshares from $85.00 to $82.00 and set an “equal weight” rating on the stock in a report on Tuesday, November 11th. Eleven research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target 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.