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

Prosperity Bancshares, Inc. (NYSE:PB) Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $78.43, for a total transaction of $39,215.00. Following the transaction, the director now directly owns 108,815 shares in the company, valued at approximately $8,534,360.45. This represents a 0.46 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Prosperity Bancshares Trading Down 1.0 %

Prosperity Bancshares stock opened at $78.02 on Friday. The company has a fifty day simple moving average of $79.32 and a 200 day simple moving average of $73.70. Prosperity Bancshares, Inc. has a 1-year low of $57.16 and a 1-year high of $86.75. The company has a market cap of $7.43 billion, a P/E ratio of 16.56, a price-to-earnings-growth ratio of 1.03 and a beta of 0.93.

Prosperity Bancshares (NYSE:PB) last released its earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to the consensus estimate of $299.83 million. During the same quarter in the previous year, the business earned $1.20 earnings per share. On average, equities research analysts forecast that Prosperity Bancshares, Inc. will post 5.04 EPS for the current year.

Institutional Investors Weigh In On Prosperity Bancshares

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Los Angeles Capital Management LLC bought a new position in shares of Prosperity Bancshares in the third quarter valued at $4,804,000. Prospector Partners LLC lifted its stake 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 acquiring an additional 45,177 shares during the last quarter. Thrivent Financial for Lutherans grew its position in shares of Prosperity Bancshares by 16.0% in the 2nd quarter. Thrivent Financial for Lutherans now owns 811,772 shares of the bank’s stock valued at $49,632,000 after acquiring an additional 112,101 shares during the period. Sanctuary Advisors LLC acquired a new position in shares of Prosperity Bancshares during the 3rd quarter worth about $372,000. Finally, US Bancorp DE raised its holdings in shares of Prosperity Bancshares by 3.4% in the 3rd quarter. US Bancorp DE now owns 4,720 shares of the bank’s stock valued at $340,000 after purchasing an additional 153 shares during the period. Institutional investors own 80.69% of the company’s stock.

Analyst Ratings Changes

Several research firms have weighed in on PB. Barclays lifted their target price on Prosperity Bancshares from $84.00 to $88.00 and gave the stock an “equal weight” rating in a report on Friday, December 20th. Royal Bank of Canada reiterated a “sector perform” rating and set a $77.00 price objective on shares of Prosperity Bancshares in a report on Thursday, October 24th. Wolfe Research reissued a “peer perform” rating on shares of Prosperity Bancshares in a research note on Thursday, December 5th. Wedbush reaffirmed an “outperform” rating and issued a $90.00 price target on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Finally, 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. One research analyst has rated the stock with a sell rating, six have given a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $81.38.

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.