Insider Selling: Prosperity Bancshares, Inc. (PB) Director Sells 10,000 Shares of Stock
Prosperity Bancshares, Inc. (NYSE:PB) Director Robert H. Steelhammer sold 10,000 shares of the business’s stock in a transaction on Wednesday, May 24th. The shares were sold at an average price of $65.10, for a total value of $651,000.00. Following the completion of the sale, the director now owns 156,800 shares of the company’s stock, valued at $10,207,680. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.
Prosperity Bancshares, Inc. (NYSE:PB) traded down 0.66% during mid-day trading on Wednesday, hitting $65.13. The stock had a trading volume of 180,834 shares. The company has a market cap of $4.53 billion, a price-to-earnings ratio of 16.51 and a beta of 1.30. The firm’s 50-day moving average is $66.73 and its 200 day moving average is $69.62. Prosperity Bancshares, Inc. has a 12 month low of $44.87 and a 12 month high of $77.87.
Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings results on Wednesday, April 26th. The bank reported $0.99 EPS for the quarter, topping the Zacks’ consensus estimate of $0.97 by $0.02. Prosperity Bancshares had a return on equity of 7.69% and a net margin of 34.56%. The firm had revenue of $183.25 million during the quarter, compared to analyst estimates of $185.03 million. During the same period last year, the company earned $0.98 earnings per share. The business’s revenue for the quarter was down 7.0% on a year-over-year basis. Equities analysts anticipate that Prosperity Bancshares, Inc. will post $4.06 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, July 3rd. Stockholders of record on Friday, June 16th will be issued a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.09%. The ex-dividend date of this dividend is Wednesday, June 14th. Prosperity Bancshares’s payout ratio is currently 34.52%.
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PB has been the subject of several recent research reports. Hovde Group downgraded Prosperity Bancshares to a “market perform” rating in a research note on Monday, February 27th. Zacks Investment Research downgraded Prosperity Bancshares from a “buy” rating to a “hold” rating in a research note on Monday, February 27th. FBR & Co boosted their price target on Prosperity Bancshares from $73.00 to $75.00 and gave the company a “mkt perform” rating in a research note on Thursday, January 26th. Raymond James Financial, Inc. restated a “market perform” rating on shares of Prosperity Bancshares in a research note on Thursday, April 6th. Finally, Wedbush upgraded Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $67.00 price target for the company in a research note on Friday, May 19th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and two have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $65.11.
Several institutional investors have recently bought and sold shares of PB. Quantbot Technologies LP acquired a new stake in Prosperity Bancshares during the first quarter valued at about $154,000. PNC Financial Services Group Inc. raised its stake in Prosperity Bancshares by 13.7% in the first quarter. PNC Financial Services Group Inc. now owns 2,239 shares of the bank’s stock valued at $156,000 after buying an additional 269 shares in the last quarter. Parametrica Management Ltd acquired a new stake in Prosperity Bancshares during the first quarter valued at about $207,000. Engineers Gate Manager LP acquired a new stake in Prosperity Bancshares during the first quarter valued at about $244,000. Finally, OppenheimerFunds Inc. acquired a new stake in Prosperity Bancshares during the first quarter valued at about $271,000. 73.59% of the stock is owned by hedge funds and other institutional investors.
Prosperity Bancshares Company Profile
Prosperity Bancshares, Inc is a financial holding company, which operates through its bank subsidiary, Prosperity Bank (the Bank). The Bank provides a range of financial products and services to small and medium-sized businesses and consumers. The Company, through the Bank, offers a range of loan and deposit products to its customers.
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