Prosperity Bancshares, Inc. (PB) Director Sells $257,400.00 in Stock
Prosperity Bancshares, Inc. (NYSE:PB) Director Robert H. Steelhammer sold 4,000 shares of the business’s stock in a transaction on Thursday, June 29th. The shares were sold at an average price of $64.35, for a total transaction of $257,400.00. Following the transaction, the director now owns 147,800 shares in the company, valued at approximately $9,510,930. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.
Prosperity Bancshares, Inc. (NYSE:PB) traded up 2.13% during mid-day trading on Thursday, reaching $64.67. 847,589 shares of the company were exchanged. Prosperity Bancshares, Inc. has a 1-year low of $45.94 and a 1-year high of $77.87. The stock’s 50-day moving average price is $64.81 and its 200-day moving average price is $69.54. The stock has a market capitalization of $4.49 billion, a price-to-earnings ratio of 16.40 and a beta of 1.30.
Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, April 26th. The bank reported $0.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.97 by $0.02. The business had revenue of $183.25 million during the quarter, compared to analysts’ expectations of $185.03 million. Prosperity Bancshares had a return on equity of 7.58% and a net margin of 35.04%. The business’s quarterly revenue was down 7.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.98 EPS. On average, equities research analysts anticipate that Prosperity Bancshares, Inc. will post $4.06 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 3rd. Stockholders of record on Friday, June 16th will be paid a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 2.10%. The ex-dividend date is Wednesday, June 14th. Prosperity Bancshares’s payout ratio is presently 34.43%.
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A number of analysts have recently issued reports on the stock. Raymond James Financial, Inc. reissued a “market perform” rating on shares of Prosperity Bancshares in a research note on Thursday, April 6th. Keefe, Bruyette & Woods lowered shares of Prosperity Bancshares from an “outperform” rating to a “market perform” rating and lowered their target price for the company from $81.00 to $76.00 in a research note on Thursday, April 27th. Wedbush raised shares of Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $67.00 target price for the company in a research note on Friday, May 19th. Zacks Investment Research raised shares of Prosperity Bancshares from a “hold” rating to a “buy” rating and set a $87.00 target price for the company in a research note on Thursday, March 2nd. Finally, BidaskClub raised shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a research note on Saturday, June 10th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $71.00.
Institutional investors have recently made changes to their positions in the stock. Quantbot Technologies LP bought a new position in shares of Prosperity Bancshares during the first quarter valued at about $154,000. PNC Financial Services Group Inc. boosted its position in shares of 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 during the last quarter. Parametrica Management Ltd bought a new position in shares of Prosperity Bancshares during the first quarter valued at about $207,000. Engineers Gate Manager LP bought a new position in shares of Prosperity Bancshares during the first quarter valued at about $244,000. Finally, OppenheimerFunds Inc. bought a new position in shares of Prosperity Bancshares during the first quarter valued at about $271,000. Institutional investors and hedge funds own 76.48% of the company’s stock.
About Prosperity Bancshares
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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