Prosperity Bancshares, Inc. (PB) CFO David Hollaway Sells 5,000 Shares

Prosperity Bancshares, Inc. (NYSE:PB) CFO David Hollaway sold 5,000 shares of the stock in a transaction on Wednesday, January 31st. The shares were sold at an average price of $76.32, for a total value of $381,600.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Shares of Prosperity Bancshares, Inc. (NYSE PB) opened at $76.28 on Friday. The firm has a market capitalization of $5,390.00, a PE ratio of 19.46, a PEG ratio of 1.58 and a beta of 1.37. Prosperity Bancshares, Inc. has a 52 week low of $55.84 and a 52 week high of $77.89.

Prosperity Bancshares (NYSE:PB) last announced its earnings results on Wednesday, January 24th. The bank reported $0.99 earnings per share for the quarter, missing the consensus estimate of $1.00 by ($0.01). The business had revenue of $185.27 million for the quarter, compared to analyst estimates of $185.43 million. Prosperity Bancshares had a net margin of 34.28% and a return on equity of 7.28%. During the same quarter in the prior year, the business earned $0.99 earnings per share. research analysts forecast that Prosperity Bancshares, Inc. will post 4.81 EPS for the current fiscal year.

Prosperity Bancshares declared that its Board of Directors has approved a stock repurchase program on Friday, January 19th that authorizes the company to buyback 3,470,000 outstanding shares. This buyback authorization authorizes the bank to reacquire shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

The business also recently declared a quarterly dividend, which will be paid on Monday, April 2nd. Stockholders of record on Friday, March 16th will be given a dividend of $0.36 per share. The ex-dividend date is Thursday, March 15th. This represents a $1.44 annualized dividend and a dividend yield of 1.89%. Prosperity Bancshares’s payout ratio is 36.73%.

Several hedge funds have recently modified their holdings of PB. Janus Henderson Group PLC lifted its position in shares of Prosperity Bancshares by 108.1% during the third quarter. Janus Henderson Group PLC now owns 1,957,916 shares of the bank’s stock worth $128,701,000 after purchasing an additional 1,017,115 shares during the last quarter. Koch Industries Inc. bought a new position in shares of Prosperity Bancshares during the second quarter worth about $333,000. Deprince Race & Zollo Inc. lifted its position in shares of Prosperity Bancshares by 59.5% during the third quarter. Deprince Race & Zollo Inc. now owns 684,927 shares of the bank’s stock worth $45,020,000 after purchasing an additional 255,384 shares during the last quarter. FMR LLC lifted its position in shares of Prosperity Bancshares by 14.5% during the second quarter. FMR LLC now owns 1,980,933 shares of the bank’s stock worth $127,255,000 after purchasing an additional 251,330 shares during the last quarter. Finally, Envestnet Asset Management Inc. lifted its position in shares of Prosperity Bancshares by 3,568.8% during the third quarter. Envestnet Asset Management Inc. now owns 190,669 shares of the bank’s stock worth $12,532,000 after purchasing an additional 185,472 shares during the last quarter. 76.84% of the stock is currently owned by institutional investors and hedge funds.

Several analysts have recently weighed in on the company. DA Davidson raised their target price on Prosperity Bancshares to $80.00 and gave the company a “neutral” rating in a research note on Thursday, January 25th. SunTrust Banks restated a “buy” rating and set a $85.00 target price on shares of Prosperity Bancshares in a research note on Thursday, January 25th. ValuEngine downgraded Prosperity Bancshares from a “buy” rating to a “hold” rating in a research note on Wednesday, January 10th. Zacks Investment Research upgraded Prosperity Bancshares from a “sell” rating to a “hold” rating in a research note on Friday, October 27th. Finally, Piper Jaffray Companies restated a “hold” rating and set a $73.00 target price on shares of Prosperity Bancshares in a research note on Tuesday, January 9th. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the company. Prosperity Bancshares presently has an average rating of “Hold” and an average target price of $74.45.

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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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