Brokerages Set Prosperity Bancshares, Inc. (NYSE:PB) Price Target at $78.36

Prosperity Bancshares, Inc. (NYSE:PB) has received a consensus rating of “Hold” from the fourteen brokerages that are currently covering the firm, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, eight have issued a hold recommendation and five have issued a buy recommendation on the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $78.3636.

Several research analysts recently issued reports on the company. Royal Bank Of Canada lifted their target price on Prosperity Bancshares from $78.00 to $80.00 and gave the company a “sector perform” rating in a research report on Thursday, July 30th. TD Cowen increased their price target on Prosperity Bancshares from $82.00 to $84.00 and gave the company a “buy” rating in a research report on Friday, July 31st. Wall Street Zen upgraded Prosperity Bancshares from a “sell” rating to a “hold” rating in a research note on Saturday, August 1st. Citigroup lifted their price objective on shares of Prosperity Bancshares from $75.00 to $79.00 and gave the stock a “neutral” rating in a report on Friday, July 31st. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $80.00 target price on shares of Prosperity Bancshares in a research note on Tuesday, June 23rd.

Prosperity Bancshares Trading Down 0.3%

PB opened at $72.56 on Friday. Prosperity Bancshares has a fifty-two week low of $61.06 and a fifty-two week high of $77.20. The firm has a market capitalization of $7.32 billion, a PE ratio of 12.58, a P/E/G ratio of 0.79 and a beta of 0.64. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.75 and a quick ratio of 0.75. The company’s 50-day moving average is $73.06 and its 200 day moving average is $70.55.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, July 29th. The bank reported $1.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.50 by $0.12. The business had revenue of $369.18 million during the quarter, compared to the consensus estimate of $380.73 million. Prosperity Bancshares had a return on equity of 7.39% and a net margin of 29.95%.The company’s quarterly revenue was up 25.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.42 EPS. As a group, research analysts predict that Prosperity Bancshares will post 6.47 earnings per share for the current fiscal year.

Prosperity Bancshares Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be issued a dividend of $0.60 per share. The ex-dividend date is Tuesday, September 15th. This represents a $2.40 annualized dividend and a yield of 3.3%. Prosperity Bancshares’s payout ratio is 41.59%.

Insider Transactions at Prosperity Bancshares

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $73.64, for a total value of $36,820.00. Following the completion of the sale, the director owned 70,615 shares in the company, valued at approximately $5,200,088.60. This trade represents a 0.70% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Over the last ninety days, insiders have sold 11,000 shares of company stock valued at $796,683. Corporate insiders own 3.96% of the company’s stock.

Hedge Funds Weigh In On Prosperity Bancshares

Institutional investors have recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in Prosperity Bancshares by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 10,256,927 shares of the bank’s stock worth $708,856,000 after acquiring an additional 140,035 shares during the period. BlackRock Inc. bought a new position in Prosperity Bancshares in the 2nd quarter valued at $746,776,000. California State Teachers Retirement System increased its position in shares of Prosperity Bancshares by 6,498.9% during the 2nd quarter. California State Teachers Retirement System now owns 7,924,120 shares of the bank’s stock valued at $578,698,000 after purchasing an additional 7,804,038 shares during the last quarter. State Street Corp increased its position in shares of Prosperity Bancshares by 6.6% during the 3rd quarter. State Street Corp now owns 5,580,039 shares of the bank’s stock valued at $373,231,000 after purchasing an additional 343,062 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of Prosperity Bancshares by 4.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,929,309 shares of the bank’s stock worth $331,142,000 after purchasing an additional 205,291 shares during the period. 80.69% of the stock is owned by institutional investors.

Prosperity Bancshares Company Profile

Prosperity Bancshares, Inc is a holding company for Prosperity Bank, offering a broad range of commercial and consumer banking services across Texas, Oklahoma, Arkansas and Louisiana. Through its network of branches and digital platforms, the company provides deposit products, business and real estate lending, treasury management, mortgage origination and servicing, as well as wealth management and trust services.

Originally chartered in 1911 as First National Bank in McKinney, Texas, the organization rebranded to Prosperity Bank in 2009 following a series of strategic acquisitions aimed at deepening its regional presence.