Prosperity Bancshares, Inc. (NYSE:PB) Stock Has Consensus Price Target of $78.36 According to Analysts

Prosperity Bancshares, Inc. (NYSE:PB) has received an average rating of “Hold” from the sixteen brokerages that are currently covering the stock, MarketBeat.com reports. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating on the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $78.36.

Several brokerages have recently issued reports on PB. Piper Sandler decreased their price objective on Prosperity Bancshares from $80.00 to $78.00 and set a “neutral” rating for the company in a report on Thursday, October 29th. Cantor Fitzgerald reduced their price target on Prosperity Bancshares from $85.00 to $78.00 and set an “overweight” rating for the company in a research report on Wednesday, October 14th. Stephens lifted their price target on Prosperity Bancshares from $85.00 to $87.00 and gave the company an “overweight” rating in a research report on Thursday, October 29th. Stonex Financial raised Prosperity Bancshares from a “hold” rating to a “strong-buy” rating in a report on Thursday, October 29th. Finally, Raymond James Financial upgraded Prosperity Bancshares from a “market perform” rating to an “outperform” rating and set a $78.00 price objective on the stock in a research report on Tuesday, October 6th.

Prosperity Bancshares Trading Up 0.1%

Shares of NYSE PB opened at $71.94 on Friday. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.77 and a quick ratio of 0.77. The stock has a market capitalization of $7.26 billion, a P/E ratio of 13.08, a price-to-earnings-growth ratio of 0.84 and a beta of 0.64. Prosperity Bancshares has a 1-year low of $63.20 and a 1-year high of $77.20. The business has a fifty day moving average price of $69.54 and a 200 day moving average price of $70.37.

Prosperity Bancshares (NYSE:PB) last posted its earnings results on Wednesday, October 28th. The bank reported $1.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.35 by $0.32. The company had revenue of $495.70 million for the quarter, compared to analyst estimates of $491.49 million. Prosperity Bancshares had a return on equity of 7.68% and a net margin of 26.99%. The firm’s quarterly revenue was up 56.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.45 earnings per share. Equities research analysts expect that Prosperity Bancshares will post 6.47 EPS for the current fiscal year.

Prosperity Bancshares Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, January 4th. Investors of record on Tuesday, December 15th will be issued a dividend of $0.64 per share. This represents a $2.56 dividend on an annualized basis and a yield of 3.6%. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend is Tuesday, December 15th. Prosperity Bancshares’s payout ratio is currently 46.55%.

Insider Transactions at Prosperity Bancshares

In related news, Director Ned Holmes sold 600 shares of the firm’s stock in a transaction on Wednesday, November 4th. The shares were sold at an average price of $74.04, for a total transaction of $44,424.00. Following the sale, the director owned 38,100 shares in the company, valued at approximately $2,820,924. This trade represents a 1.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold 13,345 shares of company stock worth $938,944 over the last quarter. Corporate insiders own 3.96% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Provenance Wealth Advisors LLC acquired a new position in Prosperity Bancshares in the 3rd quarter worth about $25,000. Parkside Financial Bank & Trust boosted its position in Prosperity Bancshares by 52.0% during the second quarter. Parkside Financial Bank & Trust now owns 576 shares of the bank’s stock worth $42,000 after purchasing an additional 197 shares in the last quarter. Global Retirement Partners LLC purchased a new position in Prosperity Bancshares during the second quarter worth approximately $54,000. MADDEN SECURITIES Corp acquired a new stake in Prosperity Bancshares in the third quarter valued at approximately $67,000. Finally, Root Financial Partners LLC acquired a new stake in Prosperity Bancshares in the third quarter valued at approximately $82,000. Institutional investors and hedge funds own 80.69% of the company’s stock.

Prosperity Bancshares Company Profile

Prosperity Bancshares, Inc is a bank holding company whose principal subsidiary is Prosperity Bank. The company provides commercial and consumer banking services, including deposit accounts, business and personal loans, mortgage lending, and cash management services.

Founded in 1983 as a community bank in Edna, Texas, Prosperity has expanded through organic growth and acquisitions. It serves customers across Texas and Oklahoma, with a presence in communities including Houston, Dallas–Fort Worth, Austin, San Antonio, and Tulsa.

Prosperity Bank is led by David Zalman, who serves as chairman and chief executive officer of Prosperity Bancshares.