Analysts Set Prosperity Bancshares, Inc. (NYSE:PB) Target Price at $78.77

Shares of Prosperity Bancshares, Inc. (NYSE:PB) have been given an average recommendation of “Hold” by the fifteen research firms that are covering the company, MarketBeat reports. One analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have issued a buy rating on the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $78.7692.

A number of equities analysts recently issued reports on PB shares. Hovde Group raised their price objective on shares of Prosperity Bancshares from $75.00 to $77.00 and gave the stock an “outperform” rating in a report on Thursday, January 29th. DA Davidson reiterated a “neutral” rating and issued a $76.00 price target on shares of Prosperity Bancshares in a research report on Thursday, January 29th. Barclays cut shares of Prosperity Bancshares from an “equal weight” rating to an “underweight” rating and dropped their price target for the stock from $75.00 to $68.00 in a research note on Monday, February 2nd. Piper Sandler lowered Prosperity Bancshares from an “overweight” rating to a “neutral” rating and reduced their price objective for the stock from $77.00 to $74.00 in a research note on Thursday, January 29th. Finally, TD Cowen reiterated a “buy” rating on shares of Prosperity Bancshares in a research report on Wednesday, January 7th.

Insider Activity at Prosperity Bancshares

In other Prosperity Bancshares news, Director Harrison Stafford II sold 800 shares of Prosperity Bancshares stock in a transaction that occurred on Thursday, December 4th. The shares were sold at an average price of $70.76, for a total transaction of $56,608.00. Following the transaction, the director owned 107,937 shares of the company’s stock, valued at $7,637,622.12. The trade was a 0.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ned S. Holmes sold 600 shares of the firm’s stock in a transaction on Wednesday, November 19th. The shares were sold at an average price of $65.59, for a total transaction of $39,354.00. Following the sale, the director owned 43,100 shares in the company, valued at $2,826,929. The trade was a 1.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 15,050 shares of company stock worth $1,061,721. 4.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Prosperity Bancshares

Several institutional investors and hedge funds have recently modified their holdings of PB. Vanguard Group Inc. grew its stake in Prosperity Bancshares by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 10,256,927 shares of the bank’s stock valued at $708,856,000 after acquiring an additional 140,035 shares in the last quarter. State Street Corp boosted its holdings 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. Dimensional Fund Advisors LP grew its position in shares of Prosperity Bancshares by 0.6% during the third quarter. Dimensional Fund Advisors LP now owns 4,784,022 shares of the bank’s stock valued at $317,416,000 after purchasing an additional 28,994 shares in the last quarter. AQR Capital Management LLC increased its holdings in shares of Prosperity Bancshares by 43.6% in the third quarter. AQR Capital Management LLC now owns 3,421,408 shares of the bank’s stock worth $226,531,000 after purchasing an additional 1,038,246 shares during the last quarter. Finally, American Century Companies Inc. increased its holdings in shares of Prosperity Bancshares by 48.7% in the third quarter. American Century Companies Inc. now owns 2,122,031 shares of the bank’s stock worth $140,797,000 after purchasing an additional 695,114 shares during the last quarter. Institutional investors own 80.69% of the company’s stock.

Prosperity Bancshares Price Performance

NYSE PB opened at $75.51 on Wednesday. Prosperity Bancshares has a 1-year low of $61.06 and a 1-year high of $79.75. The stock has a market capitalization of $7.17 billion, a price-to-earnings ratio of 13.18, a PEG ratio of 1.05 and a beta of 0.67. The business’s fifty day moving average price is $71.51 and its 200-day moving average price is $68.31.

Prosperity Bancshares (NYSE:PB) last posted its earnings results on Wednesday, January 28th. The bank reported $1.46 earnings per share for the quarter, beating analysts’ consensus estimates of $1.45 by $0.01. The company had revenue of $317.73 million for the quarter, compared to the consensus estimate of $319.30 million. Prosperity Bancshares had a return on equity of 7.11% and a net margin of 31.22%.Prosperity Bancshares’s revenue was down 5.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.37 earnings per share. Equities research analysts anticipate that Prosperity Bancshares will post 5.83 EPS for the current year.

Prosperity Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th will be given a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend is Friday, March 13th. Prosperity Bancshares’s payout ratio is presently 41.88%.

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.