Prosperity Bancshares, Inc. (NYSE:PB) Receives $78.36 Consensus Price Target from Brokerages

Shares of Prosperity Bancshares, Inc. (NYSE:PB) have earned an average rating of “Hold” from the fourteen brokerages that are currently covering the stock, MarketBeat reports. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $78.1818.

A number of brokerages recently weighed in on PB. Morgan Stanley cut shares of Prosperity Bancshares from an “equal weight” rating to an “underweight” rating and set a $80.00 price objective for the company. in a report on Tuesday, September 8th. Weiss Ratings upgraded shares of Prosperity Bancshares from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, July 29th. Wall Street Zen raised Prosperity Bancshares from a “sell” rating to a “hold” rating in a report on Saturday, August 1st. Benchmark initiated coverage on Prosperity Bancshares in a research note on Wednesday, June 24th. They issued a “hold” rating on the stock. Finally, Royal Bank Of Canada lifted their price target on Prosperity Bancshares from $78.00 to $80.00 and gave the stock a “sector perform” rating in a report on Thursday, July 30th.

Insider Transactions at Prosperity Bancshares

In other Prosperity Bancshares news, Director Ned Holmes sold 600 shares of the firm’s stock in a transaction dated Wednesday, July 8th. The stock was sold at an average price of $70.61, for a total transaction of $42,366.00. Following the transaction, the director owned 39,800 shares of the company’s stock, valued at approximately $2,810,278. This trade represents a 1.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders have sold a total of 12,100 shares of company stock valued at $876,229 in the last three months. Corporate insiders own 3.96% of the company’s stock.

Institutional Investors Weigh In On Prosperity Bancshares

Several large investors have recently modified their holdings of PB. BlackRock Inc. purchased a new position in Prosperity Bancshares during the 2nd quarter worth $746,776,000. Dimensional Fund Advisors LP boosted its holdings in Prosperity Bancshares by 4.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,929,309 shares of the bank’s stock valued at $331,142,000 after purchasing an additional 205,291 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC purchased a new stake in shares of Prosperity Bancshares in the second quarter valued at approximately $350,099,000. Geode Capital Management LLC grew its stake in shares of Prosperity Bancshares by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 1,876,428 shares of the bank’s stock worth $129,710,000 after purchasing an additional 7,602 shares during the period. Finally, North Reef Capital Management LP grew its position in Prosperity Bancshares by 149.0% during the first quarter. North Reef Capital Management LP now owns 1,107,877 shares of the bank’s stock worth $74,427,000 after buying an additional 662,877 shares during the period. 80.69% of the stock is owned by institutional investors and hedge funds.

Prosperity Bancshares Trading Down 2.4%

Shares of PB stock opened at $67.24 on Thursday. 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 firm has a market cap of $6.78 billion, a PE ratio of 11.65, a price-to-earnings-growth ratio of 0.75 and a beta of 0.63. The company has a 50-day moving average of $72.71 and a two-hundred day moving average of $70.36. Prosperity Bancshares has a 1-year low of $61.06 and a 1-year high of $77.20.

Prosperity Bancshares (NYSE:PB) last announced its 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. Prosperity Bancshares had a return on equity of 7.39% and a net margin of 29.95%.The company had revenue of $391.25 million for the quarter, compared to analyst estimates of $380.73 million. During the same quarter in the previous year, the company earned $1.42 earnings per share. The firm’s quarterly revenue was up 25.9% compared to the same quarter last year. On average, analysts predict that Prosperity Bancshares will post 6.48 EPS for the current year.

Prosperity Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be issued a $0.60 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $2.40 annualized dividend and a dividend yield of 3.6%. Prosperity Bancshares’s dividend payout ratio is presently 41.59%.

About Prosperity Bancshares

Prosperity Bancshares, Inc is a bank holding company headquartered in Houston, Texas. Through its principal subsidiary, Prosperity Bank, the company provides banking and financial services to individuals, businesses and institutions.

Prosperity Bank offers a range of deposit products, including checking, savings and time deposit accounts, along with consumer, residential mortgage, commercial and real estate lending. Its services also include treasury management, cash management, online and mobile banking, wealth management and other financial solutions designed for personal and business customers.

Founded in 1983, Prosperity Bancshares has expanded through organic growth and acquisitions.