Prosperity Bancshares, Inc. (NYSE:PB) Receives $80.75 Average Price Target from Analysts

Prosperity Bancshares, Inc. (NYSE:PB) has been given an average recommendation of “Moderate Buy” by the fourteen research firms that are covering the stock, MarketBeat.com reports. Six investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $80.75.

PB has been the topic of a number of analyst reports. Barclays raised their price objective on shares of Prosperity Bancshares from $82.00 to $83.00 and gave the stock an “equal weight” rating in a research note on Friday, December 19th. Cowen reissued a “buy” rating on shares of Prosperity Bancshares in a report on Wednesday, January 7th. Raymond James Financial cut shares of Prosperity Bancshares from an “outperform” rating to a “market perform” rating in a report on Wednesday, January 7th. Hovde Group downgraded shares of Prosperity Bancshares from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 26th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Prosperity Bancshares in a research note on Wednesday, October 8th.

Prosperity Bancshares Stock Performance

NYSE PB opened at $71.52 on Friday. The firm has a market capitalization of $6.79 billion, a P/E ratio of 12.75, a PEG ratio of 0.95 and a beta of 0.68. The stock has a 50-day simple moving average of $69.49 and a two-hundred day simple moving average of $68.35. Prosperity Bancshares has a fifty-two week low of $61.06 and a fifty-two week high of $82.75.

Prosperity Bancshares (NYSE:PB) last issued its earnings results on Wednesday, October 29th. The bank reported $1.45 EPS for the quarter, hitting analysts’ consensus estimates of $1.45. The firm had revenue of $314.67 million for the quarter, compared to the consensus estimate of $317.94 million. Prosperity Bancshares had a return on equity of 7.06% and a net margin of 30.28%.The company’s revenue was up 3.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.34 earnings per share. As a group, analysts forecast that Prosperity Bancshares will post 5.83 earnings per share for the current year.

Prosperity Bancshares Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, January 2nd. Shareholders of record on Monday, December 15th were given a dividend of $0.60 per share. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.58. This represents a $2.40 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date was Monday, December 15th. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 42.78%.

Insider Activity at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 500 shares of the stock in a transaction that occurred on Wednesday, January 7th. The stock was sold at an average price of $69.97, for a total transaction of $34,985.00. Following the transaction, the director owned 84,915 shares in the company, valued at $5,941,502.55. This trade represents a 0.59% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Leah Henderson sold 1,050 shares of Prosperity Bancshares stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $73.00, for a total transaction of $76,650.00. Following the completion of the sale, the director directly owned 8,075 shares in the company, valued at $589,475. This represents a 11.51% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 16,150 shares of company stock worth $1,108,748. 4.20% of the stock is owned by corporate insiders.

Institutional Trading of Prosperity Bancshares

Several large investors have recently made changes to their positions in the company. Parallel Advisors LLC raised its position in shares of Prosperity Bancshares by 16.8% in the second quarter. Parallel Advisors LLC now owns 978 shares of the bank’s stock valued at $69,000 after buying an additional 141 shares during the last quarter. Clearstead Advisors LLC lifted its stake in Prosperity Bancshares by 10.9% in the 3rd quarter. Clearstead Advisors LLC now owns 1,614 shares of the bank’s stock worth $107,000 after purchasing an additional 159 shares in the last quarter. Bfsg LLC boosted its holdings in shares of Prosperity Bancshares by 5.1% during the 3rd quarter. Bfsg LLC now owns 3,363 shares of the bank’s stock worth $223,000 after purchasing an additional 164 shares during the last quarter. AE Wealth Management LLC grew its position in shares of Prosperity Bancshares by 3.8% in the second quarter. AE Wealth Management LLC now owns 4,640 shares of the bank’s stock valued at $326,000 after purchasing an additional 172 shares in the last quarter. Finally, Belpointe Asset Management LLC increased its holdings in shares of Prosperity Bancshares by 5.1% in the third quarter. Belpointe Asset Management LLC now owns 3,621 shares of the bank’s stock valued at $240,000 after purchasing an additional 176 shares during the last quarter. 80.69% of the stock is currently owned by hedge funds and other 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.