Prosperity Bancshares (NYSE:PB) Price Target Raised to $91.00

Prosperity Bancshares (NYSE:PB) had its target price lifted by Morgan Stanley from $80.00 to $91.00 in a research report sent to investors on Monday morning,Benzinga reports. Morgan Stanley currently has an overweight rating on the bank’s stock.

Several other equities research analysts have also commented on the company. Barclays lowered Prosperity Bancshares from an “equal weight” rating to an “underweight” rating and cut their price objective for the stock from $75.00 to $68.00 in a research note on Monday, February 2nd. Janney Montgomery Scott cut Prosperity Bancshares from a “buy” rating to a “neutral” rating in a research report on Tuesday, February 3rd. Citigroup reissued a “neutral” rating on shares of Prosperity Bancshares in a research note on Monday, February 2nd. Piper Sandler cut shares of Prosperity Bancshares from an “overweight” rating to a “neutral” rating and lowered their target price for the stock from $77.00 to $74.00 in a research note on Thursday, January 29th. Finally, TD Cowen reaffirmed a “buy” rating on shares of Prosperity Bancshares in a report on Wednesday, January 7th. Seven analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $78.92.

Prosperity Bancshares Stock Performance

NYSE:PB opened at $69.78 on Monday. The company has a fifty day moving average of $71.75 and a two-hundred day moving average of $68.91. The stock has a market capitalization of $7.09 billion, a PE ratio of 12.18, a P/E/G ratio of 0.98 and a beta of 0.66. Prosperity Bancshares has a fifty-two week low of $61.06 and a fifty-two week high of $77.20.

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

Prosperity Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Friday, March 13th will be given a $0.60 dividend. The ex-dividend date of this dividend is Friday, March 13th. This represents a $2.40 dividend on an annualized basis and a yield of 3.4%. Prosperity Bancshares’s payout ratio is 41.88%.

Insider Buying and Selling at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 500 shares of the company’s stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $70.04, for a total value of $35,020.00. Following the completion of the sale, the director directly owned 80,915 shares of the company’s stock, valued at approximately $5,667,286.60. This represents a 0.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold 14,250 shares of company stock valued at $1,018,824 over the last three months. 4.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Prosperity Bancshares

A number of institutional investors have recently added to or reduced their stakes in PB. Mather Group LLC. acquired a new position in Prosperity Bancshares during the third quarter worth about $26,000. Community Bank N.A. purchased a new stake in shares of Prosperity Bancshares during the 3rd quarter worth approximately $29,000. Danske Bank A S acquired a new stake in shares of Prosperity Bancshares in the 3rd quarter worth approximately $40,000. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in shares of Prosperity Bancshares in the 3rd quarter worth approximately $42,000. Finally, Employees Retirement System of Texas purchased a new position in Prosperity Bancshares in the 2nd quarter valued at approximately $48,000. Hedge funds and other institutional investors own 80.69% of the company’s stock.

About Prosperity Bancshares

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.