Prosperity Bancshares’ (PB) “Outperform” Rating Reiterated at Raymond James Financial

Raymond James Financial reaffirmed their outperform rating on shares of Prosperity Bancshares (NYSE:PB) in a research report released on Thursday,Benzinga reports. The firm currently has a $77.00 target price on the bank’s stock, up from their prior target price of $75.00.

Other equities analysts also recently issued research reports about the company. Piper Sandler lowered their price target on Prosperity Bancshares from $84.00 to $77.00 and set an “overweight” rating on the stock in a report on Thursday. TD Cowen started coverage on shares of Prosperity Bancshares in a research note on Thursday, September 25th. They issued a “buy” rating and a $79.00 target price on the stock. Weiss Ratings reissued a “hold (c)” rating on shares of Prosperity Bancshares in a research report on Wednesday, October 8th. Cantor Fitzgerald assumed coverage on shares of Prosperity Bancshares in a report on Wednesday, September 10th. They set an “overweight” rating and a $78.00 price target for the company. Finally, Citigroup reiterated a “neutral” rating and issued a $68.00 price objective (down from $78.00) on shares of Prosperity Bancshares in a research note on Monday, September 15th. Eleven investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $80.50.

Prosperity Bancshares Price Performance

NYSE PB opened at $65.93 on Thursday. Prosperity Bancshares has a fifty-two week low of $61.06 and a fifty-two week high of $86.75. The stock’s 50-day moving average is $66.05 and its two-hundred day moving average is $68.32. The firm has a market cap of $6.26 billion, a P/E ratio of 11.75, a price-to-earnings-growth ratio of 0.97 and a beta of 0.73.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, October 29th. The bank reported $1.45 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.45. Prosperity Bancshares had a return on equity of 7.06% and a net margin of 30.28%.The company had revenue of $314.67 million during the quarter, compared to the consensus estimate of $317.94 million. During the same quarter in the prior year, the company posted $1.34 EPS. The firm’s revenue was up 3.9% on a year-over-year basis. On average, equities analysts expect that Prosperity Bancshares will post 5.83 EPS for the current year.

Prosperity Bancshares Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 2nd. Stockholders of record on Monday, December 15th will be issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 3.6%. The ex-dividend date is Monday, December 15th. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.58. Prosperity Bancshares’s payout ratio is presently 42.78%.

Insider Buying and Selling at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction dated Wednesday, October 29th. The stock was sold at an average price of $65.20, for a total transaction of $32,600.00. Following the sale, the director directly owned 89,915 shares of the company’s stock, valued at $5,862,458. This trade represents a 0.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold a total of 14,300 shares of company stock valued at $950,496 in the last three months. 4.20% of the stock is currently owned by company insiders.

Institutional Trading of Prosperity Bancshares

Hedge funds have recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC increased its holdings in Prosperity Bancshares by 8.2% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 7,362 shares of the bank’s stock valued at $525,000 after buying an additional 561 shares during the period. Principal Financial Group Inc. boosted its position in shares of Prosperity Bancshares by 0.4% during the 1st quarter. Principal Financial Group Inc. now owns 219,056 shares of the bank’s stock valued at $15,634,000 after acquiring an additional 855 shares in the last quarter. Envestnet Asset Management Inc. increased its stake in Prosperity Bancshares by 1.8% in the first quarter. Envestnet Asset Management Inc. now owns 58,236 shares of the bank’s stock valued at $4,156,000 after acquiring an additional 1,016 shares during the period. Amundi acquired a new position in Prosperity Bancshares in the first quarter worth about $4,060,000. Finally, Teacher Retirement System of Texas lifted its stake in Prosperity Bancshares by 23.1% during the first quarter. Teacher Retirement System of Texas now owns 21,818 shares of the bank’s stock worth $1,557,000 after purchasing an additional 4,098 shares during the period. Institutional investors own 80.69% of the company’s stock.

Prosperity Bancshares Company Profile

Prosperity Bancshares, Inc operates as bank holding company for the Prosperity Bank that provides financial products and services to businesses and consumers. It accepts various deposit products, such as demand, savings, money market, and time accounts, as well as and certificates of deposit. The company also offers 1-4 family residential mortgage, commercial real estate and multifamily residential, commercial and industrial, agricultural, and non-real estate agricultural loans, as well as construction, land development, and other land loans; consumer loans, including automobile, recreational vehicle, boat, home improvement, personal, and deposit account collateralized loans; term loans and lines of credit; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and purchase of equipment and machinery.