Prosperity Bancshares (NYSE:PB) Price Target Raised to $88.00

Prosperity Bancshares (NYSE:PB) had its target price upped by Barclays from $84.00 to $88.00 in a research report report published on Friday,Benzinga reports. They currently have an equal weight rating on the bank’s stock.

A number of other equities research analysts also recently weighed in on PB. Royal Bank of Canada restated a “sector perform” rating and issued a $77.00 target price on shares of Prosperity Bancshares in a research report on Thursday, October 24th. Raymond James lowered shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price objective for the company. in a research report on Tuesday, September 17th. Wedbush reiterated an “outperform” rating and issued a $90.00 target price on shares of Prosperity Bancshares in a report on Thursday, October 24th. Hovde Group increased their price objective on Prosperity Bancshares from $80.50 to $82.50 and gave the company an “outperform” rating in a research report on Monday, August 26th. Finally, Truist Financial cut shares of Prosperity Bancshares from a “buy” rating to a “hold” rating and decreased their target price for the stock from $81.00 to $79.00 in a report on Friday, September 20th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $82.05.

Prosperity Bancshares Trading Up 1.1 %

PB opened at $74.95 on Friday. The business’s 50 day moving average is $78.69 and its 200-day moving average is $71.70. The stock has a market cap of $7.14 billion, a PE ratio of 15.91, a price-to-earnings-growth ratio of 1.19 and a beta of 0.92. Prosperity Bancshares has a twelve month low of $57.16 and a twelve month high of $86.75.

Prosperity Bancshares (NYSE:PB) last announced its earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share for the quarter, beating the consensus estimate of $1.31 by $0.03. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%. The firm had revenue of $459.00 million for the quarter, compared to the consensus estimate of $299.83 million. During the same quarter in the previous year, the business earned $1.20 EPS. As a group, analysts forecast that Prosperity Bancshares will post 5.05 EPS for the current year.

Prosperity Bancshares Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be given a $0.58 dividend. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.56. This represents a $2.32 annualized dividend and a dividend yield of 3.10%. The ex-dividend date of this dividend is Friday, December 13th. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 49.26%.

Insider Transactions at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 500 shares of the business’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $81.44, for a total transaction of $40,720.00. Following the transaction, the director now owns 113,815 shares in the company, valued at approximately $9,269,093.60. The trade was a 0.44 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Harrison Stafford II sold 4,000 shares of the stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $80.07, for a total transaction of $320,280.00. Following the completion of the sale, the director now owns 107,137 shares of the company’s stock, valued at approximately $8,578,459.59. The trade was a 3.60 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 12,100 shares of company stock worth $1,004,719. Company insiders own 4.28% of the company’s stock.

Institutional Trading of Prosperity Bancshares

Several institutional investors have recently modified their holdings of the company. Franklin Resources Inc. lifted its position in Prosperity Bancshares by 40.6% in the third quarter. Franklin Resources Inc. now owns 34,411 shares of the bank’s stock worth $2,509,000 after purchasing an additional 9,935 shares during the period. Tidal Investments LLC lifted its holdings in shares of Prosperity Bancshares by 5.7% during the 3rd quarter. Tidal Investments LLC now owns 3,875 shares of the bank’s stock worth $279,000 after acquiring an additional 209 shares during the period. Sanctuary Advisors LLC acquired a new stake in shares of Prosperity Bancshares during the 3rd quarter valued at about $372,000. Sunbelt Securities Inc. increased its stake in Prosperity Bancshares by 31.0% in the third quarter. Sunbelt Securities Inc. now owns 981 shares of the bank’s stock valued at $71,000 after acquiring an additional 232 shares during the period. Finally, Geode Capital Management LLC increased its stake in Prosperity Bancshares by 0.9% in the third quarter. Geode Capital Management LLC now owns 1,708,509 shares of the bank’s stock valued at $123,162,000 after acquiring an additional 15,309 shares during the period. Institutional investors and hedge funds own 80.69% of the company’s stock.

About Prosperity Bancshares

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.