Raymond James Issues Positive Forecast for Prosperity Bancshares (NYSE:PB) Stock Price

Prosperity Bancshares (NYSE:PB) had its price objective upped by Raymond James from $82.00 to $87.00 in a research note issued to investors on Thursday morning,Benzinga reports. The firm currently has an outperform rating on the bank’s stock.

A number of other equities research analysts also recently weighed in on the stock. Bank of America raised shares of Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $80.00 target price on the stock in a research note on Tuesday, January 7th. StockNews.com cut shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Wednesday, January 8th. Barclays upped their target price on shares of Prosperity Bancshares from $84.00 to $88.00 and gave the stock an “equal weight” rating in a research report on Friday, December 20th. UBS Group lowered their price target on Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating on the stock in a research report on Thursday, December 26th. Finally, Wolfe Research reiterated a “peer perform” rating on shares of Prosperity Bancshares in a report on Thursday, December 5th. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $82.88.

Prosperity Bancshares Price Performance

PB opened at $79.96 on Thursday. Prosperity Bancshares has a one year low of $57.16 and a one year high of $86.75. The firm has a market capitalization of $7.62 billion, a P/E ratio of 15.80, a price-to-earnings-growth ratio of 1.12 and a beta of 0.93. The company has a fifty day moving average price of $78.68 and a 200-day moving average price of $75.12.

Prosperity Bancshares (NYSE:PB) last announced its earnings results on Wednesday, January 29th. The bank reported $1.37 earnings per share for the quarter, topping analysts’ consensus estimates of $1.33 by $0.04. Prosperity Bancshares had a return on equity of 6.68% and a net margin of 26.79%. On average, analysts expect that Prosperity Bancshares will post 5.78 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be given a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a yield of 2.90%. The ex-dividend date is Friday, March 14th. Prosperity Bancshares’s payout ratio is 45.85%.

Insider Activity

In other news, Director Leah Henderson sold 1,100 shares of the business’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $83.24, for a total value of $91,564.00. Following the sale, the director now directly owns 7,525 shares of the company’s stock, valued at $626,381. The trade was a 12.75 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Chairman H E. Timanus, Jr. sold 4,000 shares of the business’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $86.50, for a total value of $346,000.00. Following the completion of the sale, the chairman now directly owns 229,953 shares in the company, valued at $19,890,934.50. This trade represents a 1.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 15,100 shares of company stock valued at $1,236,104. Company insiders own 4.28% of the company’s stock.

Institutional Trading of Prosperity Bancshares

Institutional investors and hedge funds have recently bought and sold shares of the company. Los Angeles Capital Management LLC purchased a new stake in Prosperity Bancshares during the 3rd quarter valued at $4,804,000. Prospector Partners LLC boosted its position in shares of Prosperity Bancshares by 24.6% during the third quarter. Prospector Partners LLC now owns 228,992 shares of the bank’s stock valued at $16,503,000 after buying an additional 45,177 shares during the last quarter. Thrivent Financial for Lutherans increased its holdings in Prosperity Bancshares by 0.9% in the 3rd quarter. Thrivent Financial for Lutherans now owns 818,744 shares of the bank’s stock worth $59,007,000 after buying an additional 6,972 shares in the last quarter. Sanctuary Advisors LLC purchased a new position in Prosperity Bancshares in the 3rd quarter worth about $372,000. Finally, US Bancorp DE lifted its stake in Prosperity Bancshares by 3.4% during the 3rd quarter. US Bancorp DE now owns 4,720 shares of the bank’s stock valued at $340,000 after acquiring an additional 153 shares during the period. 80.69% of the stock is currently owned by institutional investors.

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.