Analysts Set Prosperity Bancshares, Inc. (NYSE:PB) Target Price at $78.96

Shares of Prosperity Bancshares, Inc. (NYSE:PB) have received a consensus rating of “Moderate Buy” from the thirteen ratings firms that are covering the stock, Marketbeat Ratings reports. Four equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $78.96.

Several research firms have recently commented on PB. Piper Sandler increased their target price on Prosperity Bancshares from $73.00 to $80.00 and gave the company an “overweight” rating in a research note on Thursday, July 25th. Morgan Stanley upgraded Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $75.00 to $86.00 in a research note on Monday, August 5th. Wedbush reiterated an “outperform” rating and issued a $90.00 target price on shares of Prosperity Bancshares in a research report on Thursday, October 24th. Truist Financial lowered Prosperity Bancshares from a “buy” rating to a “hold” rating and dropped their price target for the company from $81.00 to $79.00 in a research report on Friday, September 20th. Finally, Hovde Group lifted their price objective on shares of Prosperity Bancshares from $80.50 to $82.50 and gave the stock an “outperform” rating in a report on Monday, August 26th.

Prosperity Bancshares Trading Up 0.5 %

PB opened at $82.50 on Monday. Prosperity Bancshares has a twelve month low of $57.16 and a twelve month high of $85.13. The firm has a market cap of $7.86 billion, a price-to-earnings ratio of 17.52, a PEG ratio of 1.24 and a beta of 0.89. The company has a fifty day simple moving average of $73.79 and a 200 day simple moving average of $68.31.

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

Prosperity Bancshares Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be paid a dividend of $0.58 per share. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.56. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.81%. The ex-dividend date of this dividend is Friday, December 13th. Prosperity Bancshares’s payout ratio is currently 47.56%.

Insider Activity at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $83.96, for a total transaction of $41,980.00. Following the transaction, the director now directly owns 114,315 shares in the company, valued at approximately $9,597,887.40. This trade represents a 0.44 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 4.28% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Prosperity Bancshares

Hedge funds have recently modified their holdings of the company. Kingsview Wealth Management LLC acquired a new position in shares of Prosperity Bancshares during the 1st quarter valued at $2,343,000. Amica Mutual Insurance Co. increased its position in shares of Prosperity Bancshares by 41.9% during the 2nd quarter. Amica Mutual Insurance Co. now owns 157,770 shares of the bank’s stock valued at $9,646,000 after purchasing an additional 46,593 shares during the period. Los Angeles Capital Management LLC acquired a new position in shares of Prosperity Bancshares in the 3rd quarter worth $4,804,000. Harbor Capital Advisors Inc. grew its holdings in shares of Prosperity Bancshares by 394.8% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 11,465 shares of the bank’s stock worth $701,000 after acquiring an additional 9,148 shares during the last quarter. Finally, Thrivent Financial for Lutherans grew its holdings in shares of Prosperity Bancshares by 16.0% in the 2nd quarter. Thrivent Financial for Lutherans now owns 811,772 shares of the bank’s stock worth $49,632,000 after acquiring an additional 112,101 shares during the last quarter. 80.69% of the stock is currently owned by institutional investors and hedge funds.

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.