Prosperity Bancshares, Inc. (NYSE:PB) Receives $81.50 Average Target Price from Brokerages

Shares of Prosperity Bancshares, Inc. (NYSE:PB) have received an average rating of “Moderate Buy” from the thirteen ratings firms that are currently covering the stock, MarketBeat.com reports. Five research analysts have rated the stock with a hold rating and eight have issued a buy rating on the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $81.50.

A number of equities research analysts have issued reports on PB shares. StockNews.com upgraded Prosperity Bancshares from a “sell” rating to a “hold” rating in a research note on Tuesday. Raymond James lowered shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 target price for the company. in a research report on Tuesday, September 17th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $77.00 price target on shares of Prosperity Bancshares in a research report on Thursday, October 24th. Wolfe Research reissued a “peer perform” rating on shares of Prosperity Bancshares in a research report on Thursday, December 5th. Finally, DA Davidson cut Prosperity Bancshares from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $80.00 to $78.00 in a report on Tuesday, October 15th.

Prosperity Bancshares Trading Down 0.9 %

Shares of PB stock opened at $74.68 on Tuesday. The stock has a market capitalization of $7.11 billion, a P/E ratio of 15.86, a P/E/G ratio of 1.19 and a beta of 0.92. The firm’s 50 day moving average is $79.13 and its 200 day moving average is $72.58. Prosperity Bancshares has a 12-month low of $57.16 and a 12-month high of $86.75.

Prosperity Bancshares (NYSE:PB) last released its quarterly 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 firm had revenue of $459.00 million for the quarter, compared to the consensus estimate 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 last year, the business posted $1.20 EPS. As a group, equities analysts predict that Prosperity Bancshares will post 5.05 earnings per share for the current year.

Prosperity Bancshares Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Friday, December 13th were given a dividend of $0.58 per share. The ex-dividend date was Friday, December 13th. This represents a $2.32 annualized dividend and a dividend yield of 3.11%. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.56. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 49.26%.

Insider Buying and Selling

In other news, Director Ned S. Holmes sold 500 shares of the firm’s stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $76.04, for a total transaction of $38,020.00. Following the completion of the transaction, the director now owns 110,315 shares in the company, valued at $8,388,352.60. This trade represents a 0.45 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Chairman H E. Timanus, Jr. sold 4,000 shares of Prosperity Bancshares stock in a transaction dated 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. In the last three months, insiders have sold 12,600 shares of company stock valued at $1,042,739. Corporate insiders own 4.28% of the company’s stock.

Institutional Trading of Prosperity Bancshares

Hedge funds have recently modified their holdings of the company. Raymond James & Associates raised its position in shares of Prosperity Bancshares by 8.0% during the 2nd quarter. Raymond James & Associates now owns 29,860 shares of the bank’s stock valued at $1,826,000 after buying an additional 2,223 shares in the last quarter. Natixis Advisors LLC boosted its holdings in shares of Prosperity Bancshares by 3.8% in the 2nd quarter. Natixis Advisors LLC now owns 193,701 shares of the bank’s stock worth $11,843,000 after purchasing an additional 7,044 shares during the period. Hodges Capital Management Inc. boosted its holdings in shares of Prosperity Bancshares by 30.4% in the 2nd quarter. Hodges Capital Management Inc. now owns 135,681 shares of the bank’s stock worth $8,296,000 after purchasing an additional 31,597 shares during the period. TD Asset Management Inc increased its position in shares of Prosperity Bancshares by 9.5% during the 2nd quarter. TD Asset Management Inc now owns 35,600 shares of the bank’s stock valued at $2,177,000 after purchasing an additional 3,086 shares during the last quarter. Finally, Victory Capital Management Inc. raised its holdings in Prosperity Bancshares by 3.0% during the 2nd quarter. Victory Capital Management Inc. now owns 6,359,165 shares of the bank’s stock valued at $388,799,000 after buying an additional 184,453 shares during the period. 80.69% of the stock is owned by hedge funds and other institutional investors.

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.