Prosperity Bancshares, Inc. (NYSE:PB) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of Prosperity Bancshares, Inc. (NYSE:PB) have been assigned a consensus recommendation of “Moderate Buy” from the sixteen analysts that are presently covering the stock, MarketBeat.com reports. Six equities research analysts have rated the stock with a hold recommendation and ten have assigned a buy recommendation to the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $80.2857.

Several research analysts have issued reports on the company. Royal Bank Of Canada cut their price objective on Prosperity Bancshares from $78.00 to $72.00 and set a “sector perform” rating for the company in a research report on Friday, October 10th. Citigroup reaffirmed a “neutral” rating and set a $68.00 price target (down from $78.00) on shares of Prosperity Bancshares in a research note on Monday, September 15th. Cowen reiterated a “buy” rating on shares of Prosperity Bancshares in a research note on Friday, October 31st. Cantor Fitzgerald started coverage on shares of Prosperity Bancshares in a research report on Wednesday, September 10th. They set an “overweight” rating and a $78.00 target price on the stock. Finally, Raymond James Financial reaffirmed an “outperform” rating and issued a $77.00 target price (up from $75.00) on shares of Prosperity Bancshares in a report on Thursday, October 30th.

Insiders Place Their Bets

In other Prosperity Bancshares news, Director Harrison Stafford II sold 800 shares of the company’s stock in a transaction on Thursday, December 4th. The stock was sold at an average price of $70.76, for a total value of $56,608.00. Following the sale, the director owned 107,937 shares of the company’s stock, valued at approximately $7,637,622.12. This represents a 0.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Leah Henderson sold 1,050 shares of Prosperity Bancshares stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $73.00, for a total value of $76,650.00. Following the transaction, the director directly owned 8,075 shares of the company’s stock, valued at $589,475. This trade represents a 11.51% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 16,150 shares of company stock worth $1,094,667. 4.20% of the stock is owned by corporate insiders.

Institutional Trading of Prosperity Bancshares

Institutional investors and hedge funds have recently modified their holdings of the business. PNC Financial Services Group Inc. increased its stake in shares of Prosperity Bancshares by 9.2% during the 1st quarter. PNC Financial Services Group Inc. now owns 2,968 shares of the bank’s stock worth $212,000 after purchasing an additional 249 shares in the last quarter. Invesco Ltd. grew its holdings in Prosperity Bancshares by 4.0% during the 1st quarter. Invesco Ltd. now owns 235,496 shares of the bank’s stock valued at $16,807,000 after buying an additional 9,066 shares during the last quarter. Nuveen LLC acquired a new stake in Prosperity Bancshares during the 1st quarter valued at $25,491,000. Raymond James Financial Inc. increased its position in Prosperity Bancshares by 1.9% during the first quarter. Raymond James Financial Inc. now owns 116,937 shares of the bank’s stock worth $8,346,000 after buying an additional 2,230 shares in the last quarter. Finally, Quantbot Technologies LP acquired a new position in shares of Prosperity Bancshares in the first quarter worth $197,000. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Prosperity Bancshares Stock Up 0.0%

Shares of NYSE:PB opened at $71.41 on Tuesday. Prosperity Bancshares has a 52 week low of $61.06 and a 52 week high of $82.75. The company has a 50-day moving average price of $67.42 and a 200 day moving average price of $68.17. The company has a market cap of $6.78 billion, a P/E ratio of 12.73, a PEG ratio of 1.05 and a beta of 0.70.

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

Prosperity Bancshares Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 2nd. Investors of record on Monday, December 15th will be issued a dividend of $0.60 per share. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.58. This represents a $2.40 annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend is Monday, December 15th. Prosperity Bancshares’s payout ratio is presently 42.78%.

About Prosperity Bancshares

Prosperity Bancshares, Inc is a holding company for Prosperity Bank, offering a broad range of commercial and consumer banking services across Texas, Oklahoma, Arkansas and Louisiana. Through its network of branches and digital platforms, the company provides deposit products, business and real estate lending, treasury management, mortgage origination and servicing, as well as wealth management and trust services.

Originally chartered in 1911 as First National Bank in McKinney, Texas, the organization rebranded to Prosperity Bank in 2009 following a series of strategic acquisitions aimed at deepening its regional presence.