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

Shares of Prosperity Bancshares, Inc. (NYSE:PB) have been given an average recommendation of “Hold” by the fourteen research firms that are currently covering the company, Marketbeat.com reports. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the company. The average twelve-month price target among brokers that have covered the stock in the last year is $78.3636.

Several equities research analysts have issued reports on the company. Citigroup increased their target price on Prosperity Bancshares from $75.00 to $79.00 and gave the stock a “neutral” rating in a research report on Friday, July 31st. Benchmark assumed coverage on Prosperity Bancshares in a research note on Wednesday, June 24th. They set a “hold” rating on the stock. Morgan Stanley cut Prosperity Bancshares from an “equal weight” rating to an “underweight” rating and set a $80.00 price objective on the stock. in a report on Tuesday, September 8th. Piper Sandler raised their target price on Prosperity Bancshares from $75.00 to $80.00 and gave the stock a “neutral” rating in a research note on Thursday, July 30th. Finally, Wall Street Zen raised Prosperity Bancshares from a “sell” rating to a “hold” rating in a report on Saturday, August 1st.

Insider Transactions at Prosperity Bancshares

In related news, Director Ned Holmes sold 500 shares of Prosperity Bancshares stock in a transaction on Wednesday, September 16th. The stock was sold at an average price of $70.95, for a total transaction of $35,475.00. Following the completion of the sale, the director owned 68,615 shares of the company’s stock, valued at approximately $4,868,234.25. This trade represents a 0.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last 90 days, insiders have sold 12,100 shares of company stock valued at $880,912. Corporate insiders own 3.96% of the company’s stock.

Hedge Funds Weigh In On Prosperity Bancshares

Several institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. purchased a new stake in Prosperity Bancshares in the second quarter worth $746,776,000. Barrow Hanley Mewhinney & Strauss LLC bought a new stake in Prosperity Bancshares in the second quarter valued at $350,099,000. Dimensional Fund Advisors LP increased its position in Prosperity Bancshares by 4.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,929,309 shares of the bank’s stock valued at $331,142,000 after purchasing an additional 205,291 shares during the period. Geode Capital Management LLC increased its position in Prosperity Bancshares by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 1,876,428 shares of the bank’s stock valued at $129,710,000 after purchasing an additional 7,602 shares during the period. Finally, North Reef Capital Management LP raised its holdings in Prosperity Bancshares by 149.0% in the 1st quarter. North Reef Capital Management LP now owns 1,107,877 shares of the bank’s stock worth $74,427,000 after purchasing an additional 662,877 shares in the last quarter. 80.69% of the stock is currently owned by institutional investors.

Prosperity Bancshares Stock Performance

Shares of PB stock opened at $69.87 on Thursday. The firm has a 50-day moving average of $72.89 and a 200-day moving average of $70.38. The company has a market cap of $7.05 billion, a P/E ratio of 12.11, a P/E/G ratio of 0.76 and a beta of 0.63. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.75 and a quick ratio of 0.75. Prosperity Bancshares has a one year low of $61.06 and a one year high of $77.20.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, July 29th. The bank reported $1.62 earnings per share for the quarter, topping the consensus estimate of $1.50 by $0.12. Prosperity Bancshares had a net margin of 29.95% and a return on equity of 7.39%. The business had revenue of $391.25 million for the quarter, compared to analysts’ expectations of $380.73 million. During the same period in the previous year, the company earned $1.42 earnings per share. The firm’s revenue for the quarter was up 25.9% compared to the same quarter last year. Equities research analysts forecast that Prosperity Bancshares will post 6.48 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be issued a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date of this dividend is Tuesday, September 15th. Prosperity Bancshares’s dividend payout ratio is 41.59%.

Prosperity Bancshares Company Profile

Prosperity Bancshares, Inc is a bank holding company headquartered in Houston, Texas. Through its principal subsidiary, Prosperity Bank, the company provides banking and financial services to individuals, businesses and institutions.

Prosperity Bank offers a range of deposit products, including checking, savings and time deposit accounts, along with consumer, residential mortgage, commercial and real estate lending. Its services also include treasury management, cash management, online and mobile banking, wealth management and other financial solutions designed for personal and business customers.

Founded in 1983, Prosperity Bancshares has expanded through organic growth and acquisitions.