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

Prosperity Bancshares, Inc. (NYSE:PB) has received a consensus recommendation of “Hold” from the thirteen ratings firms that are presently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, seven have given a hold recommendation and five have issued a buy recommendation on the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $76.8182.

Several research firms have recently issued reports on PB. TD Cowen raised their price objective on Prosperity Bancshares from $77.00 to $79.00 and gave the stock a “buy” rating in a report on Friday, May 1st. Wall Street Zen upgraded Prosperity Bancshares from a “strong sell” rating to a “sell” rating in a report on Saturday, May 16th. Cantor Fitzgerald lifted their target price on Prosperity Bancshares from $81.00 to $83.00 and gave the company an “overweight” rating in a report on Tuesday, March 3rd. Weiss Ratings cut Prosperity Bancshares from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday, May 11th. Finally, Morgan Stanley reduced their target price on Prosperity Bancshares from $91.00 to $83.00 and set an “overweight” rating on the stock in a report on Tuesday, March 31st.

Prosperity Bancshares Price Performance

Shares of NYSE:PB opened at $71.12 on Tuesday. The business’s fifty day moving average price is $69.04 and its two-hundred day moving average price is $69.83. The stock has a market cap of $7.17 billion, a PE ratio of 12.88, a price-to-earnings-growth ratio of 1.11 and a beta of 0.64. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.76 and a current ratio of 0.76. Prosperity Bancshares has a one year low of $61.06 and a one year high of $77.20.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings data on Wednesday, April 29th. The bank reported $1.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.41 by $0.09. Prosperity Bancshares had a return on equity of 7.20% and a net margin of 29.50%.The business had revenue of $367.62 million for the quarter, compared to analysts’ expectations of $358.60 million. During the same quarter last year, the firm earned $1.37 earnings per share. The business’s revenue was up 19.9% on a year-over-year basis. On average, analysts forecast that Prosperity Bancshares will post 6.27 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Monday, June 15th will be issued a $0.60 dividend. The ex-dividend date is Monday, June 15th. This represents a $2.40 dividend on an annualized basis and a yield of 3.4%. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 43.48%.

Insiders Place Their Bets

In related news, Director Ned S. Holmes sold 600 shares of Prosperity Bancshares stock in a transaction on Wednesday, March 18th. The stock was sold at an average price of $64.29, for a total value of $38,574.00. Following the transaction, the director owned 41,400 shares in the company, valued at approximately $2,661,606. This trade represents a 1.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold a total of 14,300 shares of company stock valued at $978,402 in the last 90 days. 3.96% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. NewEdge Advisors LLC lifted its stake in shares of Prosperity Bancshares by 15.4% during the first quarter. NewEdge Advisors LLC now owns 12,762 shares of the bank’s stock worth $857,000 after purchasing an additional 1,700 shares in the last quarter. Alpine Woods Capital Investors LLC acquired a new position in shares of Prosperity Bancshares during the first quarter worth about $227,000. Bank of America Corp DE lifted its stake in shares of Prosperity Bancshares by 11.6% during the first quarter. Bank of America Corp DE now owns 487,616 shares of the bank’s stock worth $32,758,000 after purchasing an additional 50,575 shares in the last quarter. Edgestream Partners L.P. acquired a new position in shares of Prosperity Bancshares during the first quarter worth about $2,006,000. Finally, Janus Henderson Group PLC lifted its stake in shares of Prosperity Bancshares by 8.9% during the first quarter. Janus Henderson Group PLC now owns 45,220 shares of the bank’s stock worth $3,038,000 after purchasing an additional 3,700 shares in the last quarter. Institutional investors and hedge funds own 80.69% of the company’s stock.

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.