Prosperity Bancshares, Inc. (NYSE:PB) Stock Has Average Price Target of $78.36 According to Brokerages

Shares of Prosperity Bancshares, Inc. (NYSE:PB) have been given an average rating of “Hold” by the sixteen ratings firms that are presently covering the firm, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell recommendation, six have issued a hold recommendation, seven have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $78.36.

Several brokerages have weighed in on PB. Raymond James Financial raised Prosperity Bancshares from a “market perform” rating to an “outperform” rating and set a $78.00 target price on the stock in a research note on Tuesday, October 6th. Morgan Stanley increased their price target on Prosperity Bancshares from $80.00 to $81.00 and gave the stock an “underweight” rating in a research note on Monday, September 28th. Keefe, Bruyette & Woods reissued an “outperform” rating on shares of Prosperity Bancshares in a research note on Thursday, October 29th. Stephens raised their price target on Prosperity Bancshares from $85.00 to $87.00 and gave the company an “overweight” rating in a report on Thursday, October 29th. Finally, Weiss Ratings upgraded shares of Prosperity Bancshares from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, November 4th.

Prosperity Bancshares Stock Performance

PB opened at $72.59 on Friday. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.01. The business’s 50 day moving average is $69.63 and its 200-day moving average is $70.36. The stock has a market cap of $8.69 billion, a PE ratio of 11.68, a price-to-earnings-growth ratio of 0.85 and a beta of 0.64. Prosperity Bancshares has a twelve month low of $63.20 and a twelve month high of $77.20.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings data on Wednesday, October 28th. The bank reported $1.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.35 by $0.32. Prosperity Bancshares had a return on equity of 7.68% and a net margin of 26.99%. The business had revenue of $495.70 million during the quarter, compared to analyst estimates of $491.49 million. During the same period in the prior year, the company posted $1.45 EPS. The business’s revenue for the quarter was up 56.0% compared to the same quarter last year. On average, analysts predict that Prosperity Bancshares will post 6.47 earnings per share for the current year.

Prosperity Bancshares Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, January 4th. Investors of record on Tuesday, December 15th will be given a $0.64 dividend. The ex-dividend date is Tuesday, December 15th. This represents a $2.56 dividend on an annualized basis and a yield of 3.5%. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.60. Prosperity Bancshares’s payout ratio is currently 43.64%.

Insider Buying and Selling

In other Prosperity Bancshares news, Director Ned Holmes sold 600 shares of the business’s stock in a transaction dated Wednesday, August 26th. The shares were sold at an average price of $73.18, for a total transaction of $43,908.00. Following the sale, the director directly owned 39,100 shares in the company, valued at approximately $2,861,338. The trade was a 1.51% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Over the last 90 days, insiders have sold 12,245 shares of company stock worth $857,390. 3.96% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in PB. Provenance Wealth Advisors LLC acquired a new position in shares of Prosperity Bancshares during the third quarter valued at approximately $25,000. Parkside Financial Bank & Trust raised its holdings in Prosperity Bancshares by 52.0% during the second quarter. Parkside Financial Bank & Trust now owns 576 shares of the bank’s stock worth $42,000 after purchasing an additional 197 shares in the last quarter. Global Retirement Partners LLC acquired a new stake in Prosperity Bancshares in the second quarter worth approximately $54,000. Advisors Asset Management Inc. acquired a new stake in Prosperity Bancshares in the third quarter worth approximately $66,000. Finally, MADDEN SECURITIES Corp acquired a new stake in Prosperity Bancshares in the third quarter worth approximately $67,000. 80.69% of the stock is currently owned by institutional investors.

Prosperity Bancshares Company Profile

Prosperity Bancshares, Inc. is a bank holding company whose principal subsidiary is Prosperity Bank. The company provides commercial and consumer banking services, including deposit accounts, business and personal loans, mortgage lending, and cash management services. Founded in 1983 as a community bank in Edna, Texas, Prosperity has expanded through organic growth and acquisitions. It serves customers across Texas and Oklahoma, with a presence in communities including Houston, Dallas–Fort Worth, Austin, San Antonio, and Tulsa.