Prosperity Bancshares, Inc. (PB) – What Are Researchers Saying About This Stock?

Shares of Prosperity Bancshares, Inc. (NYSE:PB) have been assigned an average rating of “Hold” from the fourteen analysts that are covering the company, Marketbeat.com reports. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating on the company. The average 1 year price objective among analysts that have covered the stock in the last year is $77.55.

A number of brokerages have recently issued reports on PB. Cantor Fitzgerald lowered their price target on shares of Prosperity Bancshares from $85.00 to $78.00 and set an “overweight” rating on the stock in a report on Wednesday. Royal Bank Of Canada lowered their price target on Prosperity Bancshares from $80.00 to $77.00 and set a “sector perform” rating on the stock in a report on Friday, October 9th. TD Cowen dropped their price target on Prosperity Bancshares from $84.00 to $78.00 and set a “buy” rating for the company in a research report on Monday, October 5th. Raymond James Financial upgraded shares of Prosperity Bancshares from a “market perform” rating to an “outperform” rating and set a $78.00 target price for the company in a research report on Tuesday, October 6th. Finally, Piper Sandler boosted their price target on shares of Prosperity Bancshares from $75.00 to $80.00 and gave the stock a “neutral” rating in a research note on Thursday, July 30th.

Prosperity Bancshares Stock Up 0.5%

Shares of NYSE:PB opened at $67.80 on Monday. The business’s 50 day moving average is $70.34 and its 200 day moving average is $70.47. Prosperity Bancshares has a 12-month low of $61.62 and a 12-month high of $77.20. The stock has a market cap of $6.84 billion, a price-to-earnings ratio of 11.75, a PEG ratio of 0.75 and a beta of 0.66. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.01.

Prosperity Bancshares (NYSE:PB) last posted its earnings results on Wednesday, July 29th. The bank reported $1.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.50 by $0.12. The firm had revenue of $391.25 million during the quarter, compared to analyst estimates of $380.73 million. Prosperity Bancshares had a net margin of 29.95% and a return on equity of 7.39%. The business’s revenue was up 25.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.42 EPS. On average, sell-side analysts forecast that Prosperity Bancshares will post 6.46 earnings per share for the current fiscal year.

Prosperity Bancshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th were issued a $0.60 dividend. The ex-dividend date was Tuesday, September 15th. This represents a $2.40 annualized dividend and a yield of 3.5%. Prosperity Bancshares’s dividend payout ratio (DPR) is 41.59%.

Insider Transactions at Prosperity Bancshares

In other Prosperity Bancshares news, Director Ned Holmes sold 600 shares of the firm’s stock in a transaction on Wednesday, July 29th. The stock was sold at an average price of $74.26, for a total transaction of $44,556.00. Following the completion of the transaction, the director owned 39,500 shares of the company’s stock, valued at approximately $2,933,270. This trade represents a 1.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders have sold 12,700 shares of company stock valued at $902,833 over the last ninety days. 3.96% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Prosperity Bancshares

Institutional investors and hedge funds have recently made changes to their positions in the business. BlackRock Inc. bought a new position in shares of Prosperity Bancshares during the second quarter valued at $746,776,000. Barrow Hanley Mewhinney & Strauss LLC purchased a new stake in Prosperity Bancshares during the 2nd quarter valued at about $350,099,000. Algebris UK Ltd. bought a new stake in Prosperity Bancshares during the 2nd quarter valued at about $59,465,000. Bank of New York Mellon Corp bought a new stake in Prosperity Bancshares during the 2nd quarter valued at about $57,877,000. Finally, North Reef Capital Management LP increased its stake in Prosperity Bancshares by 149.0% during the 1st quarter. North Reef Capital Management LP now owns 1,107,877 shares of the bank’s stock valued at $74,427,000 after purchasing an additional 662,877 shares in the last quarter. Institutional investors own 80.69% of the company’s stock.

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 a range of banking and financial services to individuals, businesses and institutional customers.

Prosperity Bank offers deposit accounts, commercial and consumer lending, mortgage and real estate loans, treasury management, cash management, online and mobile banking, and other related financial services. Its lending activities support businesses, agricultural customers, real estate projects and consumers.

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