Analysts Set Prosperity Bancshares, Inc. (NYSE:PB) PT at $81.50

Prosperity Bancshares, Inc. (NYSE:PB) has been assigned a consensus recommendation of “Moderate Buy” from the thirteen ratings firms that are covering the stock, Marketbeat.com reports. Five analysts have rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $81.50.

A number of equities analysts have commented on PB shares. Wolfe Research reissued a “peer perform” rating on shares of Prosperity Bancshares in a research note on Thursday, December 5th. Raymond James cut Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 target price on the stock. in a research note on Tuesday, September 17th. DA Davidson lowered Prosperity Bancshares from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $80.00 to $78.00 in a research note on Tuesday, October 15th. Barclays increased their price objective on Prosperity Bancshares from $84.00 to $88.00 and gave the company an “equal weight” rating in a research report on Friday, December 20th. Finally, Truist Financial downgraded Prosperity Bancshares from a “buy” rating to a “hold” rating and dropped their target price for the stock from $81.00 to $79.00 in a research report on Friday, September 20th.

Prosperity Bancshares Price Performance

PB opened at $75.03 on Tuesday. The firm has a market capitalization of $7.15 billion, a P/E ratio of 15.93, a price-to-earnings-growth ratio of 1.19 and a beta of 0.92. Prosperity Bancshares has a one year low of $57.16 and a one year high of $86.75. The company has a fifty day moving average price of $79.18 and a 200-day moving average price of $72.79.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share for the quarter, beating the consensus estimate of $1.31 by $0.03. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%. The firm had revenue of $459.00 million for the quarter, compared to analysts’ expectations of $299.83 million. During the same quarter last year, the firm posted $1.20 EPS. On average, analysts expect that Prosperity Bancshares will post 5.05 earnings per share for the current year.

Prosperity Bancshares Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th were issued a dividend of $0.58 per share. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.56. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.09%. The ex-dividend date of this dividend was Friday, December 13th. Prosperity Bancshares’s dividend payout ratio is currently 49.26%.

Insider Buying and Selling

In related news, Director Ned S. Holmes sold 500 shares of the stock in a transaction dated Thursday, December 26th. The shares were sold at an average price of $76.04, for a total value of $38,020.00. Following the completion of the transaction, the director now directly owns 110,315 shares of the company’s stock, valued at $8,388,352.60. This represents a 0.45 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Chairman H E. Timanus, Jr. sold 4,000 shares of Prosperity Bancshares stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $86.50, for a total value of $346,000.00. Following the sale, the chairman now directly owns 229,953 shares in the company, valued at approximately $19,890,934.50. The trade was a 1.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 12,600 shares of company stock valued at $1,042,739 over the last ninety days. 4.28% of the stock is owned by insiders.

Hedge Funds Weigh In On Prosperity Bancshares

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP raised its stake in Prosperity Bancshares by 14.2% during the second quarter. Dimensional Fund Advisors LP now owns 4,287,615 shares of the bank’s stock valued at $262,141,000 after buying an additional 532,241 shares during the last quarter. Point72 Asset Management L.P. purchased a new position in shares of Prosperity Bancshares in the 3rd quarter worth about $16,478,000. Victory Capital Management Inc. boosted its stake in Prosperity Bancshares by 3.0% in the 2nd quarter. Victory Capital Management Inc. now owns 6,359,165 shares of the bank’s stock worth $388,799,000 after purchasing an additional 184,453 shares in the last quarter. Thrivent Financial for Lutherans grew its position in Prosperity Bancshares by 16.0% during the 2nd quarter. Thrivent Financial for Lutherans now owns 811,772 shares of the bank’s stock valued at $49,632,000 after purchasing an additional 112,101 shares during the last quarter. Finally, Jane Street Group LLC increased its stake in Prosperity Bancshares by 418.0% during the 3rd quarter. Jane Street Group LLC now owns 111,548 shares of the bank’s stock valued at $8,039,000 after purchasing an additional 90,015 shares in the last quarter. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Prosperity Bancshares Company Profile

Prosperity Bancshares, Inc operates as bank holding company for the Prosperity Bank that provides financial products and services to businesses and consumers. It accepts various deposit products, such as demand, savings, money market, and time accounts, as well as and certificates of deposit. The company also offers 1-4 family residential mortgage, commercial real estate and multifamily residential, commercial and industrial, agricultural, and non-real estate agricultural loans, as well as construction, land development, and other land loans; consumer loans, including automobile, recreational vehicle, boat, home improvement, personal, and deposit account collateralized loans; term loans and lines of credit; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and purchase of equipment and machinery.