Analysts Set Prosperity Bancshares, Inc. (NYSE:PB) PT at $76.36

Shares of Prosperity Bancshares, Inc. (NYSE:PB) have earned a consensus recommendation of “Hold” from the fourteen ratings firms that are presently covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, eight have given a hold recommendation and five have issued a buy recommendation on the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $78.3636.

Several research firms have recently commented on PB. Benchmark started coverage on shares of Prosperity Bancshares in a research report on Wednesday, June 24th. They set a “hold” rating for the company. Citigroup raised their price target on shares of Prosperity Bancshares from $75.00 to $79.00 and gave the company a “neutral” rating in a research report on Friday. Morgan Stanley reiterated an “equal weight” rating and set a $80.00 price target (down from $85.00) on shares of Prosperity Bancshares in a research note on Monday, July 6th. Wall Street Zen raised Prosperity Bancshares from a “sell” rating to a “hold” rating in a report on Saturday. Finally, TD Cowen increased their price objective on Prosperity Bancshares from $82.00 to $84.00 and gave the stock a “buy” rating in a research note on Friday.

Insider Activity at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 500 shares of the stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $74.25, for a total value of $37,125.00. Following the completion of the sale, the director owned 72,115 shares in the company, valued at $5,354,538.75. This represents a 0.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have sold a total of 11,000 shares of company stock valued at $777,177 in the last three months. Corporate insiders own 3.96% of the company’s stock.

Hedge Funds Weigh In On Prosperity Bancshares

A number of hedge funds and other institutional investors have recently made changes to their positions in PB. Gator Capital Management LLC bought a new stake in shares of Prosperity Bancshares during the fourth quarter valued at about $2,051,000. Bull Harbor Capital LLC purchased a new position in Prosperity Bancshares during the first quarter valued at approximately $1,019,000. First National Bank of Omaha purchased a new position in Prosperity Bancshares during the fourth quarter valued at approximately $6,390,000. Wealth Enhancement Advisory Services LLC increased its holdings in Prosperity Bancshares by 81.2% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 59,752 shares of the bank’s stock worth $4,246,000 after acquiring an additional 26,774 shares during the period. Finally, SummitTX Capital L.P. bought a new stake in Prosperity Bancshares during the 1st quarter worth approximately $3,878,000. 80.69% of the stock is owned by hedge funds and other institutional investors.

Prosperity Bancshares Trading Down 0.5%

PB opened at $74.86 on Wednesday. Prosperity Bancshares has a twelve month low of $61.06 and a twelve month high of $77.20. The company has a fifty day moving average of $71.87 and a 200-day moving average of $70.32. The stock has a market cap of $7.55 billion, a PE ratio of 12.97, a price-to-earnings-growth ratio of 0.82 and a beta of 0.64. 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 issued 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. 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 analyst estimates of $380.73 million. During the same period in the prior year, the firm earned $1.42 earnings per share. Prosperity Bancshares’s revenue was up 25.9% on a year-over-year basis. On average, sell-side analysts predict that Prosperity Bancshares will post 6.43 EPS for the current year.

Prosperity Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be given a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date of this dividend is Tuesday, September 15th. Prosperity Bancshares’s dividend payout ratio is presently 41.59%.

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.