TD Cowen Cuts Prosperity Bancshares (NYSE:PB) Price Target to $78.00

Prosperity Bancshares (NYSE:PB) had its target price cut by TD Cowen from $84.00 to $78.00 in a research note released on Monday morning,Benzinga reports. They currently have a buy rating on the bank’s stock.

Several other equities analysts have also issued reports on the company. Barclays lifted their price target on Prosperity Bancshares from $68.00 to $70.00 and gave the stock an “underweight” rating in a research report on Monday. Morgan Stanley increased their price objective on shares of Prosperity Bancshares from $80.00 to $81.00 and gave the company an “underweight” rating in a research report on Monday, September 28th. Weiss Ratings lowered shares of Prosperity Bancshares from a “buy (b)” rating to a “buy (b-)” rating in a research note on Thursday, September 24th. Citigroup decreased their target price on shares of Prosperity Bancshares from $79.00 to $77.00 and set a “neutral” rating for the company in a report on Tuesday, September 22nd. Finally, Benchmark started coverage on shares of Prosperity Bancshares in a research note on Wednesday, June 24th. They issued a “hold” rating on the stock. Six research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $78.00.

Prosperity Bancshares Stock Down 1.8%

PB stock opened at $65.90 on Monday. Prosperity Bancshares has a twelve month low of $61.06 and a twelve month high of $77.20. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.01. The firm has a market cap of $6.65 billion, a PE ratio of 11.42, a price-to-earnings-growth ratio of 0.73 and a beta of 0.66. The business has a 50 day moving average of $71.44 and a 200 day moving average of $70.45.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, July 29th. The bank reported $1.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.50 by $0.12. Prosperity Bancshares had a return on equity of 7.39% and a net margin of 29.95%.The business had revenue of $391.25 million during the quarter, compared to analysts’ expectations of $380.73 million. During the same quarter in the previous year, the business earned $1.42 earnings per share. The firm’s quarterly revenue was up 25.9% compared to the same quarter last year. On average, research analysts forecast that Prosperity Bancshares will post 6.48 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th were issued a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date of this dividend was Tuesday, September 15th. Prosperity Bancshares’s dividend payout ratio is presently 41.59%.

Insider Activity at Prosperity Bancshares

In related news, Director Ned Holmes sold 600 shares of Prosperity Bancshares stock in a transaction dated Wednesday, September 30th. The stock was sold at an average price of $66.56, for a total value of $39,936.00. Following the completion of the sale, the director directly owned 38,600 shares in the company, valued at approximately $2,569,216. This trade represents a 1.53% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold 10,500 shares of company stock worth $757,621 over the last 90 days. Company insiders own 3.96% of the company’s stock.

Hedge Funds Weigh In On Prosperity Bancshares

Hedge funds have recently bought and sold shares of the business. BlackRock Inc. bought a new stake in shares of Prosperity Bancshares in the second quarter worth approximately $746,776,000. Barrow Hanley Mewhinney & Strauss LLC bought a new position in Prosperity Bancshares during the second quarter valued at approximately $350,099,000. Dimensional Fund Advisors LP lifted its position in Prosperity Bancshares by 4.3% during the first quarter. Dimensional Fund Advisors LP now owns 4,929,309 shares of the bank’s stock valued at $331,142,000 after purchasing an additional 205,291 shares during the period. North Reef Capital Management LP boosted its holdings in Prosperity Bancshares by 149.0% in the first quarter. North Reef Capital Management LP now owns 1,107,877 shares of the bank’s stock worth $74,427,000 after purchasing an additional 662,877 shares during the last quarter. Finally, Algebris UK Ltd. purchased a new stake in Prosperity Bancshares in the second quarter worth approximately $59,465,000. Hedge funds and other 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.