Prosperity Bancshares, Inc. (NYSE:PB) Stock Has Consensus Target Price of $77.73 According to Analysts

Prosperity Bancshares, Inc. (NYSE:PB) has received a consensus recommendation of “Hold” from the fourteen research firms that are presently covering the company, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell recommendation, six have assigned a hold recommendation and six have given a buy recommendation to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $77.55.

A number of research analysts recently issued reports on PB shares. TD Cowen decreased their price objective on shares of Prosperity Bancshares from $84.00 to $78.00 and set a “buy” rating for the company in a report on Monday, October 5th. Piper Sandler upped their target price on shares of Prosperity Bancshares from $75.00 to $80.00 and gave the company a “neutral” rating in a research note on Thursday, July 30th. Raymond James Financial upgraded shares of Prosperity Bancshares from a “market perform” rating to an “outperform” rating and set a $78.00 target price on the stock in a report on Tuesday, October 6th. Barclays lifted their price target on shares of Prosperity Bancshares from $68.00 to $70.00 and gave the stock an “underweight” rating in a research report on Monday, October 5th. Finally, Weiss Ratings raised shares of Prosperity Bancshares from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, October 9th.

Insider Buying and Selling

In related news, Director Ned Holmes sold 500 shares of the firm’s stock in a transaction on Wednesday, October 14th. The stock was sold at an average price of $66.22, for a total transaction of $33,110.00. Following the sale, the director owned 66,615 shares of the company’s stock, valued at approximately $4,411,245.30. This trade represents a 0.74% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Over the last 90 days, insiders sold 12,700 shares of company stock worth $902,833. Company insiders own 3.96% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Parkside Financial Bank & Trust raised its position in shares of 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 during the period. Global Retirement Partners LLC bought a new position in shares of Prosperity Bancshares during the 2nd quarter valued at about $54,000. Root Financial Partners LLC grew its position in shares of Prosperity Bancshares by 310.6% in the 1st quarter. Root Financial Partners LLC now owns 1,162 shares of the bank’s stock valued at $78,000 after purchasing an additional 879 shares during the period. Farther Finance Advisors LLC grew its position in shares of Prosperity Bancshares by 15.9% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,867 shares of the bank’s stock valued at $124,000 after purchasing an additional 256 shares during the period. Finally, GAMMA Investing LLC grew its position in shares of Prosperity Bancshares by 33.8% in the 2nd quarter. GAMMA Investing LLC now owns 1,990 shares of the bank’s stock valued at $145,000 after purchasing an additional 503 shares during the period. 80.69% of the stock is owned by institutional investors and hedge funds.

Prosperity Bancshares Price Performance

Prosperity Bancshares stock opened at $66.70 on Monday. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $6.73 billion, a P/E ratio of 11.00, a PEG ratio of 0.74 and a beta of 0.66. The business has a 50-day moving average of $70.59 and a 200-day moving average of $70.47. Prosperity Bancshares has a 1 year low of $61.06 and a 1 year high of $77.20.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings results on Wednesday, July 29th. The bank reported $1.62 earnings per share for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $380.73 million. During the same period last year, the company posted $1.42 EPS. Prosperity Bancshares’s revenue for the quarter was up 25.9% on a year-over-year basis. On average, equities analysts anticipate that Prosperity Bancshares will post 6.46 EPS for the current year.

Prosperity Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 1st. Investors of record on Tuesday, September 15th were given a $0.60 dividend. The ex-dividend date was Tuesday, September 15th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.6%. Prosperity Bancshares’s dividend payout ratio is currently 41.59%.

About Prosperity Bancshares

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.