Prosperity Bancshares, Inc. (NYSE:PB) Receives Average Recommendation of “Hold” from Brokerages

Shares of Prosperity Bancshares, Inc. (NYSE:PB) have received an average rating of “Hold” from the thirteen ratings firms that are currently covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, seven have assigned a hold recommendation and five have given a buy recommendation to the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $76.8182.

Several analysts recently weighed in on PB shares. Morgan Stanley cut their price objective on shares of Prosperity Bancshares from $91.00 to $83.00 and set an “overweight” rating on the stock in a research report on Tuesday, March 31st. Weiss Ratings downgraded shares of Prosperity Bancshares from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday, May 11th. Piper Sandler boosted their price target on shares of Prosperity Bancshares from $74.00 to $75.00 and gave the stock a “neutral” rating in a research report on Thursday, April 30th. Cantor Fitzgerald boosted their price target on shares of Prosperity Bancshares from $81.00 to $83.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 3rd. Finally, Citigroup boosted their price target on shares of Prosperity Bancshares from $72.00 to $74.00 and gave the stock a “neutral” rating in a research report on Monday, May 4th.

Insider Activity at Prosperity Bancshares

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the business’s stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $71.35, for a total transaction of $35,675.00. Following the sale, the director directly owned 75,615 shares in the company, valued at approximately $5,395,130.25. The trade was a 0.66% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In the last 90 days, insiders have sold 14,300 shares of company stock worth $978,402. 3.96% of the stock is currently owned by insiders.

Institutional Trading of Prosperity Bancshares

A number of hedge funds and other institutional investors have recently made changes to their positions in PB. Vanguard Group Inc. raised its holdings in shares of Prosperity Bancshares by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 10,256,927 shares of the bank’s stock worth $708,856,000 after purchasing an additional 140,035 shares in the last quarter. State Street Corp raised its holdings in shares of Prosperity Bancshares by 6.6% in the 3rd quarter. State Street Corp now owns 5,580,039 shares of the bank’s stock worth $373,231,000 after purchasing an additional 343,062 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Prosperity Bancshares by 4.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,929,309 shares of the bank’s stock worth $331,142,000 after purchasing an additional 205,291 shares in the last quarter. AQR Capital Management LLC raised its holdings in shares of Prosperity Bancshares by 34.5% in the 4th quarter. AQR Capital Management LLC now owns 4,600,715 shares of the bank’s stock worth $317,955,000 after purchasing an additional 1,179,307 shares in the last quarter. Finally, Morgan Stanley raised its holdings in shares of Prosperity Bancshares by 0.4% in the 4th quarter. Morgan Stanley now owns 3,679,871 shares of the bank’s stock worth $254,316,000 after purchasing an additional 15,192 shares in the last quarter. 80.69% of the stock is currently owned by institutional investors.

Prosperity Bancshares Trading Up 1.5%

Shares of NYSE:PB opened at $72.64 on Tuesday. The company has a market cap of $7.33 billion, a PE ratio of 13.16, a P/E/G ratio of 1.11 and a beta of 0.64. The company’s 50-day moving average price is $68.95 and its 200 day moving average price is $69.80. Prosperity Bancshares has a fifty-two week low of $61.06 and a fifty-two week high of $77.20. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.01.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings data on Wednesday, April 29th. The bank reported $1.50 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.09. The firm had revenue of $367.62 million for the quarter, compared to the consensus estimate of $358.60 million. Prosperity Bancshares had a net margin of 29.50% and a return on equity of 7.20%. Prosperity Bancshares’s quarterly revenue was up 19.9% compared to the same quarter last year. During the same period last year, the firm posted $1.37 EPS. Sell-side analysts anticipate that Prosperity Bancshares will post 6.27 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Monday, June 15th will be given a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date is Monday, June 15th. Prosperity Bancshares’s payout ratio is 43.48%.

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.