Prosperity Bancshares (NYSE:PB) Price Target Cut to $78.00 by Analysts at TD Cowen

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

A number of other brokerages also recently weighed in on PB. Weiss Ratings downgraded Prosperity Bancshares from a “buy (b)” rating to a “buy (b-)” rating in a research report on Thursday, September 24th. Morgan Stanley boosted their target price on shares of Prosperity Bancshares from $80.00 to $81.00 and gave the stock an “underweight” rating in a report on Monday, September 28th. Royal Bank Of Canada increased their price target on shares of Prosperity Bancshares from $78.00 to $80.00 and gave the company a “sector perform” rating in a research report on Thursday, July 30th. Barclays raised their price target on shares of Prosperity Bancshares from $68.00 to $70.00 and gave the company an “underweight” rating in a report on Monday. Finally, Benchmark assumed coverage on shares of Prosperity Bancshares in a research report on Wednesday, June 24th. They issued a “hold” rating on the stock. Five analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $77.91.

Prosperity Bancshares Stock Down 0.1%

Prosperity Bancshares stock opened at $67.28 on Monday. 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 $6.79 billion, a P/E ratio of 11.66, a P/E/G ratio of 0.73 and a beta of 0.66. The business has a fifty day moving average of $71.73 and a two-hundred day moving average of $70.42. Prosperity Bancshares has a twelve month low of $61.06 and a twelve month 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 (EPS) for the quarter, beating analysts’ consensus estimates of $1.50 by $0.12. The business had revenue of $391.25 million for the quarter, compared to the consensus estimate of $380.73 million. Prosperity Bancshares had a return on equity of 7.39% and a net margin of 29.95%.The business’s revenue was up 25.9% compared to the same quarter last year. During the same period last year, the business posted $1.42 EPS. On average, analysts forecast that Prosperity Bancshares will post 6.48 earnings per share for the current fiscal year.

Prosperity Bancshares Dividend Announcement

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

Insider Transactions at Prosperity Bancshares

In other Prosperity Bancshares news, Director Ned Holmes sold 600 shares of the stock in a transaction dated Wednesday, July 8th. The stock was sold at an average price of $70.61, for a total value of $42,366.00. Following the completion of the sale, the director directly owned 39,800 shares in the company, valued at approximately $2,810,278. This trade represents a 1.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Over the last quarter, insiders sold 11,600 shares of company stock worth $835,267. Corporate insiders own 3.96% of the company’s stock.

Institutional Investors Weigh In On Prosperity Bancshares

A number of large investors have recently modified their holdings of PB. Parkside Financial Bank & Trust raised its position in shares of Prosperity Bancshares by 52.0% in the 2nd quarter. Parkside Financial Bank & Trust now owns 576 shares of the bank’s stock valued at $42,000 after purchasing an additional 197 shares during the last quarter. SouthState Bank Corp acquired a new stake in Prosperity Bancshares in the 4th quarter worth approximately $49,000. Global Retirement Partners LLC purchased a new stake in Prosperity Bancshares during the 2nd quarter worth approximately $54,000. Root Financial Partners LLC grew its position in Prosperity Bancshares by 310.6% during the 1st quarter. Root Financial Partners LLC now owns 1,162 shares of the bank’s stock worth $78,000 after purchasing an additional 879 shares during the last quarter. Finally, GAMMA Investing LLC increased its stake in Prosperity Bancshares by 33.8% during 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 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 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.