Analysts Set Prosperity Bancshares, Inc. (NYSE:PB) Price Target at $78.77

Shares of Prosperity Bancshares, Inc. (NYSE:PB) have been assigned an average recommendation of “Hold” from the fifteen brokerages that are covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, seven have assigned a hold recommendation and seven have assigned a buy recommendation to the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $78.9231.

PB has been the subject of a number of recent research reports. Barclays lowered Prosperity Bancshares from an “equal weight” rating to an “underweight” rating and lowered their target price for the company from $75.00 to $68.00 in a research note on Monday, February 2nd. TD Cowen reaffirmed a “buy” rating on shares of Prosperity Bancshares in a research note on Wednesday, January 7th. Janney Montgomery Scott downgraded Prosperity Bancshares from a “buy” rating to a “neutral” rating in a research report on Tuesday, February 3rd. DA Davidson reissued a “neutral” rating and set a $76.00 price objective on shares of Prosperity Bancshares in a research note on Thursday, January 29th. Finally, Hovde Group raised their target price on shares of Prosperity Bancshares from $75.00 to $77.00 and gave the stock an “outperform” rating in a report on Thursday, January 29th.

Insider Buying and Selling

In related news, Director Ned S. Holmes sold 500 shares of the firm’s stock in a transaction that occurred on Wednesday, February 25th. The shares were sold at an average price of $71.31, for a total transaction of $35,655.00. Following the completion of the sale, the director owned 81,415 shares of the company’s stock, valued at $5,805,703.65. This trade represents a 0.61% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold 13,950 shares of company stock valued at $998,388 over the last 90 days. Insiders own 4.20% of the company’s stock.

Institutional Investors Weigh In On Prosperity Bancshares

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Sepio Capital LP grew its holdings in Prosperity Bancshares by 2.4% during the fourth quarter. Sepio Capital LP now owns 5,701 shares of the bank’s stock valued at $394,000 after purchasing an additional 133 shares during the period. Commonwealth Equity Services LLC lifted its holdings in Prosperity Bancshares by 1.0% during the fourth quarter. Commonwealth Equity Services LLC now owns 14,324 shares of the bank’s stock valued at $990,000 after purchasing an additional 145 shares in the last quarter. Clearstead Advisors LLC lifted its holdings in Prosperity Bancshares by 10.9% during the third quarter. Clearstead Advisors LLC now owns 1,614 shares of the bank’s stock valued at $107,000 after purchasing an additional 159 shares in the last quarter. Bfsg LLC boosted its position in shares of Prosperity Bancshares by 5.1% in the third quarter. Bfsg LLC now owns 3,363 shares of the bank’s stock worth $223,000 after purchasing an additional 164 shares during the period. Finally, AE Wealth Management LLC raised its position in shares of Prosperity Bancshares by 3.8% during the 2nd quarter. AE Wealth Management LLC now owns 4,640 shares of the bank’s stock valued at $326,000 after purchasing an additional 172 shares during the period. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Prosperity Bancshares Stock Performance

Shares of PB stock opened at $70.03 on Friday. The firm has a market cap of $7.11 billion, a price-to-earnings ratio of 12.22, a P/E/G ratio of 1.00 and a beta of 0.66. Prosperity Bancshares has a 52 week low of $61.06 and a 52 week high of $77.20. The firm’s 50-day simple moving average is $71.77 and its two-hundred day simple moving average is $68.90.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings data on Wednesday, January 28th. The bank reported $1.46 EPS for the quarter, beating the consensus estimate of $1.45 by $0.01. Prosperity Bancshares had a net margin of 31.22% and a return on equity of 7.11%. The business had revenue of $317.73 million for the quarter, compared to the consensus estimate of $319.30 million. The company’s revenue was down 5.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.37 earnings per share. Analysts forecast that Prosperity Bancshares will post 5.83 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Friday, March 13th will be given a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date of this dividend is Friday, March 13th. Prosperity Bancshares’s dividend payout ratio (DPR) is 41.88%.

Prosperity Bancshares Company Profile

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.