Prosperity Bancshares (NYSE:PB) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Prosperity Bancshares (NYSE:PB) from a sell rating to a hold rating in a research report report published on Saturday.

Other equities research analysts have also issued reports about the stock. Benchmark initiated coverage on shares of Prosperity Bancshares in a report on Wednesday, June 24th. They set a “hold” rating for the company. TD Cowen upped their target price on shares of Prosperity Bancshares from $82.00 to $84.00 and gave the stock a “buy” rating in a research report on Friday. Piper Sandler raised 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. Morgan Stanley reiterated an “equal weight” rating and issued a $80.00 price target (down from $85.00) on shares of Prosperity Bancshares in a research note on Monday, July 6th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $80.00 price objective on shares of Prosperity Bancshares in a report on Tuesday, June 23rd. Five equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $78.36.

Prosperity Bancshares Trading Up 0.5%

Shares of PB stock opened at $75.27 on Friday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.75 and a current ratio of 0.75. The stock has a fifty day simple moving average of $71.77 and a two-hundred day simple moving average of $70.30. The firm has a market capitalization of $7.59 billion, a PE ratio of 13.04, a PEG ratio of 1.18 and a beta of 0.64. Prosperity Bancshares has a 52-week low of $61.06 and a 52-week high of $77.20.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings data on Wednesday, July 29th. The bank reported $1.62 earnings per share for the quarter, topping analysts’ consensus estimates of $1.50 by $0.12. The firm had revenue of $391.25 million during the quarter, compared to analyst estimates of $380.73 million. Prosperity Bancshares had a return on equity of 7.39% and a net margin of 29.95%.The business’s quarterly revenue was up 25.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.42 earnings per share. On average, analysts predict that Prosperity Bancshares will post 6.37 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be paid a dividend of $0.60 per share. The ex-dividend date is Tuesday, September 15th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.2%. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 41.59%.

Insider Transactions at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 600 shares of the business’s stock in a transaction that occurred on Wednesday, May 6th. The shares were sold at an average price of $70.24, for a total value of $42,144.00. Following the completion of the transaction, the director owned 40,700 shares of the company’s stock, valued at $2,858,768. The trade was a 1.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders have sold 12,100 shares of company stock worth $854,426 over the last 90 days. Company insiders own 3.96% of the company’s stock.

Institutional Investors Weigh In On Prosperity Bancshares

A number of hedge funds have recently made changes to their positions in PB. Sepio Capital LP boosted its holdings in shares of Prosperity Bancshares by 2.4% in the 4th quarter. Sepio Capital LP now owns 5,701 shares of the bank’s stock valued at $394,000 after acquiring an additional 133 shares during the last quarter. Commonwealth Equity Services LLC raised its holdings in shares of Prosperity Bancshares by 1.0% during the fourth quarter. Commonwealth Equity Services LLC now owns 14,324 shares of the bank’s stock worth $990,000 after purchasing an additional 145 shares during the last quarter. Osaic Holdings Inc. grew its position in Prosperity Bancshares by 34.9% during the 2nd quarter. Osaic Holdings Inc. now owns 719 shares of the bank’s stock worth $51,000 after purchasing an additional 186 shares during the period. Earned Wealth Advisors LLC grew its position in Prosperity Bancshares by 6.2% during the 1st quarter. Earned Wealth Advisors LLC now owns 3,639 shares of the bank’s stock worth $244,000 after purchasing an additional 213 shares during the period. Finally, Public Employees Retirement System of Ohio raised its stake in shares of Prosperity Bancshares by 0.6% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 39,655 shares of the bank’s stock valued at $2,631,000 after buying an additional 228 shares during the last quarter. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

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.