Analysts Set Prosperity Bancshares, Inc. (NYSE:PB) Target Price at $78.36

Shares of Prosperity Bancshares, Inc. (NYSE:PB) have received an average rating of “Hold” from the fourteen research firms that are covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, eight have given 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 $78.3636.

A number of analysts recently commented on the company. Cantor Fitzgerald reiterated an “overweight” rating and issued a $80.00 price objective on shares of Prosperity Bancshares in a research report on Tuesday, June 23rd. Citigroup upped their target price on shares of Prosperity Bancshares from $75.00 to $79.00 and gave the company a “neutral” rating in a research report on Friday, July 31st. Royal Bank Of Canada raised their target price on shares of Prosperity Bancshares from $78.00 to $80.00 and gave the company a “sector perform” rating in a research note on Thursday, July 30th. Morgan Stanley reiterated an “equal weight” rating and set a $80.00 price target (down from $85.00) on shares of Prosperity Bancshares in a research report on Monday, July 6th. Finally, Weiss Ratings raised shares of Prosperity Bancshares from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, July 29th.

Prosperity Bancshares Stock Down 0.5%

Shares of PB opened at $72.72 on Friday. The business’s fifty day moving average price is $73.14 and its two-hundred day moving average price is $70.53. The firm has a market capitalization of $7.33 billion, a price-to-earnings ratio of 12.60, a PEG ratio of 0.80 and a beta of 0.64. Prosperity Bancshares has a 52 week low of $61.06 and a 52 week high of $77.20. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.75 and a current ratio of 0.75.

Prosperity Bancshares (NYSE:PB) last released its earnings results 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. Prosperity Bancshares had a return on equity of 7.39% and a net margin of 29.95%.The company had revenue of $369.18 million during the quarter, compared to the consensus estimate of $380.73 million. During the same quarter in the previous year, the company posted $1.42 earnings per share. The firm’s quarterly revenue was up 25.9% on a year-over-year basis. On average, analysts predict that Prosperity Bancshares will post 6.47 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be issued a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date of this dividend is Tuesday, September 15th. Prosperity Bancshares’s payout ratio is currently 41.59%.

Insider Activity at Prosperity Bancshares

In other Prosperity Bancshares news, Director Ned S. Holmes sold 600 shares of the company’s stock in a transaction on Wednesday, August 26th. The shares were sold at an average price of $73.18, for a total transaction of $43,908.00. Following the completion of the sale, the director owned 39,100 shares in the company, valued at approximately $2,861,338. The trade was a 1.51% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In the last three months, insiders have sold 12,100 shares of company stock worth $877,186. Insiders own 3.96% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Corient Private Wealth LP increased its holdings in Prosperity Bancshares by 22.2% in the second quarter. Corient Private Wealth LP now owns 29,432 shares of the bank’s stock valued at $2,159,000 after purchasing an additional 5,351 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Prosperity Bancshares during the second quarter worth about $475,000. California State Teachers Retirement System boosted its holdings in Prosperity Bancshares by 6,498.9% during the second quarter. California State Teachers Retirement System now owns 7,924,120 shares of the bank’s stock worth $578,698,000 after buying an additional 7,804,038 shares during the last quarter. Ameritas Advisory Services LLC acquired a new position in shares of Prosperity Bancshares during the 2nd quarter worth about $209,000. Finally, HB Wealth Management LLC grew its position in shares of Prosperity Bancshares by 20.1% during the 2nd quarter. HB Wealth Management LLC now owns 13,891 shares of the bank’s stock worth $1,014,000 after buying an additional 2,323 shares during the period. 80.69% of the stock is currently owned by 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.