StockNews.com Upgrades Prosperity Bancshares (NYSE:PB) to Hold

StockNews.com upgraded shares of Prosperity Bancshares (NYSE:PB) from a sell rating to a hold rating in a report issued on Tuesday.

PB has been the subject of several other research reports. Compass Point upped their price target on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. Truist Financial cut Prosperity Bancshares from a “buy” rating to a “hold” rating and decreased their price target for the company from $81.00 to $79.00 in a research note on Friday, September 20th. Wedbush reaffirmed an “outperform” rating and issued a $90.00 price target on shares of Prosperity Bancshares in a report on Thursday, October 24th. Hovde Group upped their target price on Prosperity Bancshares from $80.50 to $82.50 and gave the company an “outperform” rating in a research report on Monday, August 26th. Finally, Raymond James lowered shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price target for the company. in a research report on Tuesday, September 17th. Five research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $78.96.

Prosperity Bancshares Price Performance

Prosperity Bancshares stock opened at $82.50 on Tuesday. The stock has a market cap of $7.86 billion, a price-to-earnings ratio of 17.52, a price-to-earnings-growth ratio of 1.24 and a beta of 0.89. The firm has a 50-day moving average of $73.79 and a two-hundred day moving average of $68.31. Prosperity Bancshares has a 1 year low of $57.16 and a 1 year high of $85.13.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.31 by $0.03. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%. The company had revenue of $459.00 million for the quarter, compared to analysts’ expectations of $299.83 million. During the same quarter in the prior year, the firm earned $1.20 earnings per share. Research analysts expect that Prosperity Bancshares will post 5.05 earnings per share for the current year.

Prosperity Bancshares Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be issued a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a yield of 2.81%. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.56. The ex-dividend date is Friday, December 13th. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 47.56%.

Insider Transactions at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 500 shares of the business’s stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $83.96, for a total transaction of $41,980.00. Following the completion of the sale, the director now directly owns 114,315 shares in the company, valued at approximately $9,597,887.40. The trade was a 0.44 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 4.28% 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 business. M&T Bank Corp boosted its holdings in shares of Prosperity Bancshares by 0.3% during the 3rd quarter. M&T Bank Corp now owns 45,392 shares of the bank’s stock worth $3,272,000 after purchasing an additional 149 shares during the last quarter. US Bancorp DE boosted its stake in Prosperity Bancshares by 3.4% during the third quarter. US Bancorp DE now owns 4,720 shares of the bank’s stock worth $340,000 after buying an additional 153 shares during the last quarter. GAMMA Investing LLC grew its holdings in Prosperity Bancshares by 59.6% in the 2nd quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock valued at $29,000 after buying an additional 177 shares in the last quarter. Tectonic Advisors LLC increased its stake in shares of Prosperity Bancshares by 3.0% in the 3rd quarter. Tectonic Advisors LLC now owns 7,058 shares of the bank’s stock worth $509,000 after acquiring an additional 206 shares during the last quarter. Finally, GHP Investment Advisors Inc. boosted its position in shares of Prosperity Bancshares by 1.3% during the 3rd quarter. GHP Investment Advisors Inc. now owns 17,967 shares of the bank’s stock valued at $1,295,000 after acquiring an additional 228 shares during the last quarter. Institutional investors and hedge funds own 80.69% of the company’s stock.

Prosperity Bancshares Company Profile

Prosperity Bancshares, Inc operates as bank holding company for the Prosperity Bank that provides financial products and services to businesses and consumers. It accepts various deposit products, such as demand, savings, money market, and time accounts, as well as and certificates of deposit. The company also offers 1-4 family residential mortgage, commercial real estate and multifamily residential, commercial and industrial, agricultural, and non-real estate agricultural loans, as well as construction, land development, and other land loans; consumer loans, including automobile, recreational vehicle, boat, home improvement, personal, and deposit account collateralized loans; term loans and lines of credit; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and purchase of equipment and machinery.