Prosperity Bancshares (NYSE:PB) Upgraded by Bank of America to Neutral Rating

Bank of America upgraded shares of Prosperity Bancshares (NYSE:PB) from an underperform rating to a neutral rating in a research note released on Tuesday, MarketBeat reports. They currently have $80.00 target price on the bank’s stock.

Other research analysts have also issued reports about the stock. Raymond James lowered shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price target on the stock. in a research note on Tuesday, September 17th. UBS Group dropped their target price on Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating on the stock in a research report on Thursday, December 26th. Royal Bank of Canada reissued a “sector perform” rating and set a $77.00 target price on shares of Prosperity Bancshares in a research note on Thursday, October 24th. DA Davidson downgraded Prosperity Bancshares from a “buy” rating to a “neutral” rating and decreased their price target for the company from $80.00 to $78.00 in a research note on Tuesday, October 15th. Finally, Barclays increased their price objective on Prosperity Bancshares from $84.00 to $88.00 and gave the stock an “equal weight” rating in a research report on Friday, December 20th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, Prosperity Bancshares has an average rating of “Hold” and a consensus target price of $81.38.

Prosperity Bancshares Trading Down 1.4 %

Shares of PB stock opened at $73.73 on Tuesday. The company has a market capitalization of $7.02 billion, a P/E ratio of 15.65, a price-to-earnings-growth ratio of 1.19 and a beta of 0.93. The business’s 50 day moving average is $79.20 and its two-hundred day moving average is $73.10. Prosperity Bancshares has a twelve month low of $57.16 and a twelve month high of $86.75.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share for the quarter, topping the consensus estimate of $1.31 by $0.03. The firm had revenue of $459.00 million during the quarter, compared to the consensus estimate of $299.83 million. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%. During the same period last year, the company earned $1.20 earnings per share. As a group, equities analysts predict that Prosperity Bancshares will post 5.05 earnings per share for the current fiscal year.

Prosperity Bancshares Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Friday, December 13th were paid a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a yield of 3.15%. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.56. The ex-dividend date was Friday, December 13th. Prosperity Bancshares’s dividend payout ratio is presently 49.26%.

Insiders Place Their Bets

In other Prosperity Bancshares news, Director Harrison Stafford II sold 4,000 shares of the firm’s stock in a transaction on Friday, December 13th. The stock was sold at an average price of $80.07, for a total transaction of $320,280.00. Following the completion of the transaction, the director now owns 107,137 shares of the company’s stock, valued at approximately $8,578,459.59. This trade represents a 3.60 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Ned S. Holmes sold 500 shares of the business’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $75.25, for a total value of $37,625.00. Following the completion of the transaction, the director now directly owns 109,815 shares of the company’s stock, valued at approximately $8,263,578.75. This trade represents a 0.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 13,100 shares of company stock worth $1,080,364. Insiders own 4.28% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Quarry LP grew its holdings in shares of Prosperity Bancshares by 533.3% during the second quarter. Quarry LP now owns 494 shares of the bank’s stock worth $30,000 after buying an additional 416 shares in the last quarter. Quest Partners LLC boosted its position in Prosperity Bancshares by 3,147.1% during the second quarter. Quest Partners LLC now owns 552 shares of the bank’s stock worth $34,000 after acquiring an additional 535 shares during the last quarter. Strategic Financial Concepts LLC purchased a new stake in Prosperity Bancshares in the 2nd quarter worth approximately $43,000. Headlands Technologies LLC acquired a new position in Prosperity Bancshares in the 2nd quarter valued at $46,000. Finally, GAMMA Investing LLC lifted its stake in shares of Prosperity Bancshares by 47.9% during the 3rd quarter. GAMMA Investing LLC now owns 701 shares of the bank’s stock worth $51,000 after purchasing an additional 227 shares during the period. Institutional investors and hedge funds own 80.69% of the company’s stock.

About Prosperity Bancshares

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.