Prosperity Bancshares, Inc. (NYSE:PB) Receives $78.77 Average Target Price from Analysts

Prosperity Bancshares, Inc. (NYSE:PB) has been assigned an average recommendation of “Hold” from the fifteen ratings firms that are covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, seven have assigned a hold recommendation and seven have issued a buy recommendation on the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $78.7692.

A number of equities research analysts recently commented on PB shares. Citigroup reaffirmed a “neutral” rating on shares of Prosperity Bancshares in a research note on Monday, February 2nd. Hovde Group boosted their target price on Prosperity Bancshares from $75.00 to $77.00 and gave the stock an “outperform” rating in a research report on Thursday, January 29th. Raymond James Financial downgraded shares of Prosperity Bancshares from an “outperform” rating to a “market perform” rating in a research report on Wednesday, January 7th. 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, Janney Montgomery Scott cut shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating in a report on Tuesday, February 3rd.

Prosperity Bancshares Trading Up 2.0%

Shares of NYSE PB opened at $74.55 on Wednesday. Prosperity Bancshares has a 1 year low of $61.06 and a 1 year high of $80.69. The firm’s 50-day moving average is $71.27 and its 200-day moving average is $68.20. The firm has a market capitalization of $7.08 billion, a PE ratio of 13.01, a price-to-earnings-growth ratio of 1.04 and a beta of 0.67.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, January 28th. The bank reported $1.46 earnings per share 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 analyst estimates of $319.30 million. During the same period in the prior year, the business posted $1.37 earnings per share. Prosperity Bancshares’s revenue was down 5.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Prosperity Bancshares will post 5.83 earnings per share for the current fiscal year.

Prosperity Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Friday, March 13th will be given a $0.60 dividend. The ex-dividend date is Friday, March 13th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.2%. Prosperity Bancshares’s dividend payout ratio is currently 41.88%.

Insider Buying and Selling

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the business’s stock in a transaction dated Wednesday, February 4th. The stock was sold at an average price of $72.64, for a total value of $36,320.00. Following the completion of the transaction, the director directly owned 82,915 shares of the company’s stock, valued at approximately $6,022,945.60. The trade was a 0.60% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last 90 days, insiders sold 16,150 shares of company stock worth $1,135,729. Company insiders own 4.20% of the company’s stock.

Hedge Funds Weigh In On Prosperity Bancshares

Several institutional investors have recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Prosperity Bancshares by 21.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 30,198 shares of the bank’s stock worth $2,155,000 after buying an additional 5,326 shares during the period. NewEdge Advisors LLC lifted its holdings in shares of Prosperity Bancshares by 36.8% in the first quarter. NewEdge Advisors LLC now owns 7,295 shares of the bank’s stock valued at $521,000 after purchasing an additional 1,962 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Prosperity Bancshares by 5.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 346,151 shares of the bank’s stock valued at $24,705,000 after purchasing an additional 17,345 shares in the last quarter. Jane Street Group LLC boosted its position in shares of Prosperity Bancshares by 182.8% during the first quarter. Jane Street Group LLC now owns 104,755 shares of the bank’s stock worth $7,476,000 after buying an additional 67,712 shares during the period. Finally, Sivia Capital Partners LLC bought a new position in shares of Prosperity Bancshares during the second quarter worth about $359,000. Institutional investors own 80.69% of the company’s stock.

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.