Prosperity Bancshares (NYSE:PB) Now Covered by Cantor Fitzgerald

Cantor Fitzgerald started coverage on shares of Prosperity Bancshares (NYSE:PB) in a research report sent to investors on Wednesday morning, MarketBeat.com reports. The firm issued an overweight rating and a $78.00 target price on the bank’s stock.

PB has been the subject of several other research reports. Jefferies Financial Group began coverage on Prosperity Bancshares in a research note on Wednesday, May 21st. They set a “buy” rating and a $85.00 target price for the company. Citigroup raised their price objective on shares of Prosperity Bancshares from $76.00 to $78.00 and gave the stock a “buy” rating in a report on Tuesday, August 26th. Piper Sandler lowered their target price on shares of Prosperity Bancshares from $86.00 to $84.00 and set an “overweight” rating for the company in a report on Thursday, July 24th. Wall Street Zen raised shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a research report on Tuesday, May 13th. Finally, Hovde Group cut their price target on shares of Prosperity Bancshares from $85.00 to $83.00 and set an “outperform” rating on the stock in a research note on Thursday, July 24th. Eleven analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $83.75.

Prosperity Bancshares Stock Up 0.0%

NYSE PB opened at $67.79 on Wednesday. Prosperity Bancshares has a 52 week low of $61.57 and a 52 week high of $86.75. The firm has a 50 day moving average of $69.12 and a two-hundred day moving average of $69.58. The stock has a market capitalization of $6.44 billion, a PE ratio of 12.33, a price-to-earnings-growth ratio of 1.01 and a beta of 0.74.

Prosperity Bancshares (NYSE:PB) last posted its earnings results on Wednesday, July 23rd. The bank reported $1.42 EPS for the quarter, beating the consensus estimate of $1.40 by $0.02. The firm had revenue of $310.70 million for the quarter, compared to analyst estimates of $315.66 million. Prosperity Bancshares had a return on equity of 6.99% and a net margin of 29.37%.During the same quarter in the prior year, the company posted $1.22 earnings per share. On average, equities research analysts expect that Prosperity Bancshares will post 5.83 earnings per share for the current fiscal year.

Prosperity Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be given a $0.58 dividend. The ex-dividend date is Monday, September 15th. This represents a $2.32 annualized dividend and a yield of 3.4%. Prosperity Bancshares’s dividend payout ratio is 42.18%.

Insider Transactions at Prosperity Bancshares

In other Prosperity Bancshares news, Director Ned S. Holmes sold 600 shares of Prosperity Bancshares stock in a transaction on Wednesday, June 18th. The shares were sold at an average price of $67.71, for a total value of $40,626.00. Following the transaction, the director directly owned 45,300 shares in the company, valued at approximately $3,067,263. The trade was a 1.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last quarter, insiders have sold 15,400 shares of company stock worth $1,069,500. Company insiders own 4.20% of the company’s stock.

Hedge Funds Weigh In On Prosperity Bancshares

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Steph & Co. acquired a new stake in Prosperity Bancshares during the 2nd quarter worth approximately $38,000. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of Prosperity Bancshares during the first quarter worth approximately $48,000. Employees Retirement System of Texas acquired a new stake in shares of Prosperity Bancshares during the second quarter worth $48,000. Osaic Holdings Inc. grew its position in Prosperity Bancshares by 34.9% in the 2nd quarter. Osaic Holdings Inc. now owns 719 shares of the bank’s stock valued at $51,000 after buying an additional 186 shares during the last quarter. Finally, IFP Advisors Inc increased its stake in shares of Prosperity Bancshares by 1,251.4% during the second quarter. IFP Advisors Inc now owns 973 shares of the bank’s stock worth $68,000 after acquiring an additional 901 shares during the period. Hedge funds and other institutional investors 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.