Prosperity Bancshares (NYSE:PB) Earns “Neutral” Rating from Citigroup

Citigroup reaffirmed their neutral rating on shares of Prosperity Bancshares (NYSE:PB) in a report published on Monday morning, Marketbeat Ratings reports. The firm currently has a $68.00 price objective on the bank’s stock, down from their prior price objective of $78.00.

Other equities analysts have also issued research reports about the company. Cantor Fitzgerald initiated coverage on Prosperity Bancshares in a research note on Wednesday, September 10th. They issued an “overweight” rating and a $78.00 price objective for the company. Jefferies Financial Group started coverage on Prosperity Bancshares in a research note on Wednesday, May 21st. They issued a “buy” rating and a $85.00 price target for the company. Hovde Group reduced their price objective on shares of Prosperity Bancshares from $85.00 to $83.00 and set an “outperform” rating on the stock in a research report on Thursday, July 24th. Finally, Piper Sandler lowered their target price on shares of Prosperity Bancshares from $86.00 to $84.00 and set an “overweight” rating on the stock in a report on Thursday, July 24th. Ten analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $83.13.

Prosperity Bancshares Price Performance

Shares of PB stock opened at $65.82 on Monday. Prosperity Bancshares has a one year low of $61.57 and a one year high of $86.75. The company’s fifty day moving average price is $68.62 and its 200-day moving average price is $69.35. The company has a market capitalization of $6.25 billion, a price-to-earnings ratio of 11.97, a PEG ratio of 0.98 and a beta of 0.74.

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

Prosperity Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be issued a $0.58 dividend. The ex-dividend date is Monday, September 15th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.5%. Prosperity Bancshares’s payout ratio is 42.18%.

Insiders Place Their Bets

In related news, Director Ned S. Holmes sold 500 shares of the firm’s stock in a transaction on Wednesday, September 10th. The stock was sold at an average price of $67.19, for a total value of $33,595.00. Following the completion of the sale, the director directly owned 93,415 shares in the company, valued at $6,276,553.85. This trade represents a 0.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last 90 days, insiders sold 14,300 shares of company stock worth $995,019. Corporate insiders own 4.20% of the company’s stock.

Institutional Investors Weigh In On Prosperity Bancshares

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Steph & Co. bought a new stake in shares of Prosperity Bancshares in the 2nd quarter worth about $38,000. BI Asset Management Fondsmaeglerselskab A S bought a new position in Prosperity Bancshares during the 1st quarter valued at about $48,000. Employees Retirement System of Texas purchased a new stake in Prosperity Bancshares in the 2nd quarter worth about $48,000. Osaic Holdings Inc. lifted its stake in Prosperity Bancshares by 34.9% in the second quarter. Osaic Holdings Inc. now owns 719 shares of the bank’s stock worth $51,000 after purchasing an additional 186 shares during the last quarter. Finally, IFP Advisors Inc boosted its position 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 valued at $68,000 after buying 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.