Prosperity Bancshares (NYSE:PB) Price Target Raised to $81.00

Prosperity Bancshares (NYSE:PB) had its price objective lifted by Stephens from $77.00 to $81.00 in a research report released on Thursday morning, Marketbeat.com reports. The firm currently has an overweight rating on the bank’s stock.

A number of other research analysts have also weighed in on the company. Cantor Fitzgerald assumed coverage on Prosperity Bancshares in a research note on Wednesday, September 10th. They set an “overweight” rating and a $78.00 price target on the stock. Hovde Group reduced their target price on Prosperity Bancshares from $83.00 to $80.00 and set an “outperform” rating on the stock in a research report on Thursday. Cowen started coverage on Prosperity Bancshares in a research report on Wednesday, September 24th. They set a “buy” rating on the stock. Piper Sandler cut their price objective on shares of Prosperity Bancshares from $84.00 to $77.00 and set an “overweight” rating on the stock in a report on Thursday. Finally, TD Cowen started coverage on shares of Prosperity Bancshares in a report on Thursday, September 25th. They set a “buy” rating and a $79.00 price objective on the stock. Eleven equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $80.50.

Prosperity Bancshares Trading Up 1.7%

NYSE:PB opened at $65.93 on Thursday. The firm has a market cap of $6.26 billion, a price-to-earnings ratio of 11.75, a price-to-earnings-growth ratio of 0.97 and a beta of 0.73. The company’s 50-day moving average is $66.05 and its two-hundred day moving average is $68.32. Prosperity Bancshares has a 12-month low of $61.06 and a 12-month high of $86.75.

Prosperity Bancshares (NYSE:PB) last released its earnings results on Wednesday, October 29th. The bank reported $1.45 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.45. The company had revenue of $314.67 million for the quarter, compared to analyst estimates of $317.94 million. Prosperity Bancshares had a net margin of 30.28% and a return on equity of 7.06%. The firm’s quarterly revenue was up 3.9% on a year-over-year basis. During the same period in the prior year, the firm earned $1.34 EPS. On average, equities research analysts forecast that Prosperity Bancshares will post 5.83 earnings per share for the current fiscal year.

Prosperity Bancshares Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Monday, December 15th will be given a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 3.6%. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.58. The ex-dividend date of this dividend is Monday, December 15th. Prosperity Bancshares’s dividend payout ratio is presently 42.78%.

Insiders Place Their Bets

In other Prosperity Bancshares news, Director Ned S. Holmes sold 600 shares of Prosperity Bancshares stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $66.34, for a total transaction of $39,804.00. Following the transaction, the director directly owned 44,600 shares of the company’s stock, valued at $2,958,764. The trade was a 1.33% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders have sold 14,300 shares of company stock worth $950,496 over the last 90 days. Insiders own 4.20% of the company’s stock.

Hedge Funds Weigh In On Prosperity Bancshares

Hedge funds have recently made changes to their positions in the business. Mather Group LLC. purchased a new position in Prosperity Bancshares in the third quarter valued at about $26,000. Steph & Co. purchased a new stake in shares of Prosperity Bancshares during the 2nd quarter valued at about $38,000. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of Prosperity Bancshares during the 1st quarter valued at about $48,000. Employees Retirement System of Texas purchased a new stake in shares of Prosperity Bancshares during the 2nd quarter valued at about $48,000. Finally, Osaic Holdings Inc. lifted its position in shares of Prosperity Bancshares by 34.9% during the second quarter. Osaic Holdings Inc. now owns 719 shares of the bank’s stock worth $51,000 after purchasing an additional 186 shares in the last quarter. Hedge funds and other institutional investors 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.