Prosperity Bancshares, Inc. (NYSE:PB) Receives $78.77 Average PT from Brokerages

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

PB has been the subject of several research reports. TD Cowen reiterated a “buy” rating on shares of Prosperity Bancshares in a research report on Wednesday, January 7th. Piper Sandler downgraded shares of Prosperity Bancshares from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $77.00 to $74.00 in a research report on Thursday, January 29th. Stephens raised their target price on shares of Prosperity Bancshares from $77.00 to $81.00 and gave the stock an “overweight” rating in a report on Thursday, October 30th. DA Davidson restated a “neutral” rating and issued a $76.00 target price on shares of Prosperity Bancshares in a research note on Thursday, January 29th. Finally, Janney Montgomery Scott cut Prosperity Bancshares from a “buy” rating to a “neutral” rating in a research report on Tuesday.

Insider Buying and Selling at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction that occurred on Wednesday, February 4th. The stock was sold at an average price of $72.64, for a total transaction of $36,320.00. Following the sale, the director 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 filing with the SEC, which is accessible through the SEC website. Over the last 90 days, insiders have sold 16,150 shares of company stock valued at $1,135,729. 4.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Prosperity Bancshares

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC boosted its stake in Prosperity Bancshares by 12.3% during the 4th quarter. EverSource Wealth Advisors LLC now owns 3,561 shares of the bank’s stock valued at $246,000 after purchasing an additional 391 shares in the last quarter. Stieven Capital Advisors L.P. lifted its holdings in shares of Prosperity Bancshares by 50.2% in the fourth quarter. Stieven Capital Advisors L.P. now owns 178,658 shares of the bank’s stock valued at $12,347,000 after buying an additional 59,700 shares during the period. Algebris UK Ltd. boosted its stake in Prosperity Bancshares by 67.8% during the fourth quarter. Algebris UK Ltd. now owns 892,489 shares of the bank’s stock valued at $61,709,000 after buying an additional 360,758 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings in Prosperity Bancshares by 35.5% during the fourth quarter. PNC Financial Services Group Inc. now owns 3,093 shares of the bank’s stock worth $214,000 after acquiring an additional 810 shares during the period. Finally, ProShare Advisors LLC grew its holdings in Prosperity Bancshares by 1.4% during the fourth quarter. ProShare Advisors LLC now owns 523,703 shares of the bank’s stock worth $36,193,000 after acquiring an additional 7,322 shares during the period. Institutional investors own 80.69% of the company’s stock.

Prosperity Bancshares Stock Performance

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 stock has a 50-day simple moving average of $71.27 and a 200-day simple moving average of $68.25. The stock has a market capitalization of $7.08 billion, a P/E ratio of 13.01, a PEG ratio of 1.02 and a beta of 0.67.

Prosperity Bancshares (NYSE:PB) last issued its earnings results on Wednesday, January 28th. The bank reported $1.46 earnings per share for the quarter, topping the consensus estimate of $1.45 by $0.01. Prosperity Bancshares had a return on equity of 7.11% and a net margin of 31.22%.The company had revenue of $317.73 million during the quarter, compared to the consensus estimate of $319.30 million. During the same quarter in the prior year, the business earned $1.37 earnings per share. The company’s revenue was down 5.9% compared to the same quarter last year. Analysts predict that Prosperity Bancshares will post 5.83 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th will be issued a dividend of $0.60 per share. The ex-dividend date of this dividend is Friday, March 13th. This represents a $2.40 annualized dividend and a dividend yield of 3.2%. Prosperity Bancshares’s payout ratio is 41.88%.

About Prosperity Bancshares

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.