Prosperity Bancshares, Inc. (NYSE:PB) Receives $78.36 Consensus PT from Analysts

Shares of Prosperity Bancshares, Inc. (NYSE:PB) have earned an average recommendation of “Hold” from the fourteen research firms that are presently covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating on the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $78.3636.

Several research firms have weighed in on PB. Morgan Stanley reiterated an “equal weight” rating and set a $80.00 target price (down from $85.00) on shares of Prosperity Bancshares in a report on Monday, July 6th. Wall Street Zen raised Prosperity Bancshares from a “sell” rating to a “hold” rating in a research report on Saturday, August 1st. Benchmark started coverage on Prosperity Bancshares in a report on Wednesday, June 24th. They set a “hold” rating on the stock. TD Cowen lifted their price objective on Prosperity Bancshares from $82.00 to $84.00 and gave the company a “buy” rating in a report on Friday, July 31st. Finally, Royal Bank Of Canada boosted their price objective on Prosperity Bancshares from $78.00 to $80.00 and gave the company a “sector perform” rating in a research report on Thursday, July 30th.

Prosperity Bancshares Trading Down 0.5%

Shares of NYSE PB opened at $72.35 on Friday. The company’s fifty day moving average is $73.16 and its 200-day moving average is $70.55. The stock has a market cap of $7.30 billion, a price-to-earnings ratio of 12.54, a P/E/G ratio of 0.79 and a beta of 0.64. Prosperity Bancshares has a twelve month low of $61.06 and a twelve month high of $77.20. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.01.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings results on Wednesday, July 29th. The bank reported $1.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.50 by $0.12. Prosperity Bancshares had a net margin of 29.95% and a return on equity of 7.39%. The company had revenue of $369.18 million during the quarter, compared to analyst estimates of $380.73 million. During the same quarter in the previous year, the business earned $1.42 EPS. The firm’s revenue was up 25.9% on a year-over-year basis. Equities research analysts predict that Prosperity Bancshares will post 6.47 EPS for the current year.

Prosperity Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be paid a $0.60 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $2.40 dividend on an annualized basis and a yield of 3.3%. Prosperity Bancshares’s payout ratio is presently 41.59%.

Insider Buying and Selling at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 600 shares of the stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $67.69, for a total transaction of $40,614.00. Following the completion of the sale, the director owned 40,300 shares of the company’s stock, valued at $2,727,907. This represents a 1.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold a total of 12,100 shares of company stock valued at $877,186 in the last ninety days. 3.96% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Prosperity Bancshares

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Gator Capital Management LLC acquired a new position in shares of Prosperity Bancshares in the fourth quarter valued at approximately $2,051,000. Bull Harbor Capital LLC acquired a new stake in Prosperity Bancshares during the 1st quarter worth approximately $1,019,000. First National Bank of Omaha bought a new stake in Prosperity Bancshares in the 4th quarter valued at $6,390,000. SummitTX Capital L.P. bought a new stake in Prosperity Bancshares in the 1st quarter valued at $3,878,000. Finally, Lido Advisors LLC bought a new stake in Prosperity Bancshares in the 1st quarter valued at $4,618,000. 80.69% of the stock is owned by institutional investors and hedge funds.

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.