Morgan Stanley Cuts Prosperity Bancshares (NYSE:PB) Price Target to $83.00

Prosperity Bancshares (NYSE:PB) had its target price trimmed by Morgan Stanley from $91.00 to $83.00 in a research report report published on Tuesday morning,Benzinga reports. The firm currently has an overweight rating on the bank’s stock.

A number of other research analysts have also recently commented on PB. Barclays cut shares of Prosperity Bancshares from an “equal weight” rating to an “underweight” rating and reduced their target price for the stock from $75.00 to $68.00 in a research report on Monday, February 2nd. Hovde Group lifted their price target on shares of Prosperity Bancshares from $75.00 to $77.00 and gave the stock an “outperform” rating in a research note on Thursday, January 29th. Piper Sandler lowered shares of Prosperity Bancshares from an “overweight” rating to a “neutral” rating and cut their price objective for the stock from $77.00 to $74.00 in a report on Thursday, January 29th. Cantor Fitzgerald upped their price objective on shares of Prosperity Bancshares from $81.00 to $83.00 and gave the company an “overweight” rating in a research report on Tuesday, March 3rd. Finally, Janney Montgomery Scott downgraded Prosperity Bancshares from a “buy” rating to a “neutral” rating in a research note on Tuesday, February 3rd. Seven analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $78.31.

Prosperity Bancshares Stock Performance

Prosperity Bancshares stock opened at $67.02 on Tuesday. Prosperity Bancshares has a 1 year low of $61.06 and a 1 year high of $77.20. The firm has a 50 day moving average price of $69.52 and a 200 day moving average price of $68.57. The company has a market cap of $6.80 billion, a price-to-earnings ratio of 11.70, a PEG ratio of 0.94 and a beta of 0.66.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings results on Wednesday, January 28th. The bank reported $1.46 EPS 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 analyst estimates of $319.30 million. During the same period in the prior year, the firm posted $1.37 earnings per share. The firm’s revenue was down 5.9% on a year-over-year basis. Sell-side analysts predict that Prosperity Bancshares will post 5.83 EPS for the current year.

Prosperity Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, April 1st. Investors of record on Friday, March 13th were paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date was Friday, March 13th. Prosperity Bancshares’s dividend payout ratio (DPR) is 41.88%.

Insiders Place Their Bets

In related news, Director Ned S. Holmes sold 500 shares of the business’s stock in a transaction dated Wednesday, March 25th. The stock was sold at an average price of $66.25, for a total value of $33,125.00. Following the completion of the sale, the director directly owned 79,415 shares of the company’s stock, valued at $5,261,243.75. The trade was a 0.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders sold 12,100 shares of company stock valued at $846,097 over the last three months. 3.96% of the stock is owned by insiders.

Institutional Investors Weigh In On Prosperity Bancshares

Institutional investors have recently made changes to their positions in the company. Mather Group LLC. bought a new stake in shares of Prosperity Bancshares during the 3rd quarter valued at about $26,000. Community Bank N.A. bought a new position in Prosperity Bancshares in the third quarter worth about $29,000. Danske Bank A S acquired a new position in Prosperity Bancshares in the third quarter valued at approximately $40,000. Annis Gardner Whiting Capital Advisors LLC acquired a new position in Prosperity Bancshares in the third quarter valued at approximately $42,000. Finally, SouthState Bank Corp bought a new position in shares of Prosperity Bancshares during the fourth quarter valued at approximately $49,000. 80.69% of the stock is currently owned by institutional investors.

Prosperity Bancshares Company Profile

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.