Prosperity Bancshares, Inc. (NYSE:PB) Given Average Rating of “Hold” by Brokerages

Shares of Prosperity Bancshares, Inc. (NYSE:PB) have earned a consensus rating of “Hold” from the fourteen ratings firms that are covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $77.50.

A number of research firms have issued reports on PB. Barclays lowered shares of Prosperity Bancshares from an “equal weight” rating to an “underweight” rating and reduced their target price for the company from $75.00 to $68.00 in a report on Monday, February 2nd. Piper Sandler upped their target price on shares of Prosperity Bancshares from $74.00 to $75.00 and gave the company a “neutral” rating in a report on Thursday, April 30th. Wall Street Zen upgraded shares of Prosperity Bancshares from a “strong sell” rating to a “sell” rating in a report on Saturday. Weiss Ratings lowered shares of Prosperity Bancshares from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday, May 11th. Finally, TD Cowen upped their target price on shares of Prosperity Bancshares from $77.00 to $79.00 and gave the company a “buy” rating in a report on Friday, May 1st.

Prosperity Bancshares Price Performance

Shares of NYSE PB opened at $67.90 on Friday. The stock has a market cap of $6.85 billion, a price-to-earnings ratio of 12.30, a PEG ratio of 1.05 and a beta of 0.65. Prosperity Bancshares has a 52 week low of $61.06 and a 52 week high of $77.20. The company’s 50-day moving average price is $67.60 and its 200 day moving average price is $69.44. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.01.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings data on Wednesday, April 29th. The bank reported $1.50 EPS for the quarter, beating analysts’ consensus estimates of $1.41 by $0.09. The firm had revenue of $367.62 million for the quarter, compared to analysts’ expectations of $358.60 million. Prosperity Bancshares had a net margin of 29.50% and a return on equity of 7.20%. The firm’s revenue was up 19.9% on a year-over-year basis. During the same period in the prior year, the company earned $1.37 EPS. As a group, research analysts forecast that Prosperity Bancshares will post 6.24 earnings per share for the current fiscal year.

Prosperity Bancshares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Monday, June 15th will be issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date is Monday, June 15th. Prosperity Bancshares’s dividend payout ratio is 43.48%.

Insider Transactions at Prosperity Bancshares

In other Prosperity Bancshares news, Director Ned S. Holmes sold 600 shares of the company’s stock in a transaction dated Wednesday, February 25th. The shares were sold at an average price of $71.30, for a total value of $42,780.00. Following the transaction, the director directly owned 41,700 shares in the company, valued at approximately $2,973,210. This represents a 1.42% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In the last 90 days, insiders have sold 13,200 shares of company stock valued at $901,592. 3.96% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Community Bank N.A. purchased a new position in shares of Prosperity Bancshares during the 3rd quarter worth about $29,000. Danske Bank A S purchased a new position in shares of Prosperity Bancshares during the 3rd quarter worth about $40,000. Annis Gardner Whiting Capital Advisors LLC purchased a new position in shares of Prosperity Bancshares during the 3rd quarter worth about $42,000. SouthState Bank Corp purchased a new position in shares of Prosperity Bancshares during the 4th quarter worth about $49,000. Finally, Osaic Holdings Inc. lifted its holdings in shares of Prosperity Bancshares by 34.9% during the 2nd quarter. Osaic Holdings Inc. now owns 719 shares of the bank’s stock worth $51,000 after acquiring an additional 186 shares during the period. 80.69% of the stock is currently owned by hedge funds and other 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.