Citigroup Cuts Prosperity Bancshares (NYSE:PB) Price Target to $77.00

Prosperity Bancshares (NYSE:PB) had its price objective reduced by Citigroup from $79.00 to $77.00 in a research report report published on Tuesday,Benzinga reports. They currently have a neutral rating on the bank’s stock.

Several other brokerages have also recently issued reports on PB. Morgan Stanley cut Prosperity Bancshares from an “equal weight” rating to an “underweight” rating and set a $80.00 target price on the stock. in a research report on Tuesday, September 8th. Wall Street Zen upgraded shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a research note on Saturday, August 1st. Royal Bank Of Canada raised their price objective on shares of Prosperity Bancshares from $78.00 to $80.00 and gave the stock a “sector perform” rating in a report on Thursday, July 30th. TD Cowen boosted their target price on shares of Prosperity Bancshares from $82.00 to $84.00 and gave the company a “buy” rating in a research report on Friday, July 31st. Finally, Benchmark began coverage on shares of Prosperity Bancshares in a research report on Wednesday, June 24th. They set a “hold” rating for the company. Five equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, Prosperity Bancshares presently has a consensus rating of “Hold” and an average target price of $78.18.

Prosperity Bancshares Price Performance

NYSE PB opened at $67.24 on Tuesday. The business’s fifty day moving average price is $72.56 and its 200-day moving average price is $70.35. The stock has a market capitalization of $6.78 billion, a price-to-earnings ratio of 11.65, a PEG ratio of 0.75 and a beta of 0.63. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.75 and a quick ratio of 0.75. Prosperity Bancshares has a 1-year low of $61.06 and a 1-year high of $77.20.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings data on Wednesday, July 29th. The bank reported $1.62 EPS for the quarter, topping the consensus estimate of $1.50 by $0.12. The company had revenue of $391.25 million during the quarter, compared to analyst estimates of $380.73 million. Prosperity Bancshares had a return on equity of 7.39% and a net margin of 29.95%.Prosperity Bancshares’s revenue was up 25.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.42 earnings per share. On average, equities analysts predict that Prosperity Bancshares will post 6.48 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be issued a dividend of $0.60 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $2.40 annualized dividend and a yield of 3.6%. Prosperity Bancshares’s payout ratio is currently 41.59%.

Insider Buying and Selling at Prosperity Bancshares

In other news, Director Ned Holmes sold 600 shares of the stock in a transaction on Wednesday, July 8th. The shares were sold at an average price of $70.61, for a total value of $42,366.00. Following the completion of the sale, the director directly owned 39,800 shares of the company’s stock, valued at $2,810,278. This represents a 1.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have sold 12,100 shares of company stock valued at $876,229 in the last three months. Corporate insiders own 3.96% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. BlackRock Inc. purchased a new stake in shares of Prosperity Bancshares during the second quarter worth about $746,776,000. Barrow Hanley Mewhinney & Strauss LLC purchased a new position in Prosperity Bancshares in the 2nd quarter worth approximately $350,099,000. Algebris UK Ltd. purchased a new position in Prosperity Bancshares in the 2nd quarter worth approximately $59,465,000. Bank of New York Mellon Corp bought a new position in Prosperity Bancshares in the 2nd quarter worth approximately $57,877,000. Finally, North Reef Capital Management LP boosted its stake in Prosperity Bancshares by 149.0% in the 1st quarter. North Reef Capital Management LP now owns 1,107,877 shares of the bank’s stock worth $74,427,000 after purchasing an additional 662,877 shares during the period. Hedge funds and other institutional investors own 80.69% of the company’s stock.

About Prosperity Bancshares

Prosperity Bancshares, Inc is a bank holding company headquartered in Houston, Texas. Through its principal subsidiary, Prosperity Bank, the company provides banking and financial services to individuals, businesses and institutions.

Prosperity Bank offers a range of deposit products, including checking, savings and time deposit accounts, along with consumer, residential mortgage, commercial and real estate lending. Its services also include treasury management, cash management, online and mobile banking, wealth management and other financial solutions designed for personal and business customers.

Founded in 1983, Prosperity Bancshares has expanded through organic growth and acquisitions.