Prosperity Bancshares, Inc. (NYSE:PB) Receives Consensus Rating of “Moderate Buy” from Analysts

Prosperity Bancshares, Inc. (NYSE:PB) has earned a consensus recommendation of “Moderate Buy” from the thirteen brokerages that are presently covering the company, Marketbeat.com reports. Five investment analysts have rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $81.50.

A number of research firms have weighed in on PB. StockNews.com raised shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a report on Tuesday, December 31st. Raymond James lowered shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price target on the stock. in a research note on Tuesday, September 17th. Wolfe Research restated a “peer perform” rating on shares of Prosperity Bancshares in a research note on Thursday, December 5th. Truist Financial cut Prosperity Bancshares from a “buy” rating to a “hold” rating and cut their target price for the stock from $81.00 to $79.00 in a research report on Friday, September 20th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $77.00 target price on shares of Prosperity Bancshares in a research report on Thursday, October 24th.

Prosperity Bancshares Trading Down 0.3 %

Shares of PB stock opened at $74.80 on Tuesday. The company has a market cap of $7.13 billion, a P/E ratio of 15.88, a PEG ratio of 1.19 and a beta of 0.93. The firm has a fifty day moving average price of $79.20 and a 200 day moving average price of $73.00. Prosperity Bancshares has a 12 month low of $57.16 and a 12 month high of $86.75.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.31 by $0.03. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%. The business had revenue of $459.00 million during the quarter, compared to analysts’ expectations of $299.83 million. During the same period in the prior year, the firm posted $1.20 EPS. On average, equities analysts forecast that Prosperity Bancshares will post 5.05 EPS for the current year.

Prosperity Bancshares Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Friday, December 13th were issued a dividend of $0.58 per share. The ex-dividend date was Friday, December 13th. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.56. This represents a $2.32 annualized dividend and a dividend yield of 3.10%. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 49.26%.

Insider Buying and Selling at Prosperity Bancshares

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $83.96, for a total value of $41,980.00. Following the completion of the transaction, the director now owns 114,315 shares in the company, valued at approximately $9,597,887.40. This represents a 0.44 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Chairman H E. Timanus, Jr. sold 4,000 shares of the firm’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $86.50, for a total value of $346,000.00. Following the completion of the sale, the chairman now directly owns 229,953 shares of the company’s stock, valued at approximately $19,890,934.50. This trade represents a 1.71 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 13,100 shares of company stock valued at $1,080,364. 4.28% of the stock is owned by company insiders.

Hedge Funds Weigh In On Prosperity Bancshares

A number of large investors have recently made changes to their positions in PB. Victory Capital Management Inc. boosted its holdings in Prosperity Bancshares by 3.0% during the second quarter. Victory Capital Management Inc. now owns 6,359,165 shares of the bank’s stock worth $388,799,000 after buying an additional 184,453 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Prosperity Bancshares by 14.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,287,615 shares of the bank’s stock worth $262,141,000 after acquiring an additional 532,241 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Prosperity Bancshares by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 1,708,509 shares of the bank’s stock worth $123,162,000 after acquiring an additional 15,309 shares during the period. Charles Schwab Investment Management Inc. increased its stake in Prosperity Bancshares by 0.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,183,295 shares of the bank’s stock valued at $85,280,000 after purchasing an additional 6,518 shares in the last quarter. Finally, Vaughan Nelson Investment Management L.P. increased its stake in Prosperity Bancshares by 4.6% in the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 835,565 shares of the bank’s stock valued at $60,219,000 after purchasing an additional 36,480 shares in the last quarter. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Prosperity Bancshares Company Profile

Prosperity Bancshares, Inc operates as bank holding company for the Prosperity Bank that provides financial products and services to businesses and consumers. It accepts various deposit products, such as demand, savings, money market, and time accounts, as well as and certificates of deposit. The company also offers 1-4 family residential mortgage, commercial real estate and multifamily residential, commercial and industrial, agricultural, and non-real estate agricultural loans, as well as construction, land development, and other land loans; consumer loans, including automobile, recreational vehicle, boat, home improvement, personal, and deposit account collateralized loans; term loans and lines of credit; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and purchase of equipment and machinery.