Prosperity Bancshares (NYSE:PB) Stock Rating Lowered by StockNews.com

StockNews.com cut shares of Prosperity Bancshares (NYSE:PB) from a hold rating to a sell rating in a research note issued to investors on Wednesday.

Several other analysts have also recently issued reports on PB. UBS Group reduced their price objective on Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating on the stock in a research note on Thursday, December 26th. Truist Financial cut Prosperity Bancshares from a “buy” rating to a “hold” rating and decreased their price objective for the company from $81.00 to $79.00 in a research note on Friday, September 20th. Wedbush restated an “outperform” rating and set a $90.00 target price on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $77.00 price target on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Finally, Barclays increased their price objective on shares of Prosperity Bancshares from $84.00 to $88.00 and gave the company an “equal weight” rating in a research report on Friday, December 20th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $81.38.

Prosperity Bancshares Trading Up 1.3 %

PB stock opened at $74.73 on Wednesday. The business’s fifty day moving average price is $79.20 and its 200 day moving average price is $73.10. Prosperity Bancshares has a 12-month low of $57.16 and a 12-month high of $86.75. The company has a market capitalization of $7.12 billion, a PE ratio of 15.87, a P/E/G ratio of 1.19 and a beta of 0.93.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, beating the consensus estimate of $1.31 by $0.03. The business had revenue of $459.00 million during the quarter, compared to analyst estimates of $299.83 million. Prosperity Bancshares had a net margin of 25.39% and a return on equity of 6.46%. During the same quarter last year, the firm posted $1.20 earnings per share. Research analysts predict that Prosperity Bancshares will post 5.05 EPS for the current fiscal year.

Prosperity Bancshares Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th were paid a $0.58 dividend. The ex-dividend date of this dividend was Friday, December 13th. This represents a $2.32 dividend on an annualized basis and a yield of 3.10%. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.56. Prosperity Bancshares’s payout ratio is currently 49.26%.

Insider Transactions at Prosperity Bancshares

In related news, Director Leah Henderson sold 1,100 shares of Prosperity Bancshares stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $83.24, for a total value of $91,564.00. Following the transaction, the director now directly owns 7,525 shares in the company, valued at $626,381. This trade represents a 12.75 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Ned S. Holmes sold 500 shares of the business’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $75.25, for a total transaction of $37,625.00. Following the completion of the transaction, the director now directly owns 109,815 shares in the company, valued at $8,263,578.75. This represents a 0.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 13,100 shares of company stock worth $1,080,364. Insiders own 4.28% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in PB. Los Angeles Capital Management LLC purchased a new position in shares of Prosperity Bancshares in the 3rd quarter valued at about $4,804,000. Prospector Partners LLC lifted its position in shares of Prosperity Bancshares by 24.6% during the 3rd quarter. Prospector Partners LLC now owns 228,992 shares of the bank’s stock valued at $16,503,000 after acquiring an additional 45,177 shares during the period. Thrivent Financial for Lutherans grew its holdings in shares of Prosperity Bancshares by 16.0% in the 2nd quarter. Thrivent Financial for Lutherans now owns 811,772 shares of the bank’s stock worth $49,632,000 after acquiring an additional 112,101 shares during the period. Sanctuary Advisors LLC purchased a new position in Prosperity Bancshares in the 3rd quarter valued at approximately $372,000. Finally, US Bancorp DE raised its holdings in Prosperity Bancshares by 3.4% during the third quarter. US Bancorp DE now owns 4,720 shares of the bank’s stock worth $340,000 after purchasing an additional 153 shares during the last quarter. 80.69% of the stock is currently owned by institutional investors and hedge funds.

About Prosperity Bancshares

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.