Analysts Set Prosperity Bancshares, Inc. (NYSE:PB) Price Target at $81.50

Prosperity Bancshares, Inc. (NYSE:PB) has received an average rating of “Moderate Buy” from the thirteen brokerages that are covering the company, MarketBeat.com reports. Five equities research analysts have rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $81.50.

A number of equities analysts have commented on PB shares. Wolfe Research reaffirmed a “peer perform” rating on shares of Prosperity Bancshares in a research note on Thursday, December 5th. DA Davidson downgraded shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $80.00 to $78.00 in a research note on Tuesday, October 15th. Raymond James cut shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price target for the company. in a research report on Tuesday, September 17th. UBS Group decreased their price objective on shares of Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating on the stock in a research report on Thursday, December 26th. Finally, Truist Financial lowered shares of Prosperity Bancshares from a “buy” rating to a “hold” rating and dropped their target price for the stock from $81.00 to $79.00 in a report on Friday, September 20th.

Insider Buying and Selling

In related news, Director Ned S. Holmes sold 500 shares of the firm’s stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $81.44, for a total transaction of $40,720.00. Following the completion of the transaction, the director now owns 113,815 shares of the company’s stock, valued at $9,269,093.60. This trade represents a 0.44 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman H E. Timanus, Jr. sold 4,000 shares of Prosperity Bancshares 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 transaction, the chairman now owns 229,953 shares of the company’s stock, valued at $19,890,934.50. The trade was a 1.71 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 12,600 shares of company stock valued at $1,042,739 over the last ninety days. Company insiders own 4.28% of the company’s stock.

Hedge Funds Weigh In On Prosperity Bancshares

Several institutional investors and hedge funds have recently modified their holdings of the stock. Quarry LP raised its holdings in Prosperity Bancshares by 533.3% in the 2nd quarter. Quarry LP now owns 494 shares of the bank’s stock worth $30,000 after acquiring an additional 416 shares during the last quarter. Quest Partners LLC raised its stake in shares of Prosperity Bancshares by 3,147.1% in the second quarter. Quest Partners LLC now owns 552 shares of the bank’s stock worth $34,000 after purchasing an additional 535 shares during the last quarter. Strategic Financial Concepts LLC bought a new position in shares of Prosperity Bancshares during the second quarter valued at $43,000. Headlands Technologies LLC purchased a new stake in shares of Prosperity Bancshares during the second quarter valued at $46,000. Finally, GAMMA Investing LLC increased its holdings in Prosperity Bancshares by 47.9% in the 3rd quarter. GAMMA Investing LLC now owns 701 shares of the bank’s stock worth $51,000 after buying an additional 227 shares in the last quarter. 80.69% of the stock is currently owned by institutional investors.

Prosperity Bancshares Price Performance

Shares of PB opened at $74.68 on Tuesday. Prosperity Bancshares has a 1 year low of $57.16 and a 1 year high of $86.75. The stock has a 50 day simple moving average of $79.13 and a two-hundred day simple moving average of $72.58. The firm has a market cap of $7.11 billion, a P/E ratio of 15.86, a P/E/G ratio of 1.19 and a beta of 0.92.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.31 by $0.03. The company had revenue of $459.00 million during the quarter, compared to analysts’ expectations 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 in the prior year, the company earned $1.20 EPS. On average, equities analysts anticipate that Prosperity Bancshares will post 5.05 earnings per share for the current year.

Prosperity Bancshares Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th were paid a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.11%. The ex-dividend date of this dividend was Friday, December 13th. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.56. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 49.26%.

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.