Analysts Set Prosperity Bancshares, Inc. (NYSE:PB) Price Target at $81.38

Prosperity Bancshares, Inc. (NYSE:PB) has earned a consensus recommendation of “Moderate Buy” from the fourteen analysts that are covering the company, MarketBeat.com reports. Six research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $81.38.

A number of equities analysts have weighed in on PB shares. Barclays upped their target price on Prosperity Bancshares from $84.00 to $88.00 and gave the stock an “equal weight” rating in a research note on Friday, December 20th. Wedbush reissued an “outperform” rating and set a $90.00 price objective on shares of Prosperity Bancshares in a report on Thursday, October 24th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $77.00 price target on shares of Prosperity Bancshares in a research note on Thursday, October 24th. DA Davidson cut Prosperity Bancshares from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $80.00 to $78.00 in a research note on Tuesday, October 15th. Finally, Bank of America raised Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $80.00 price target on the stock in a research note on Tuesday, January 7th.

Prosperity Bancshares Price Performance

Shares of NYSE PB opened at $80.21 on Friday. Prosperity Bancshares has a one year low of $57.16 and a one year high of $86.75. The business’s fifty day moving average price is $78.89 and its 200-day moving average price is $74.79. The stock has a market capitalization of $7.64 billion, a PE ratio of 17.03, a P/E/G ratio of 1.11 and a beta of 0.93.

Prosperity Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be given a dividend of $0.58 per share. The ex-dividend date is Friday, March 14th. This represents a $2.32 annualized dividend and a yield of 2.89%. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 49.26%.

Insider Buying and Selling at Prosperity Bancshares

In other Prosperity Bancshares news, Director Leah Henderson sold 1,100 shares of Prosperity Bancshares stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $83.24, for a total transaction of $91,564.00. Following the completion of the sale, the director now owns 7,525 shares of the company’s stock, valued at approximately $626,381. The trade was a 12.75 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $83.96, for a total value of $41,980.00. Following the sale, the director now directly owns 114,315 shares of the company’s stock, valued at approximately $9,597,887.40. This represents a 0.44 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 14,600 shares of company stock valued at $1,196,144. 4.28% of the stock is currently owned by corporate insiders.

Institutional Trading of Prosperity Bancshares

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Geode Capital Management LLC lifted its position in Prosperity Bancshares by 0.9% during 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. raised its stake in shares of Prosperity Bancshares by 0.6% during 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 buying an additional 6,518 shares during the last quarter. Vaughan Nelson Investment Management L.P. raised its stake in shares of Prosperity Bancshares by 4.6% during 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 buying an additional 36,480 shares during the last quarter. Verition Fund Management LLC raised its stake in shares of Prosperity Bancshares by 0.5% during the 3rd quarter. Verition Fund Management LLC now owns 834,701 shares of the bank’s stock valued at $60,157,000 after buying an additional 3,978 shares during the last quarter. Finally, Thrivent Financial for Lutherans raised its stake in shares of Prosperity Bancshares by 0.9% during the 3rd quarter. Thrivent Financial for Lutherans now owns 818,744 shares of the bank’s stock valued at $59,007,000 after buying an additional 6,972 shares during the last quarter. Institutional investors and hedge funds own 80.69% of the company’s stock.

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.