Morgan Stanley Cuts Prosperity Bancshares (NYSE:PB) Price Target to $94.00

Prosperity Bancshares (NYSE:PB) had its target price decreased by Morgan Stanley from $102.00 to $94.00 in a research note issued to investors on Thursday morning,Benzinga reports. Morgan Stanley currently has an overweight rating on the bank’s stock.

PB has been the topic of a number of other research reports. Barclays boosted their target price on shares of Prosperity Bancshares from $84.00 to $88.00 and gave the company an “equal weight” rating in a report on Friday, December 20th. Raymond James boosted their price objective on shares of Prosperity Bancshares from $82.00 to $87.00 and gave the stock an “outperform” rating in a research note on Thursday, January 30th. UBS Group cut their price objective on shares of Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating on the stock in a report on Thursday, December 26th. Wolfe Research reiterated a “peer perform” rating on shares of Prosperity Bancshares in a report on Thursday, December 5th. Finally, StockNews.com upgraded Prosperity Bancshares from a “sell” rating to a “hold” rating in a research note on Tuesday, March 11th. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, Prosperity Bancshares currently has an average rating of “Moderate Buy” and a consensus price target of $83.50.

Prosperity Bancshares Price Performance

Shares of NYSE PB opened at $70.97 on Thursday. Prosperity Bancshares has a 1 year low of $57.16 and a 1 year high of $86.76. The company’s 50-day moving average is $76.79 and its 200 day moving average is $76.26. The stock has a market capitalization of $6.76 billion, a P/E ratio of 14.02, a P/E/G ratio of 0.94 and a beta of 0.94.

Prosperity Bancshares (NYSE:PB) last announced its earnings results on Wednesday, January 29th. The bank reported $1.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.33 by $0.04. Prosperity Bancshares had a return on equity of 6.64% and a net margin of 26.79%. Research analysts anticipate that Prosperity Bancshares will post 5.83 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The firm 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 $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a yield of 3.27%. The ex-dividend date of this dividend is Friday, March 14th. Prosperity Bancshares’s dividend payout ratio (DPR) is 45.85%.

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 dated Wednesday, February 5th. The stock was sold at an average price of $80.01, for a total value of $40,005.00. Following the transaction, the director now owns 107,315 shares of the company’s stock, valued at approximately $8,586,273.15. This represents a 0.46 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last 90 days, insiders have sold 5,500 shares of company stock worth $421,905. Company insiders own 4.28% of the company’s stock.

Hedge Funds Weigh In On Prosperity Bancshares

Institutional investors and hedge funds have recently made changes to their positions in the business. Blue Trust Inc. grew its stake in Prosperity Bancshares by 14.9% during the fourth quarter. Blue Trust Inc. now owns 987 shares of the bank’s stock valued at $71,000 after acquiring an additional 128 shares in the last quarter. CIBC Private Wealth Group LLC lifted its stake in Prosperity Bancshares by 4.4% in the 4th quarter. CIBC Private Wealth Group LLC now owns 3,069 shares of the bank’s stock worth $229,000 after purchasing an additional 128 shares in the last quarter. GAMMA Investing LLC boosted its holdings in shares of Prosperity Bancshares by 20.4% during the 4th quarter. GAMMA Investing LLC now owns 844 shares of the bank’s stock valued at $64,000 after purchasing an additional 143 shares during the last quarter. M&T Bank Corp grew its position in shares of Prosperity Bancshares by 0.3% during the third quarter. M&T Bank Corp now owns 45,392 shares of the bank’s stock valued at $3,272,000 after purchasing an additional 149 shares in the last quarter. Finally, Sanctuary Advisors LLC increased its holdings in shares of Prosperity Bancshares by 3.8% in the fourth quarter. Sanctuary Advisors LLC now owns 5,359 shares of the bank’s stock worth $430,000 after purchasing an additional 194 shares during 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.