Barclays Cuts Prosperity Bancshares (NYSE:PB) Price Target to $86.00

Prosperity Bancshares (NYSE:PB) had its price objective decreased by Barclays from $88.00 to $86.00 in a research note issued to investors on Tuesday,Benzinga reports. Barclays currently has an equal weight rating on the bank’s stock.

Several other equities research analysts also recently issued reports on the stock. Morgan Stanley lowered their price objective on shares of Prosperity Bancshares from $102.00 to $94.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. Stephens raised their price target on shares of Prosperity Bancshares from $93.00 to $94.00 and gave the stock an “overweight” rating in a research report on Thursday, January 30th. Raymond James upped their price objective on shares of Prosperity Bancshares from $82.00 to $87.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. StockNews.com downgraded Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Wednesday, March 19th. Finally, Bank of America upgraded 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. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $83.35.

Prosperity Bancshares Price Performance

Prosperity Bancshares stock opened at $63.61 on Tuesday. The firm has a market cap of $6.06 billion, a price-to-earnings ratio of 12.57, a P/E/G ratio of 0.94 and a beta of 0.82. The firm has a fifty day moving average price of $73.85 and a two-hundred day moving average price of $75.82. Prosperity Bancshares has a fifty-two week low of $57.16 and a fifty-two week high of $86.76.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings data on Wednesday, January 29th. The bank reported $1.37 earnings per share 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%. As a group, sell-side analysts expect that Prosperity Bancshares will post 5.83 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th were issued a dividend of $0.58 per share. The ex-dividend date was Friday, March 14th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.65%. Prosperity Bancshares’s payout ratio is presently 45.85%.

Insider Activity

In other news, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $78.43, for a total value of $39,215.00. Following the completion of the transaction, the director now owns 108,815 shares in the company, valued at approximately $8,534,360.45. The trade was a 0.46 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In the last quarter, insiders have sold 5,000 shares of company stock worth $376,885. Corporate insiders own 4.20% of the company’s stock.

Institutional Investors Weigh In On Prosperity Bancshares

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its holdings in shares of Prosperity Bancshares by 0.5% during the fourth quarter. Vanguard Group Inc. now owns 9,780,006 shares of the bank’s stock worth $736,923,000 after purchasing an additional 44,567 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Prosperity Bancshares by 1.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,586,260 shares of the bank’s stock worth $345,575,000 after buying an additional 48,304 shares in the last quarter. Massachusetts Financial Services Co. MA grew its holdings in Prosperity Bancshares by 1.4% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,342,047 shares of the bank’s stock worth $176,473,000 after acquiring an additional 32,917 shares during the last quarter. Geode Capital Management LLC increased its position in Prosperity Bancshares by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 1,708,509 shares of the bank’s stock valued at $123,162,000 after acquiring an additional 15,309 shares in the last quarter. Finally, Snyder Capital Management L P raised its stake in shares of Prosperity Bancshares by 7.3% in the fourth quarter. Snyder Capital Management L P now owns 1,220,977 shares of the bank’s stock worth $92,001,000 after acquiring an additional 83,488 shares during the last quarter. 80.69% of the stock is 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.