Prosperity Bancshares, Inc. (NYSE:PB) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of Prosperity Bancshares, Inc. (NYSE:PB) have received a consensus recommendation of “Moderate Buy” from the fourteen research firms that are currently covering the stock, MarketBeat.com reports. Six equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $83.35.

PB has been the topic of several recent research reports. Raymond James raised their price objective on Prosperity Bancshares from $82.00 to $87.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. UBS Group dropped their price objective on shares of Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating for the company in a report on Thursday, December 26th. Bank of America raised shares of Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $80.00 target price on the stock in a report on Tuesday, January 7th. Stephens raised their price target on shares of Prosperity Bancshares from $93.00 to $94.00 and gave the company an “overweight” rating in a research note on Thursday, January 30th. Finally, Morgan Stanley reduced 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.

Insider Buying and Selling

In related news, Director Ned S. Holmes sold 500 shares of the stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $70.87, for a total transaction of $35,435.00. Following the transaction, the director now directly owns 103,315 shares of the company’s stock, valued at $7,321,934.05. This represents a 0.48 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold 5,000 shares of company stock valued at $376,885 over the last 90 days. Company insiders own 4.20% of the company’s stock.

Institutional Investors Weigh In On Prosperity Bancshares

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Blue Trust Inc. raised its holdings in shares of Prosperity Bancshares by 14.9% in the fourth quarter. Blue Trust Inc. now owns 987 shares of the bank’s stock valued at $71,000 after purchasing an additional 128 shares during the last quarter. CIBC Private Wealth Group LLC lifted its position in shares of Prosperity Bancshares by 4.4% during the 4th quarter. CIBC Private Wealth Group LLC now owns 3,069 shares of the bank’s stock worth $229,000 after buying an additional 128 shares in the last quarter. GAMMA Investing LLC boosted its stake in shares of Prosperity Bancshares by 20.4% in the 4th quarter. GAMMA Investing LLC now owns 844 shares of the bank’s stock worth $64,000 after buying an additional 143 shares during the last quarter. M&T Bank Corp grew its holdings in shares of Prosperity Bancshares by 0.3% in the third quarter. M&T Bank Corp now owns 45,392 shares of the bank’s stock valued at $3,272,000 after acquiring an additional 149 shares in the last quarter. Finally, Sanctuary Advisors LLC grew its stake in Prosperity Bancshares by 3.8% in the 4th quarter. Sanctuary Advisors LLC now owns 5,359 shares of the bank’s stock valued at $430,000 after purchasing an additional 194 shares during the period. 80.69% of the stock is owned by institutional investors.

Prosperity Bancshares Trading Up 5.5 %

Shares of NYSE PB opened at $67.29 on Thursday. The company has a market cap of $6.41 billion, a price-to-earnings ratio of 13.30, a PEG ratio of 0.94 and a beta of 0.82. Prosperity Bancshares has a 12 month low of $57.16 and a 12 month high of $86.76. The stock has a 50-day moving average price of $73.33 and a two-hundred day moving average price of $75.72.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings data on Wednesday, January 29th. The bank reported $1.37 EPS for the quarter, beating the consensus estimate of $1.33 by $0.04. Prosperity Bancshares had a net margin of 26.79% and a return on equity of 6.64%. On average, sell-side analysts predict that Prosperity Bancshares will post 5.83 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th were paid a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.45%. The ex-dividend date was Friday, March 14th. Prosperity Bancshares’s dividend payout ratio is 45.85%.

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.