Prosperity Bancshares (NYSE:PB) Price Target Raised to $88.00

Prosperity Bancshares (NYSE:PB) had its price objective lifted by Barclays from $84.00 to $88.00 in a report released on Friday,Benzinga reports. They currently have an equal weight rating on the bank’s stock.

Several other research firms also recently commented on PB. Wolfe Research reissued a “peer perform” rating on shares of Prosperity Bancshares in a report on Thursday, December 5th. Truist Financial cut shares of Prosperity Bancshares from a “buy” rating to a “hold” rating and cut their price target for the company from $81.00 to $79.00 in a research note on Friday, September 20th. DA Davidson lowered shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $80.00 to $78.00 in a research note on Tuesday, October 15th. StockNews.com downgraded shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Friday, November 29th. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $77.00 price target on shares of Prosperity Bancshares in a research report on Thursday, October 24th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $82.05.

Prosperity Bancshares Trading Up 1.1 %

Shares of PB stock opened at $74.95 on Friday. The firm’s fifty day moving average price is $78.69 and its two-hundred day moving average price is $71.70. Prosperity Bancshares has a 1 year low of $57.16 and a 1 year high of $86.75. The firm has a market capitalization of $7.14 billion, a P/E ratio of 15.91, a PEG ratio of 1.19 and a beta of 0.92.

Prosperity Bancshares (NYSE:PB) last released its earnings results 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. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%. The business had revenue of $459.00 million for the quarter, compared to the consensus estimate of $299.83 million. During the same quarter in the previous year, the business earned $1.20 earnings per share. As a group, equities research analysts forecast that Prosperity Bancshares will post 5.05 EPS for the current fiscal year.

Prosperity Bancshares Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be paid a dividend of $0.58 per share. The ex-dividend date is Friday, December 13th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.10%. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.56. Prosperity Bancshares’s dividend payout ratio (DPR) is 49.26%.

Insider Activity at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 500 shares of the firm’s stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $81.44, for a total transaction of $40,720.00. Following the transaction, the director now directly owns 113,815 shares of the company’s stock, valued at approximately $9,269,093.60. This trade represents a 0.44 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Leah Henderson sold 1,100 shares of the business’s stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $83.24, for a total value 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. This trade represents a 12.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 12,100 shares of company stock worth $1,004,719 in the last ninety days. 4.28% of the stock is owned by company insiders.

Institutional Trading of Prosperity Bancshares

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

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.