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

Prosperity Bancshares, Inc. (NYSE:PB) has been given a consensus rating of “Moderate Buy” by the fourteen analysts that are covering the company, MarketBeat reports. Six analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $80.75.

A number of research firms recently weighed in on PB. Raymond James Financial cut shares of Prosperity Bancshares from an “outperform” rating to a “market perform” rating in a research note on Wednesday, January 7th. Royal Bank Of Canada lowered their price objective on Prosperity Bancshares from $78.00 to $72.00 and set a “sector perform” rating on the stock in a research report on Friday, October 10th. Cowen reiterated a “buy” rating on shares of Prosperity Bancshares in a research report on Wednesday, January 7th. Weiss Ratings reissued a “hold (c)” rating on shares of Prosperity Bancshares in a research note on Wednesday, October 8th. Finally, Piper Sandler dropped their price target on Prosperity Bancshares from $84.00 to $77.00 and set an “overweight” rating for the company in a research note on Thursday, October 30th.

Insider Activity at Prosperity Bancshares

In other Prosperity Bancshares news, Director Ned S. Holmes sold 600 shares of Prosperity Bancshares stock in a transaction on Wednesday, October 22nd. The shares were sold at an average price of $63.43, for a total value of $38,058.00. Following the sale, the director directly owned 43,500 shares in the company, valued at approximately $2,759,205. The trade was a 1.36% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Leah Henderson sold 1,050 shares of the business’s stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $73.00, for a total transaction of $76,650.00. Following the completion of the sale, the director owned 8,075 shares in the company, valued at approximately $589,475. The trade was a 11.51% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 16,150 shares of company stock valued at $1,115,794. Corporate insiders own 4.20% of the company’s stock.

Institutional Trading of Prosperity Bancshares

A number of large investors have recently made changes to their positions in the business. AQR Capital Management LLC lifted its holdings in shares of Prosperity Bancshares by 175.1% in the 2nd quarter. AQR Capital Management LLC now owns 2,383,162 shares of the bank’s stock valued at $167,393,000 after acquiring an additional 1,516,939 shares during the last quarter. American Century Companies Inc. raised its position in Prosperity Bancshares by 4,674.9% during the second quarter. American Century Companies Inc. now owns 1,426,917 shares of the bank’s stock valued at $100,227,000 after purchasing an additional 1,397,033 shares during the period. Norges Bank purchased a new stake in Prosperity Bancshares during the second quarter valued at approximately $53,398,000. Vanguard Group Inc. lifted its stake in shares of Prosperity Bancshares by 4.8% in the 3rd quarter. Vanguard Group Inc. now owns 10,116,892 shares of the bank’s stock valued at $671,256,000 after purchasing an additional 465,227 shares during the last quarter. Finally, State Street Corp boosted its holdings in shares of Prosperity Bancshares by 6.6% in the 3rd quarter. State Street Corp now owns 5,580,039 shares of the bank’s stock worth $373,231,000 after purchasing an additional 343,062 shares during the period. 80.69% of the stock is currently owned by institutional investors.

Prosperity Bancshares Trading Down 1.0%

Shares of NYSE:PB opened at $72.42 on Friday. The stock has a 50 day moving average of $69.94 and a 200 day moving average of $68.44. The company has a market cap of $6.88 billion, a PE ratio of 12.91, a price-to-earnings-growth ratio of 0.96 and a beta of 0.68. Prosperity Bancshares has a 12-month low of $61.06 and a 12-month high of $82.75.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results on Wednesday, October 29th. The bank reported $1.45 earnings per share for the quarter, meeting the consensus estimate of $1.45. The business had revenue of $314.67 million for the quarter, compared to the consensus estimate of $317.94 million. Prosperity Bancshares had a net margin of 30.28% and a return on equity of 7.06%. The company’s revenue for the quarter was up 3.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.34 earnings per share. Equities research analysts predict that Prosperity Bancshares will post 5.83 earnings per share for the current fiscal year.

Prosperity Bancshares Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, January 2nd. Stockholders of record on Monday, December 15th were issued a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 3.3%. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.58. The ex-dividend date of this dividend was Monday, December 15th. Prosperity Bancshares’s payout ratio is presently 42.78%.

Prosperity Bancshares Company Profile

Prosperity Bancshares, Inc is a holding company for Prosperity Bank, offering a broad range of commercial and consumer banking services across Texas, Oklahoma, Arkansas and Louisiana. Through its network of branches and digital platforms, the company provides deposit products, business and real estate lending, treasury management, mortgage origination and servicing, as well as wealth management and trust services.

Originally chartered in 1911 as First National Bank in McKinney, Texas, the organization rebranded to Prosperity Bank in 2009 following a series of strategic acquisitions aimed at deepening its regional presence.