Prosperity Bancshares, Inc. (NYSE:PB) Receives Consensus Recommendation of “Hold” from Brokerages

Shares of Prosperity Bancshares, Inc. (NYSE:PB) have been assigned a consensus rating of “Hold” from the fourteen analysts that are currently covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating on the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $76.3636.

Several equities research analysts have recently commented on PB shares. TD Cowen raised their target price on shares of Prosperity Bancshares from $77.00 to $79.00 and gave the stock a “buy” rating in a research report on Friday, May 1st. Citigroup increased their price target on shares of Prosperity Bancshares from $74.00 to $75.00 and gave the stock a “neutral” rating in a research note on Thursday, June 25th. Morgan Stanley restated an “equal weight” rating and issued a $80.00 price objective (down from $85.00) on shares of Prosperity Bancshares in a report on Monday, July 6th. Benchmark began coverage on Prosperity Bancshares in a research report on Wednesday, June 24th. They set a “hold” rating on the stock. Finally, Weiss Ratings upgraded Prosperity Bancshares from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, July 1st.

Prosperity Bancshares Trading Up 0.7%

Shares of PB traded up $0.50 during mid-day trading on Friday, hitting $72.00. 996,212 shares of the company’s stock traded hands, compared to its average volume of 1,515,850. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $7.26 billion, a P/E ratio of 13.04, a PEG ratio of 1.15 and a beta of 0.63. The business’s 50-day moving average price is $70.18 and its 200-day moving average price is $69.99. Prosperity Bancshares has a 1 year low of $61.06 and a 1 year high of $77.20.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings results on Wednesday, April 29th. The bank reported $1.50 EPS for the quarter, topping analysts’ consensus estimates of $1.41 by $0.09. The company had revenue of $367.62 million during the quarter, compared to analyst estimates of $358.60 million. Prosperity Bancshares had a return on equity of 7.20% and a net margin of 29.50%.The firm’s revenue was up 19.9% on a year-over-year basis. During the same quarter last year, the firm posted $1.37 earnings per share. As a group, sell-side analysts forecast that Prosperity Bancshares will post 6.25 EPS for the current fiscal year.

Prosperity Bancshares Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Monday, June 15th were given a dividend of $0.60 per share. The ex-dividend date was Monday, June 15th. This represents a $2.40 annualized dividend and a dividend yield of 3.3%. Prosperity Bancshares’s payout ratio is currently 43.48%.

Insider Transactions at Prosperity Bancshares

In other Prosperity Bancshares news, Director Ned S. Holmes sold 600 shares of the stock in a transaction on Wednesday, April 15th. The stock was sold at an average price of $68.73, for a total value of $41,238.00. Following the completion of the transaction, the director owned 41,000 shares in the company, valued at approximately $2,817,930. This represents a 1.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold a total of 14,300 shares of company stock valued at $1,001,745 in the last ninety days. 3.96% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the business. Lexington Hill Partners LLC boosted its stake in Prosperity Bancshares by 25.1% during the second quarter. Lexington Hill Partners LLC now owns 5,284 shares of the bank’s stock worth $386,000 after acquiring an additional 1,059 shares in the last quarter. Kwmg LLC increased its stake in shares of Prosperity Bancshares by 2.4% during the second quarter. Kwmg LLC now owns 101,224 shares of the bank’s stock valued at $7,392,000 after purchasing an additional 2,399 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of Prosperity Bancshares by 33.8% during the second quarter. GAMMA Investing LLC now owns 1,990 shares of the bank’s stock valued at $145,000 after purchasing an additional 503 shares during the last quarter. Versant Capital Management Inc boosted its position in shares of Prosperity Bancshares by 3.3% in the 2nd quarter. Versant Capital Management Inc now owns 10,921 shares of the bank’s stock worth $798,000 after purchasing an additional 348 shares in the last quarter. Finally, Pacer Advisors Inc. boosted its position in shares of Prosperity Bancshares by 5.6% in the 1st quarter. Pacer Advisors Inc. now owns 11,998 shares of the bank’s stock worth $806,000 after purchasing an additional 635 shares in the last quarter. 80.69% of the stock is owned by hedge funds and other institutional investors.

About Prosperity Bancshares

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.