Prosperity Bancshares (NYSE:PB) Stock Gets Price Target Trim from Cantor Fitzgerald

Prosperity Bancshares (NYSE:PB) had its target price lowered by Cantor Fitzgerald from $85.00 to $78.00 in a research report released on Wednesday, MarketBeat reports. The firm currently has an overweight rating on the bank’s stock.

Other equities analysts also recently issued reports about the company. Barclays lifted their price target on Prosperity Bancshares from $68.00 to $70.00 and gave the stock an “underweight” rating in a research note on Monday, October 5th. Weiss Ratings raised Prosperity Bancshares from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, October 9th. Wall Street Zen upgraded Prosperity Bancshares from a “sell” rating to a “hold” rating in a research note on Saturday, August 1st. Morgan Stanley upped their price objective on Prosperity Bancshares from $80.00 to $81.00 and gave the company an “underweight” rating in a research note on Monday, September 28th. Finally, Raymond James Financial raised Prosperity Bancshares from a “market perform” rating to an “outperform” rating and set a $78.00 target price on the stock in a report on Tuesday, October 6th. Six equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Prosperity Bancshares has an average rating of “Hold” and an average target price of $77.55.

Prosperity Bancshares Price Performance

Shares of PB stock opened at $67.80 on Wednesday. The firm has a market cap of $6.84 billion, a P/E ratio of 11.19, a P/E/G ratio of 0.75 and a beta of 0.66. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.75 and a quick ratio of 0.75. Prosperity Bancshares has a 1-year low of $61.62 and a 1-year high of $77.20. The firm has a fifty day moving average of $70.34 and a two-hundred day moving average of $70.47.

Prosperity Bancshares (NYSE:PB) last released its earnings results on Wednesday, July 29th. The bank reported $1.62 earnings per share for the quarter, topping the consensus estimate of $1.50 by $0.12. The company had revenue of $391.25 million during the quarter, compared to the consensus estimate of $380.73 million. Prosperity Bancshares had a net margin of 29.95% and a return on equity of 7.39%. The company’s revenue was up 25.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.42 EPS. As a group, research analysts anticipate that Prosperity Bancshares will post 6.46 earnings per share for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th were issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date of this dividend was Tuesday, September 15th. Prosperity Bancshares’s payout ratio is currently 41.59%.

Insiders Place Their Bets

In other Prosperity Bancshares news, Director Ned Holmes sold 500 shares of the business’s stock in a transaction on Wednesday, October 14th. The shares were sold at an average price of $66.22, for a total transaction of $33,110.00. Following the completion of the sale, the director owned 66,615 shares in the company, valued at $4,411,245.30. The trade was a 0.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 12,700 shares of company stock worth $902,833 in the last three months. 3.96% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. AWM Capital LLC bought a new stake in shares of Prosperity Bancshares during the 3rd quarter valued at about $263,000. Beaumont Asset Management L.L.C. acquired a new stake in Prosperity Bancshares during the third quarter worth about $1,301,000. State of Alaska Department of Revenue raised its stake in Prosperity Bancshares by 15.2% during the third quarter. State of Alaska Department of Revenue now owns 11,388 shares of the bank’s stock worth $753,000 after acquiring an additional 1,506 shares during the period. Curated Wealth Partners LLC bought a new position in Prosperity Bancshares in the third quarter worth about $304,000. Finally, Mather Group LLC. lifted its holdings in Prosperity Bancshares by 544.7% in the third quarter. Mather Group LLC. now owns 2,295 shares of the bank’s stock worth $152,000 after acquiring an additional 1,939 shares during the last quarter. 80.69% of the stock is currently owned by institutional investors.

Prosperity Bancshares Company Profile

Prosperity Bancshares, Inc is a bank holding company headquartered in Houston, Texas. Through its principal subsidiary, Prosperity Bank, the company provides a range of banking and financial services to individuals, businesses and institutional customers.

Prosperity Bank offers deposit accounts, commercial and consumer lending, mortgage and real estate loans, treasury management, cash management, online and mobile banking, and other related financial services. Its lending activities support businesses, agricultural customers, real estate projects and consumers.

Founded in 1983, Prosperity Bancshares has expanded through organic growth and acquisitions.