Prosperity Bancshares (NYSE:PB) Upgraded to “Sell” at Wall Street Zen

Wall Street Zen upgraded shares of Prosperity Bancshares (NYSE:PB) from a strong sell rating to a sell rating in a report published on Saturday morning.

Several other brokerages also recently commented on PB. Cantor Fitzgerald raised their price objective on shares of Prosperity Bancshares from $81.00 to $83.00 and gave the company an “overweight” rating in a research report on Tuesday, March 3rd. DA Davidson restated a “neutral” rating and set a $76.00 price objective on shares of Prosperity Bancshares in a research report on Thursday, January 29th. Piper Sandler lifted their price target on shares of Prosperity Bancshares from $74.00 to $75.00 and gave the company a “neutral” rating in a report on Thursday, April 30th. Barclays downgraded shares of Prosperity Bancshares from an “equal weight” rating to an “underweight” rating and reduced their price target for the company from $75.00 to $68.00 in a report on Monday, February 2nd. Finally, TD Cowen lifted their price objective on shares of Prosperity Bancshares from $77.00 to $79.00 and gave the stock a “buy” rating in a research note on Friday, May 1st. Six equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $77.50.

Prosperity Bancshares Trading Down 0.8%

Shares of Prosperity Bancshares stock opened at $66.44 on Friday. The company’s fifty day simple moving average is $67.65 and its 200-day simple moving average is $69.35. The stock has a market capitalization of $6.70 billion, a PE ratio of 12.04, a P/E/G ratio of 1.02 and a beta of 0.65. Prosperity Bancshares has a 1-year low of $61.06 and a 1-year high of $77.20. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.76 and a quick ratio of 0.75.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, April 29th. The bank reported $1.50 EPS for the quarter, beating the consensus estimate of $1.41 by $0.09. The firm had revenue of $367.62 million for the quarter, compared to the consensus estimate of $358.60 million. Prosperity Bancshares had a net margin of 29.50% and a return on equity of 7.20%. The company’s revenue was up 19.9% on a year-over-year basis. During the same period last year, the firm earned $1.37 EPS. As a group, equities analysts anticipate that Prosperity Bancshares will post 6.24 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Monday, June 15th will be given a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend is Monday, June 15th. Prosperity Bancshares’s payout ratio is 43.48%.

Insider Transactions at Prosperity Bancshares

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the business’s stock in a transaction dated Wednesday, May 13th. The shares were sold at an average price of $66.60, for a total value of $33,300.00. Following the completion of the sale, the director directly owned 77,615 shares of the company’s stock, valued at $5,169,159. The trade was a 0.64% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last three months, insiders have sold 13,200 shares of company stock valued at $901,592. 3.96% of the stock is owned by insiders.

Institutional Investors Weigh In On Prosperity Bancshares

Several large investors have recently added to or reduced their stakes in PB. Community Bank N.A. purchased a new stake in Prosperity Bancshares in the 3rd quarter valued at about $29,000. Danske Bank A S purchased a new stake in Prosperity Bancshares in the 3rd quarter valued at about $40,000. Annis Gardner Whiting Capital Advisors LLC purchased a new stake in Prosperity Bancshares in the 3rd quarter valued at about $42,000. SouthState Bank Corp purchased a new stake in Prosperity Bancshares in the 4th quarter valued at about $49,000. Finally, Osaic Holdings Inc. boosted its position in Prosperity Bancshares by 34.9% in the 2nd quarter. Osaic Holdings Inc. now owns 719 shares of the bank’s stock valued at $51,000 after buying an additional 186 shares during the period. 80.69% of the stock is owned by hedge funds and other institutional investors.

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.