Prosperity Bancshares, Inc. (NYSE:PB) Receives $81.38 Consensus Target Price from Analysts

Shares of Prosperity Bancshares, Inc. (NYSE:PB) have been assigned an average rating of “Moderate Buy” from the fourteen brokerages that are currently covering the stock, MarketBeat Ratings reports. Six research analysts have rated the stock with a hold recommendation and eight have issued a buy recommendation on the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $81.38.

A number of brokerages recently commented on PB. DA Davidson downgraded shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $80.00 to $78.00 in a research note on Tuesday, October 15th. Barclays upped their target price on Prosperity Bancshares from $84.00 to $88.00 and gave the company an “equal weight” rating in a research report on Friday, December 20th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $77.00 price target on shares of Prosperity Bancshares in a report on Thursday, October 24th. Wolfe Research reissued a “peer perform” rating on shares of Prosperity Bancshares in a research note on Thursday, December 5th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $90.00 price target on shares of Prosperity Bancshares in a research note on Thursday, October 24th.

Insider Buying and Selling at Prosperity Bancshares

In related news, Director Harrison Stafford II sold 4,000 shares of Prosperity Bancshares stock in a transaction on Friday, December 13th. The shares were sold at an average price of $80.07, for a total transaction of $320,280.00. Following the sale, the director now directly owns 107,137 shares in the company, valued at $8,578,459.59. This trade represents a 3.60 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $83.96, for a total transaction of $41,980.00. Following the sale, the director now owns 114,315 shares in the company, valued at $9,597,887.40. This represents a 0.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 14,600 shares of company stock valued at $1,196,144 in the last 90 days. Company insiders own 4.28% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of PB. Quarry LP boosted its holdings in Prosperity Bancshares by 533.3% during the second quarter. Quarry LP now owns 494 shares of the bank’s stock worth $30,000 after buying an additional 416 shares in the last quarter. UMB Bank n.a. boosted its holdings in Prosperity Bancshares by 102.7% during the fourth quarter. UMB Bank n.a. now owns 592 shares of the bank’s stock worth $45,000 after buying an additional 300 shares in the last quarter. GAMMA Investing LLC boosted its holdings in Prosperity Bancshares by 47.9% during the third quarter. GAMMA Investing LLC now owns 701 shares of the bank’s stock worth $51,000 after buying an additional 227 shares in the last quarter. First Horizon Advisors Inc. boosted its holdings in Prosperity Bancshares by 190.0% during the third quarter. First Horizon Advisors Inc. now owns 815 shares of the bank’s stock worth $59,000 after buying an additional 534 shares in the last quarter. Finally, Blue Trust Inc. lifted its holdings in shares of Prosperity Bancshares by 181.6% in the third quarter. Blue Trust Inc. now owns 859 shares of the bank’s stock valued at $62,000 after purchasing an additional 554 shares in the last quarter. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Prosperity Bancshares Stock Performance

Shares of NYSE PB opened at $79.41 on Friday. The firm has a market capitalization of $7.56 billion, a price-to-earnings ratio of 16.86, a PEG ratio of 1.11 and a beta of 0.93. The stock has a 50 day moving average price of $78.80 and a 200 day moving average price of $74.93. Prosperity Bancshares has a 52-week low of $57.16 and a 52-week high of $86.75.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings results on Wednesday, January 29th. The bank reported $1.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.33 by $0.04. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%. Analysts forecast that Prosperity Bancshares will post 5.05 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be given a dividend of $0.58 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.92%. Prosperity Bancshares’s payout ratio is currently 49.26%.

About Prosperity Bancshares

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.