Prosperity Bancshares (NYSE:PB) Rating Increased to Hold at StockNews.com

StockNews.com upgraded shares of Prosperity Bancshares (NYSE:PB) from a sell rating to a hold rating in a research note released on Tuesday morning.

Several other research firms have also weighed in on PB. DA Davidson lowered shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $80.00 to $78.00 in a report on Tuesday, October 15th. Hovde Group upped their price target on Prosperity Bancshares from $80.50 to $82.50 and gave the company an “outperform” rating in a research note on Monday, August 26th. Barclays raised their target price on shares of Prosperity Bancshares from $75.00 to $76.00 and gave the company an “equal weight” rating in a research note on Thursday, October 24th. Piper Sandler boosted their price target on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the stock an “overweight” rating in a research note on Thursday, July 25th. Finally, Morgan Stanley upgraded shares of Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $75.00 to $86.00 in a report on Monday, August 5th. Five research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $78.96.

Prosperity Bancshares Trading Down 1.0 %

Shares of Prosperity Bancshares stock opened at $82.09 on Tuesday. The company has a market cap of $7.82 billion, a price-to-earnings ratio of 17.43, a PEG ratio of 1.24 and a beta of 0.89. The company’s fifty day simple moving average is $73.58 and its 200-day simple moving average is $68.18. Prosperity Bancshares has a 1 year low of $57.16 and a 1 year high of $85.13.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share for the quarter, topping analysts’ consensus estimates of $1.31 by $0.03. The firm had revenue of $459.00 million for the quarter, compared to the consensus estimate of $299.83 million. Prosperity Bancshares had a net margin of 25.39% and a return on equity of 6.46%. During the same quarter in the previous year, the company earned $1.20 earnings per share. As a group, research analysts forecast that Prosperity Bancshares will post 5.05 earnings per share for the current fiscal year.

Prosperity Bancshares Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be given a $0.58 dividend. The ex-dividend date of this dividend is Friday, December 13th. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.56. This represents a $2.32 annualized dividend and a dividend yield of 2.83%. Prosperity Bancshares’s payout ratio is currently 47.56%.

Insiders Place Their Bets

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the business’s stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $83.96, for a total value of $41,980.00. Following the sale, the director now owns 114,315 shares in the company, valued at approximately $9,597,887.40. The trade was a 0.44 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 4.28% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Paloma Partners Management Co acquired a new position in shares of Prosperity Bancshares during the 3rd quarter worth approximately $252,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in Prosperity Bancshares during the third quarter worth $370,000. Verition Fund Management LLC grew its position in shares of Prosperity Bancshares by 0.5% in the 3rd quarter. Verition Fund Management LLC now owns 834,701 shares of the bank’s stock valued at $60,157,000 after acquiring an additional 3,978 shares during the period. Captrust Financial Advisors raised its holdings in shares of Prosperity Bancshares by 6.2% in the 3rd quarter. Captrust Financial Advisors now owns 5,848 shares of the bank’s stock valued at $421,000 after purchasing an additional 341 shares during the period. Finally, Walleye Capital LLC bought a new stake in Prosperity Bancshares in the 3rd quarter valued at $368,000. Institutional investors and hedge funds own 80.69% of the company’s stock.

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.