Prosperity Bancshares, Inc. (NYSE:PB) Receives $82.88 Consensus Target Price from Brokerages

Prosperity Bancshares, Inc. (NYSE:PB) has received an average recommendation of “Moderate Buy” from the fourteen ratings firms that are covering the firm, MarketBeat Ratings reports. Six investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $82.88.

A number of analysts have commented on the company. UBS Group decreased their price objective on Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating for the company in a report on Thursday, December 26th. Stephens upped their price target on Prosperity Bancshares from $93.00 to $94.00 and gave the stock an “overweight” rating in a report on Thursday, January 30th. Raymond James raised their price objective on Prosperity Bancshares from $82.00 to $87.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. Barclays upped their target price on shares of Prosperity Bancshares from $84.00 to $88.00 and gave the stock an “equal weight” rating in a research note on Friday, December 20th. Finally, Bank of America upgraded shares of Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $80.00 target price for the company in a report on Tuesday, January 7th.

Insider Buying and Selling

In related news, Director Ned S. Holmes sold 500 shares of the company’s stock in a transaction on Wednesday, February 12th. The shares were sold at an average price of $78.30, for a total transaction of $39,150.00. Following the sale, the director now owns 106,815 shares of the company’s stock, valued at $8,363,614.50. This represents a 0.47 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Harrison Stafford II sold 4,000 shares of the company’s stock in a transaction dated 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 owns 107,137 shares in the company, valued at $8,578,459.59. This represents a 3.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 10,000 shares of company stock worth $794,995. 4.28% of the stock is owned by corporate insiders.

Institutional Trading of Prosperity Bancshares

A number of large investors have recently made changes to their positions in PB. Smartleaf Asset Management LLC raised its holdings in shares of Prosperity Bancshares by 487.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 376 shares of the bank’s stock valued at $28,000 after purchasing an additional 312 shares in the last quarter. Jones Financial Companies Lllp raised its stake in Prosperity Bancshares by 368.5% in the fourth quarter. Jones Financial Companies Lllp now owns 520 shares of the bank’s stock worth $39,000 after buying an additional 409 shares in the last quarter. UMB Bank n.a. lifted 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 during the period. First Horizon Advisors Inc. boosted its position in Prosperity Bancshares by 190.0% during the 3rd quarter. First Horizon Advisors Inc. now owns 815 shares of the bank’s stock valued at $59,000 after acquiring an additional 534 shares in the last quarter. Finally, Blue Trust Inc. boosted its position in Prosperity Bancshares by 181.6% during the 3rd quarter. Blue Trust Inc. now owns 859 shares of the bank’s stock valued at $62,000 after acquiring an additional 554 shares in the last quarter. 80.69% of the stock is owned by hedge funds and other institutional investors.

Prosperity Bancshares Price Performance

NYSE PB opened at $76.50 on Wednesday. The stock has a market capitalization of $7.29 billion, a P/E ratio of 15.12, a P/E/G ratio of 0.94 and a beta of 0.94. The business has a 50 day simple moving average of $77.46 and a 200 day simple moving average of $76.02. Prosperity Bancshares has a one year low of $57.16 and a one year high of $86.75.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings data on Wednesday, January 29th. The bank reported $1.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.33 by $0.04. Prosperity Bancshares had a net margin of 26.79% and a return on equity of 6.64%. Equities analysts expect that Prosperity Bancshares will post 5.83 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be paid a $0.58 dividend. The ex-dividend date is Friday, March 14th. This represents a $2.32 dividend on an annualized basis and a yield of 3.03%. Prosperity Bancshares’s payout ratio is presently 45.85%.

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.