Prosperity Bancshares (NYSE:PB) Price Target Cut to $90.00 by Analysts at Keefe, Bruyette & Woods

Prosperity Bancshares (NYSE:PB) had its price objective cut by Keefe, Bruyette & Woods from $95.00 to $90.00 in a research note issued to investors on Monday,Benzinga reports. They currently have an outperform rating on the bank’s stock.

Other equities research analysts have also recently issued research reports about the company. StockNews.com cut Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Thursday, April 24th. Morgan Stanley cut their price target on shares of Prosperity Bancshares from $102.00 to $94.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. Raymond James boosted their price objective on shares of Prosperity Bancshares from $82.00 to $87.00 and gave the stock an “outperform” rating in a research note on Thursday, January 30th. Royal Bank of Canada reduced their price target on Prosperity Bancshares from $85.00 to $78.00 and set a “sector perform” rating for the company in a report on Thursday, April 24th. Finally, Barclays dropped their price objective on Prosperity Bancshares from $88.00 to $86.00 and set an “equal weight” rating on the stock in a research note on Tuesday, April 8th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $83.71.

Prosperity Bancshares Price Performance

Shares of Prosperity Bancshares stock opened at $70.08 on Monday. The firm has a 50 day simple moving average of $69.23 and a 200 day simple moving average of $75.16. Prosperity Bancshares has a fifty-two week low of $57.16 and a fifty-two week high of $86.76. The firm has a market cap of $6.68 billion, a P/E ratio of 13.85, a P/E/G ratio of 0.94 and a beta of 0.70.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings results on Wednesday, April 23rd. The bank reported $1.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.35 by $0.02. The company had revenue of $306.68 million during the quarter, compared to the consensus estimate of $307.17 million. Prosperity Bancshares had a return on equity of 6.64% and a net margin of 26.79%. The company’s revenue for the quarter was up 10.7% compared to the same quarter last year. During the same period in the prior year, the company earned $1.18 earnings per share. On average, sell-side analysts expect that Prosperity Bancshares will post 5.83 EPS for the current year.

Prosperity Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be paid a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.31%. The ex-dividend date is Friday, June 13th. Prosperity Bancshares’s dividend payout ratio is 44.19%.

Insiders Place Their Bets

In related news, Director Ned S. Holmes sold 500 shares of the business’s stock in a transaction that occurred on Wednesday, April 30th. The shares were sold at an average price of $67.20, for a total value of $33,600.00. Following the completion of the transaction, the director now directly owns 102,915 shares in the company, valued at $6,915,888. The trade was a 0.48 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last three months, insiders have sold 5,500 shares of company stock valued at $390,340. 4.20% of the stock is currently owned by corporate insiders.

Institutional Trading of Prosperity Bancshares

A number of institutional investors and hedge funds have recently modified their holdings of PB. Allspring Global Investments Holdings LLC increased its holdings in Prosperity Bancshares by 3.9% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 282,920 shares of the bank’s stock worth $21,128,000 after buying an additional 10,589 shares in the last quarter. Avantax Advisory Services Inc. grew its stake in shares of Prosperity Bancshares by 45.1% in the fourth quarter. Avantax Advisory Services Inc. now owns 7,281 shares of the bank’s stock worth $549,000 after acquiring an additional 2,263 shares during the period. Hodges Capital Management Inc. raised its holdings in shares of Prosperity Bancshares by 4.9% during the fourth quarter. Hodges Capital Management Inc. now owns 147,231 shares of the bank’s stock valued at $11,094,000 after purchasing an additional 6,902 shares during the last quarter. Franklin Resources Inc. boosted its holdings in Prosperity Bancshares by 40.6% in the third quarter. Franklin Resources Inc. now owns 34,411 shares of the bank’s stock worth $2,509,000 after purchasing an additional 9,935 shares during the last quarter. Finally, O Shaughnessy Asset Management LLC grew its position in Prosperity Bancshares by 20.1% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 3,784 shares of the bank’s stock worth $285,000 after purchasing an additional 632 shares during the period. Institutional investors 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.