Prosperity Bancshares (NYSE:PB) Now Covered by Cantor Fitzgerald

Cantor Fitzgerald started coverage on shares of Prosperity Bancshares (NYSE:PB) in a research note released on Wednesday morning, MarketBeat Ratings reports. The brokerage issued an overweight rating and a $78.00 price objective on the bank’s stock.

A number of other equities research analysts have also issued reports on PB. Citigroup raised their price target on shares of Prosperity Bancshares from $76.00 to $78.00 and gave the stock a “buy” rating in a report on Tuesday, August 26th. Jefferies Financial Group initiated coverage on shares of Prosperity Bancshares in a research report on Wednesday, May 21st. They issued a “buy” rating and a $85.00 target price for the company. Hovde Group dropped their target price on shares of Prosperity Bancshares from $85.00 to $83.00 and set an “outperform” rating for the company in a research report on Thursday, July 24th. Wall Street Zen raised shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a research report on Tuesday, May 13th. Finally, Piper Sandler dropped their target price on shares of Prosperity Bancshares from $86.00 to $84.00 and set an “overweight” rating for the company in a research report on Thursday, July 24th. Eleven analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $83.75.

Prosperity Bancshares Stock Up 0.5%

Shares of Prosperity Bancshares stock opened at $67.25 on Wednesday. The firm has a market cap of $6.39 billion, a PE ratio of 12.23, a price-to-earnings-growth ratio of 1.01 and a beta of 0.74. Prosperity Bancshares has a 12-month low of $61.57 and a 12-month high of $86.75. The company’s fifty day simple moving average is $69.36 and its two-hundred day simple moving average is $69.70.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings results on Wednesday, July 23rd. The bank reported $1.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.40 by $0.02. The business had revenue of $310.70 million for the quarter, compared to analyst estimates of $315.66 million. Prosperity Bancshares had a net margin of 29.37% and a return on equity of 6.99%. During the same quarter last year, the firm earned $1.22 EPS. As a group, sell-side analysts expect that Prosperity Bancshares will post 5.83 earnings per share for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be paid a dividend of $0.58 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $2.32 annualized dividend and a yield of 3.4%. Prosperity Bancshares’s payout ratio is presently 42.18%.

Insider Transactions at Prosperity Bancshares

In other Prosperity Bancshares news, Director Ned S. Holmes sold 600 shares of Prosperity Bancshares stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $67.71, for a total value of $40,626.00. Following the completion of the transaction, the director directly owned 45,300 shares of the company’s stock, valued at approximately $3,067,263. The trade was a 1.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold 15,400 shares of company stock valued at $1,069,500 over the last three months. 4.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. AQR Capital Management LLC raised its holdings in shares of Prosperity Bancshares by 175.1% during the second quarter. AQR Capital Management LLC now owns 2,383,162 shares of the bank’s stock valued at $167,393,000 after purchasing an additional 1,516,939 shares during the last quarter. American Century Companies Inc. raised its holdings in shares of Prosperity Bancshares by 4,674.9% during the second quarter. American Century Companies Inc. now owns 1,426,917 shares of the bank’s stock valued at $100,227,000 after purchasing an additional 1,397,033 shares during the last quarter. Norges Bank purchased a new position in shares of Prosperity Bancshares during the second quarter valued at approximately $53,398,000. T. Rowe Price Investment Management Inc. raised its holdings in shares of Prosperity Bancshares by 14.6% during the first quarter. T. Rowe Price Investment Management Inc. now owns 3,232,995 shares of the bank’s stock valued at $230,739,000 after purchasing an additional 412,283 shares during the last quarter. Finally, Nuveen LLC purchased a new position in shares of Prosperity Bancshares during the first quarter valued at approximately $25,491,000. 80.69% of the stock is owned by hedge funds and other institutional investors.

Prosperity Bancshares Company Profile

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.