Prosperity Bancshares (NYSE:PB) Now Covered by TD Cowen

TD Cowen assumed coverage on shares of Prosperity Bancshares (NYSE:PB) in a report issued on Thursday, Marketbeat reports. The brokerage issued a buy rating and a $79.00 target price on the bank’s stock.

PB has been the topic of a number of other reports. Citigroup reaffirmed a “neutral” rating and issued a $68.00 target price (down from $78.00) on shares of Prosperity Bancshares in a research report on Monday, September 15th. Piper Sandler cut their target price on Prosperity Bancshares from $86.00 to $84.00 and set an “overweight” rating on the stock in a research report on Thursday, July 24th. Hovde Group cut their target price on Prosperity Bancshares from $85.00 to $83.00 and set an “outperform” rating on the stock in a research report on Thursday, July 24th. Finally, Cantor Fitzgerald began coverage on Prosperity Bancshares in a research report on Wednesday, September 10th. They issued an “overweight” rating and a $78.00 target price on the stock. Twelve research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, Prosperity Bancshares has an average rating of “Moderate Buy” and an average target price of $83.13.

Prosperity Bancshares Stock Up 0.9%

Shares of PB opened at $65.98 on Thursday. The business’s 50 day moving average is $67.69 and its two-hundred day moving average is $69.04. Prosperity Bancshares has a 52-week low of $61.57 and a 52-week high of $86.75. The firm has a market cap of $6.27 billion, a price-to-earnings ratio of 12.00, a PEG ratio of 0.98 and a beta of 0.74.

Prosperity Bancshares (NYSE:PB) last announced its earnings results on Wednesday, July 23rd. The bank reported $1.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.40 by $0.02. Prosperity Bancshares had a return on equity of 6.99% and a net margin of 29.37%.The company had revenue of $310.70 million for the quarter, compared to analyst estimates of $315.66 million. During the same period in the prior year, the company posted $1.22 EPS. On average, equities analysts expect that Prosperity Bancshares will post 5.83 earnings per share for the current fiscal year.

Prosperity Bancshares Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be issued a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date is Monday, September 15th. Prosperity Bancshares’s payout ratio is 42.18%.

Insider Buying and Selling

In related news, Director Ned S. Holmes sold 600 shares of the company’s stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $72.95, for a total transaction of $43,770.00. Following the completion of the transaction, the director directly owned 45,100 shares in the company, valued at $3,290,045. This represents a 1.31% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last ninety days, insiders sold 15,400 shares of company stock worth $1,063,189. 4.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in PB. Deutsche Bank AG grew its stake in Prosperity Bancshares by 10.6% during the 4th quarter. Deutsche Bank AG now owns 6,194 shares of the bank’s stock worth $467,000 after buying an additional 592 shares during the last quarter. Squarepoint Ops LLC bought a new position in Prosperity Bancshares during the 4th quarter worth $1,473,000. GTS Securities LLC acquired a new position in Prosperity Bancshares during the 4th quarter worth $303,000. Forum Financial Management LP acquired a new position in Prosperity Bancshares during the 4th quarter worth $242,000. Finally, Wealth Enhancement Advisory Services LLC boosted its position in Prosperity Bancshares by 9.8% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 6,801 shares of the bank’s stock worth $512,000 after acquiring an additional 608 shares during the period. 80.69% of the stock is currently owned by institutional investors.

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.