Prosperity Bancshares, Inc. (NYSE:PB) Given Average Recommendation of “Moderate Buy” by Analysts

Prosperity Bancshares, Inc. (NYSE:PB) has been given an average recommendation of “Moderate Buy” by the sixteen analysts that are covering the company, Marketbeat reports. Six research analysts have rated the stock with a hold rating and ten have issued a buy rating on the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $80.2143.

Several brokerages have issued reports on PB. Cowen reiterated a “buy” rating on shares of Prosperity Bancshares in a report on Friday, October 31st. Weiss Ratings reiterated a “hold (c)” rating on shares of Prosperity Bancshares in a research note on Wednesday, October 8th. Raymond James Financial reaffirmed an “outperform” rating and issued a $77.00 price target (up from $75.00) on shares of Prosperity Bancshares in a research note on Thursday, October 30th. TD Cowen increased their price objective on shares of Prosperity Bancshares from $79.00 to $83.00 and gave the company a “buy” rating in a report on Friday, October 31st. Finally, Hovde Group lowered Prosperity Bancshares from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 26th.

Prosperity Bancshares Price Performance

Shares of NYSE PB opened at $72.01 on Tuesday. Prosperity Bancshares has a 1-year low of $61.06 and a 1-year high of $82.75. The business’s 50 day moving average is $66.88 and its two-hundred day moving average is $68.10. The stock has a market capitalization of $6.84 billion, a P/E ratio of 12.84, a PEG ratio of 1.07 and a beta of 0.70.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings data on Wednesday, October 29th. The bank reported $1.45 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.45. Prosperity Bancshares had a net margin of 30.28% and a return on equity of 7.06%. The company had revenue of $314.67 million for the quarter, compared to analyst estimates of $317.94 million. During the same period in the prior year, the company posted $1.34 EPS. The firm’s revenue for the quarter was up 3.9% on a year-over-year basis. As a group, equities research analysts anticipate that Prosperity Bancshares will post 5.83 earnings per share for the current fiscal year.

Prosperity Bancshares Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Investors of record on Monday, December 15th will be paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend is Monday, December 15th. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.58. Prosperity Bancshares’s payout ratio is currently 42.78%.

Insider Activity

In other news, Director Ned S. Holmes sold 600 shares of the business’s stock in a transaction dated Wednesday, September 17th. The stock was sold at an average price of $65.80, for a total transaction of $39,480.00. Following the completion of the transaction, the director directly owned 44,000 shares of the company’s stock, valued at approximately $2,895,200. The trade was a 1.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Harrison Stafford II sold 800 shares of the business’s stock in a transaction on Thursday, December 4th. The stock was sold at an average price of $70.76, for a total transaction of $56,608.00. Following the transaction, the director owned 107,937 shares of the company’s stock, valued at approximately $7,637,622.12. The trade was a 0.74% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 16,150 shares of company stock worth $1,087,883. 4.20% of the stock is currently owned by company insiders.

Institutional Trading of Prosperity Bancshares

Institutional investors and hedge funds have recently modified their holdings of the business. Tudor Investment Corp ET AL purchased a new stake in Prosperity Bancshares during the 3rd quarter worth $4,882,000. Allworth Financial LP grew its holdings in Prosperity Bancshares by 59.2% in the 3rd quarter. Allworth Financial LP now owns 2,129 shares of the bank’s stock valued at $141,000 after buying an additional 792 shares during the last quarter. Swiss Life Asset Management Ltd bought a new position in shares of Prosperity Bancshares during the third quarter valued at $293,000. Danske Bank A S acquired a new stake in Prosperity Bancshares in the 3rd quarter valued at about $40,000. Finally, NewEdge Advisors LLC boosted its stake in shares of Prosperity Bancshares by 16.7% in the 3rd quarter. NewEdge Advisors LLC now owns 8,611 shares of the bank’s stock valued at $571,000 after purchasing an additional 1,235 shares during the last quarter. Hedge funds and other institutional investors own 80.69% of the company’s stock.

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.