Prosperity Bancshares, Inc. (NYSE:PB) Receives Consensus Rating of “Hold” from Analysts

Shares of Prosperity Bancshares, Inc. (NYSE:PB) have received a consensus recommendation of “Hold” from the fifteen brokerages that are covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, seven have given a hold recommendation and seven have issued a buy recommendation on the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $78.7692.

PB has been the subject of several recent analyst reports. TD Cowen restated a “buy” rating on shares of Prosperity Bancshares in a research note on Wednesday, January 7th. DA Davidson restated a “neutral” rating and set a $76.00 price objective on shares of Prosperity Bancshares in a research report on Thursday, January 29th. Hovde Group upped their target price on shares of Prosperity Bancshares from $75.00 to $77.00 and gave the company an “outperform” rating in a report on Thursday, January 29th. Barclays lowered shares of Prosperity Bancshares from an “equal weight” rating to an “underweight” rating and cut their price target for the stock from $75.00 to $68.00 in a research note on Monday. Finally, Stephens upped their price objective on shares of Prosperity Bancshares from $77.00 to $81.00 and gave the company an “overweight” rating in a research note on Thursday, October 30th.

Insiders Place Their Bets

In related news, Director Ned S. Holmes sold 600 shares of the firm’s stock in a transaction dated Wednesday, November 12th. The stock was sold at an average price of $67.28, for a total transaction of $40,368.00. Following the transaction, the director owned 43,200 shares of the company’s stock, valued at $2,906,496. This trade represents a 1.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Leah Henderson sold 1,050 shares of Prosperity Bancshares stock in a transaction that occurred on Thursday, December 11th. The shares were sold at an average price of $73.00, for a total value of $76,650.00. Following the completion of the transaction, the director owned 8,075 shares in the company, valued at $589,475. This trade represents a 11.51% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 15,050 shares of company stock valued at $1,055,837 over the last quarter. Company insiders own 4.20% of the company’s stock.

Institutional Investors Weigh In On Prosperity Bancshares

Several hedge funds have recently modified their holdings of the stock. AQR Capital Management LLC increased its stake in Prosperity Bancshares by 175.1% in the 2nd quarter. AQR Capital Management LLC now owns 2,383,162 shares of the bank’s stock valued at $167,393,000 after buying an additional 1,516,939 shares during the period. American Century Companies Inc. boosted its holdings in shares of Prosperity Bancshares by 4,674.9% in the second quarter. American Century Companies Inc. now owns 1,426,917 shares of the bank’s stock valued at $100,227,000 after acquiring an additional 1,397,033 shares in the last quarter. Norges Bank purchased a new stake in shares of Prosperity Bancshares in the second quarter valued at about $53,398,000. Vanguard Group Inc. increased its stake in shares of Prosperity Bancshares by 4.8% during the third quarter. Vanguard Group Inc. now owns 10,116,892 shares of the bank’s stock worth $671,256,000 after acquiring an additional 465,227 shares during the period. Finally, State Street Corp raised its holdings in Prosperity Bancshares by 6.6% during the third quarter. State Street Corp now owns 5,580,039 shares of the bank’s stock worth $373,231,000 after purchasing an additional 343,062 shares in the last quarter. 80.69% of the stock is owned by institutional investors and hedge funds.

Prosperity Bancshares Stock Up 1.6%

Shares of Prosperity Bancshares stock opened at $70.80 on Wednesday. Prosperity Bancshares has a 52-week low of $61.06 and a 52-week high of $81.53. The company has a market capitalization of $6.72 billion, a P/E ratio of 12.36, a P/E/G ratio of 0.90 and a beta of 0.67. The company has a 50 day moving average of $70.99 and a 200 day moving average of $68.16.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, January 28th. The bank reported $1.46 EPS for the quarter, beating analysts’ consensus estimates of $1.45 by $0.01. The company had revenue of $317.73 million for the quarter, compared to the consensus estimate of $319.30 million. Prosperity Bancshares had a net margin of 31.22% and a return on equity of 7.11%. The company’s quarterly revenue was down 5.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.37 EPS. As a group, research analysts anticipate that Prosperity Bancshares will post 5.83 earnings per share for the current fiscal year.

Prosperity Bancshares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Friday, March 13th will be given a $0.60 dividend. The ex-dividend date of this dividend is Friday, March 13th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.4%. Prosperity Bancshares’s dividend payout ratio is 41.88%.

Prosperity Bancshares Company Profile

Prosperity Bancshares, Inc is a holding company for Prosperity Bank, offering a broad range of commercial and consumer banking services across Texas, Oklahoma, Arkansas and Louisiana. Through its network of branches and digital platforms, the company provides deposit products, business and real estate lending, treasury management, mortgage origination and servicing, as well as wealth management and trust services.

Originally chartered in 1911 as First National Bank in McKinney, Texas, the organization rebranded to Prosperity Bank in 2009 following a series of strategic acquisitions aimed at deepening its regional presence.