Prosperity Bancshares (NYSE:PB) Given New $83.00 Price Target at Cantor Fitzgerald

Prosperity Bancshares (NYSE:PB) had its price objective lifted by Cantor Fitzgerald from $81.00 to $83.00 in a research note released on Tuesday,Benzinga reports. The firm currently has an overweight rating on the bank’s stock.

A number of other brokerages have also commented on PB. TD Cowen reiterated a “buy” rating on shares of Prosperity Bancshares in a research report on Wednesday, January 7th. Janney Montgomery Scott lowered Prosperity Bancshares from a “buy” rating to a “neutral” rating in a research note on Tuesday, February 3rd. Morgan Stanley raised their price target on Prosperity Bancshares from $80.00 to $91.00 and gave the company an “overweight” rating in a report on Monday. Hovde Group boosted their price objective on Prosperity Bancshares from $75.00 to $77.00 and gave the stock an “outperform” rating in a report on Thursday, January 29th. Finally, Citigroup restated a “neutral” rating on shares of Prosperity Bancshares in a research report on Monday, February 2nd. Seven research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $78.92.

Prosperity Bancshares Trading Down 1.2%

Shares of NYSE PB opened at $70.03 on Tuesday. Prosperity Bancshares has a 1-year low of $61.06 and a 1-year high of $77.20. The company has a market cap of $7.11 billion, a PE ratio of 12.22, a P/E/G ratio of 1.00 and a beta of 0.66. The company has a 50-day moving average of $71.77 and a two-hundred day moving average of $68.90.

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

Prosperity Bancshares Announces Dividend

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

Insider Activity at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 500 shares of the stock in a transaction that occurred on Wednesday, February 25th. The shares were sold at an average price of $71.31, for a total value of $35,655.00. Following the sale, the director directly owned 81,415 shares in the company, valued at $5,805,703.65. This trade represents a 0.61% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Over the last three months, insiders sold 13,950 shares of company stock valued at $998,388. Corporate insiders own 4.20% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of PB. Mather Group LLC. bought a new position in Prosperity Bancshares in the 3rd quarter worth about $26,000. Community Bank N.A. purchased a new position in shares of Prosperity Bancshares during the third quarter worth about $29,000. Danske Bank A S bought a new position in shares of Prosperity Bancshares in the third quarter worth approximately $40,000. Annis Gardner Whiting Capital Advisors LLC bought a new position in shares of Prosperity Bancshares in the third quarter worth approximately $42,000. Finally, Employees Retirement System of Texas bought a new position in shares of Prosperity Bancshares in the 2nd quarter worth $48,000. Institutional investors and hedge funds own 80.69% of the company’s stock.

About Prosperity Bancshares

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.