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

Shares of Prosperity Bancshares, Inc. (NYSE:PB) have earned an average rating of “Hold” from the fifteen analysts that are currently covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, seven have given a hold recommendation and seven have given a buy recommendation to the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $78.7692.

A number of brokerages have commented on PB. Janney Montgomery Scott cut shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating in a research note on Tuesday, February 3rd. TD Cowen restated a “buy” rating on shares of Prosperity Bancshares in a research report on Wednesday, January 7th. Citigroup reiterated a “neutral” rating on shares of Prosperity Bancshares in a research report on Monday, February 2nd. Piper Sandler cut Prosperity Bancshares from an “overweight” rating to a “neutral” rating and cut their price objective for the company from $77.00 to $74.00 in a report on Thursday, January 29th. Finally, Barclays lowered shares of Prosperity Bancshares from an “equal weight” rating to an “underweight” rating and lowered their target price for the stock from $75.00 to $68.00 in a report on Monday, February 2nd.

Prosperity Bancshares Price Performance

NYSE PB opened at $70.33 on Friday. The company’s fifty day moving average is $71.80 and its two-hundred day moving average is $68.86. The firm has a market capitalization of $6.68 billion, a price-to-earnings ratio of 12.27, a P/E/G ratio of 0.99 and a beta of 0.67. Prosperity Bancshares has a 52-week low of $61.06 and a 52-week high of $77.92.

Prosperity Bancshares (NYSE:PB) last released its earnings results on Wednesday, January 28th. The bank reported $1.46 earnings per share for the quarter, topping analysts’ consensus estimates of $1.45 by $0.01. Prosperity Bancshares had a return on equity of 7.11% and a net margin of 31.22%.The business had revenue of $317.73 million for the quarter, compared to the consensus estimate of $319.30 million. During the same period last year, the business earned $1.37 earnings per share. The firm’s revenue for the quarter was down 5.9% compared to the same quarter last year. 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 company also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th will be paid a $0.60 dividend. The ex-dividend date is Friday, March 13th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.4%. Prosperity Bancshares’s payout ratio is 41.88%.

Insider Buying and Selling

In related news, Director Ned S. Holmes sold 500 shares of the firm’s stock in a transaction on Wednesday, February 25th. The stock was sold at an average price of $71.31, for a total transaction of $35,655.00. Following the completion of the sale, the director directly owned 81,415 shares of the company’s stock, valued at $5,805,703.65. This trade represents a 0.61% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In the last 90 days, insiders sold 15,050 shares of company stock worth $1,075,486. 4.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Prosperity Bancshares

Several institutional investors have recently modified their holdings of the business. Mather Group LLC. acquired a new stake in Prosperity Bancshares during the 3rd quarter worth $26,000. Community Bank N.A. acquired a new stake in shares of Prosperity Bancshares during the third quarter worth $29,000. Danske Bank A S bought a new stake in Prosperity Bancshares in the third quarter valued at about $40,000. Annis Gardner Whiting Capital Advisors LLC acquired a new position in Prosperity Bancshares during the third quarter valued at approximately $42,000. Finally, Employees Retirement System of Texas acquired a new stake in Prosperity Bancshares in the second quarter worth $48,000. Institutional investors and hedge funds own 80.69% of the company’s stock.

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.