Prosperity Bancshares (NYSE:PB) Given New $83.00 Price Target at Morgan Stanley

Prosperity Bancshares (NYSE:PB) had its price target trimmed by Morgan Stanley from $91.00 to $83.00 in a research note published on Tuesday morning,Benzinga reports. The brokerage currently has an overweight rating on the bank’s stock.

Other research analysts also recently issued reports about the company. Cantor Fitzgerald boosted their price objective on Prosperity Bancshares from $81.00 to $83.00 and gave the company an “overweight” rating in a research note on Tuesday, March 3rd. Janney Montgomery Scott cut Prosperity Bancshares from a “buy” rating to a “neutral” rating in a research note on Tuesday, February 3rd. TD Cowen reissued 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 target on shares of Prosperity Bancshares in a report on Thursday, January 29th. Finally, Citigroup reaffirmed 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 given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $78.31.

Prosperity Bancshares Stock Up 2.3%

PB opened at $67.18 on Tuesday. Prosperity Bancshares has a twelve month low of $61.06 and a twelve month high of $77.20. The company has a fifty day moving average of $69.82 and a 200-day moving average of $68.59. The stock has a market cap of $6.82 billion, a PE ratio of 11.72, a price-to-earnings-growth ratio of 0.92 and a beta of 0.66.

Prosperity Bancshares (NYSE:PB) last released its earnings results on Wednesday, January 28th. The bank reported $1.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.45 by $0.01. Prosperity Bancshares had a net margin of 31.22% and a return on equity of 7.11%. The business had revenue of $317.73 million for the quarter, compared to analyst estimates of $319.30 million. During the same quarter in the previous year, the business earned $1.37 earnings per share. Prosperity Bancshares’s revenue for the quarter was down 5.9% on a year-over-year basis. Sell-side analysts anticipate that Prosperity Bancshares will post 5.83 EPS 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 annualized dividend and a dividend yield of 3.6%. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 41.88%.

Insider Buying and Selling

In related news, Director Ned S. Holmes sold 500 shares of the company’s stock in a transaction that occurred on Wednesday, March 25th. The stock was sold at an average price of $66.25, for a total transaction of $33,125.00. Following the transaction, the director directly owned 79,415 shares of the company’s stock, valued at approximately $5,261,243.75. This represents a 0.63% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last three months, insiders sold 12,100 shares of company stock valued at $846,097. Insiders own 3.96% of the company’s stock.

Institutional Investors Weigh In On Prosperity Bancshares

Hedge funds have recently added to or reduced their stakes in the company. Sepio Capital LP raised its position in shares of Prosperity Bancshares by 2.4% during the fourth quarter. Sepio Capital LP now owns 5,701 shares of the bank’s stock worth $394,000 after purchasing an additional 133 shares during the period. Commonwealth Equity Services LLC lifted its holdings in shares of Prosperity Bancshares by 1.0% in the 4th quarter. Commonwealth Equity Services LLC now owns 14,324 shares of the bank’s stock worth $990,000 after purchasing an additional 145 shares in the last quarter. Clearstead Advisors LLC grew its position in Prosperity Bancshares by 10.9% in the 3rd quarter. Clearstead Advisors LLC now owns 1,614 shares of the bank’s stock valued at $107,000 after purchasing an additional 159 shares during the period. Bfsg LLC increased its stake in Prosperity Bancshares by 5.1% during the 3rd quarter. Bfsg LLC now owns 3,363 shares of the bank’s stock valued at $223,000 after purchasing an additional 164 shares in the last quarter. Finally, Belpointe Asset Management LLC increased its stake in Prosperity Bancshares by 5.1% during the 3rd quarter. Belpointe Asset Management LLC now owns 3,621 shares of the bank’s stock valued at $240,000 after purchasing an additional 176 shares in the last quarter. 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.