Prosperity Bancshares, Inc. (NYSE:PB) Receives $80.68 Average Price Target from Analysts

Shares of Prosperity Bancshares, Inc. (NYSE:PB) have received an average recommendation of “Moderate Buy” from the thirteen brokerages that are covering the firm, Marketbeat reports. Five investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $80.68.

Several analysts recently issued reports on the stock. DA Davidson downgraded shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $80.00 to $78.00 in a report on Tuesday, October 15th. Wolfe Research restated a “peer perform” rating on shares of Prosperity Bancshares in a report on Thursday, December 5th. Hovde Group lifted their price objective on Prosperity Bancshares from $80.50 to $82.50 and gave the stock an “outperform” rating in a research note on Monday, August 26th. StockNews.com downgraded Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Friday, November 29th. Finally, Raymond James downgraded Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price target on the stock. in a research report on Tuesday, September 17th.

Insider Buying and Selling

In other news, Director Leah Henderson sold 1,100 shares of the business’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $83.24, for a total value of $91,564.00. Following the sale, the director now owns 7,525 shares in the company, valued at approximately $626,381. The trade was a 12.75 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Ned S. Holmes sold 500 shares of the company’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $83.04, for a total transaction of $41,520.00. Following the completion of the sale, the director now directly owns 112,815 shares in the company, valued at approximately $9,368,157.60. The trade was a 0.44 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 7,100 shares of company stock valued at $604,114 over the last quarter. Corporate insiders own 4.28% of the company’s stock.

Hedge Funds Weigh In On Prosperity Bancshares

Several institutional investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC raised its stake in shares of Prosperity Bancshares by 59.6% in the second quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock valued at $29,000 after acquiring an additional 177 shares during the last quarter. ORG Partners LLC bought a new position in Prosperity Bancshares in the 2nd quarter valued at $212,000. Hunter Perkins Capital Management LLC boosted its stake in Prosperity Bancshares by 1.3% in the second quarter. Hunter Perkins Capital Management LLC now owns 154,955 shares of the bank’s stock worth $9,529,000 after purchasing an additional 1,915 shares in the last quarter. Silver Lake Advisory LLC acquired a new position in Prosperity Bancshares in the second quarter worth $611,000. Finally, Raymond James & Associates grew its holdings in shares of Prosperity Bancshares by 8.0% during the second quarter. Raymond James & Associates now owns 29,860 shares of the bank’s stock worth $1,826,000 after purchasing an additional 2,223 shares during the last quarter. 80.69% of the stock is owned by institutional investors.

Prosperity Bancshares Trading Up 0.4 %

PB stock opened at $81.24 on Friday. The firm has a market cap of $7.74 billion, a PE ratio of 17.25, a PEG ratio of 1.22 and a beta of 0.92. The company has a fifty day simple moving average of $77.51 and a 200 day simple moving average of $70.75. Prosperity Bancshares has a 1 year low of $57.16 and a 1 year high of $86.75.

Prosperity Bancshares (NYSE:PB) last posted its earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share for the quarter, topping the consensus estimate of $1.31 by $0.03. The firm had revenue of $459.00 million during the quarter, compared to analyst estimates of $299.83 million. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%. During the same period in the previous year, the company earned $1.20 EPS. As a group, analysts forecast that Prosperity Bancshares will post 5.05 EPS for the current fiscal year.

Prosperity Bancshares Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be given a dividend of $0.58 per share. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.56. This represents a $2.32 annualized dividend and a dividend yield of 2.86%. The ex-dividend date of this dividend is Friday, December 13th. Prosperity Bancshares’s payout ratio is 49.26%.

About Prosperity Bancshares

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.