Brokerages Set Prosperity Bancshares, Inc. (NYSE:PB) Target Price at $81.50

Prosperity Bancshares, Inc. (NYSE:PB) has received an average recommendation of “Moderate Buy” from the thirteen ratings firms that are currently covering the company, MarketBeat Ratings reports. Five equities research analysts have rated the stock with a hold rating and eight have issued a buy rating on the company. The average 12-month price objective among analysts that have covered the stock in the last year is $81.50.

Several equities research analysts recently issued reports on PB shares. Barclays raised their target price on shares of Prosperity Bancshares from $84.00 to $88.00 and gave the stock an “equal weight” rating in a report on Friday, December 20th. Royal Bank of Canada reissued a “sector perform” rating and issued a $77.00 target price on shares of Prosperity Bancshares in a report on Thursday, October 24th. Truist Financial downgraded Prosperity Bancshares from a “buy” rating to a “hold” rating and cut their price target for the company from $81.00 to $79.00 in a research note on Friday, September 20th. UBS Group lowered their price objective on shares of Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating on the stock in a research note on Thursday, December 26th. Finally, Raymond James lowered shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 target price for the company. in a research report on Tuesday, September 17th.

Prosperity Bancshares Price Performance

Shares of NYSE:PB opened at $75.03 on Tuesday. Prosperity Bancshares has a 1 year low of $57.16 and a 1 year high of $86.75. The company has a market cap of $7.15 billion, a P/E ratio of 15.93, a PEG ratio of 1.19 and a beta of 0.92. The stock’s fifty day moving average price is $79.18 and its 200-day moving average price is $72.79.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.31 by $0.03. Prosperity Bancshares had a net margin of 25.39% and a return on equity of 6.46%. The firm had revenue of $459.00 million for the quarter, compared to the consensus estimate of $299.83 million. During the same quarter last year, the firm posted $1.20 EPS. On average, sell-side analysts anticipate that Prosperity Bancshares will post 5.05 earnings per share for the current year.

Prosperity Bancshares Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th were paid a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a yield of 3.09%. The ex-dividend date was Friday, December 13th. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.56. Prosperity Bancshares’s dividend payout ratio is presently 49.26%.

Insider Activity

In related news, Chairman H E. Timanus, Jr. sold 4,000 shares of the company’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $86.50, for a total transaction of $346,000.00. Following the completion of the transaction, the chairman now owns 229,953 shares in the company, valued at approximately $19,890,934.50. This represents a 1.71 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $83.96, for a total transaction of $41,980.00. Following the completion of the sale, the director now owns 114,315 shares in the company, valued at approximately $9,597,887.40. This represents a 0.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 12,600 shares of company stock worth $1,042,739 over the last ninety days. 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. Los Angeles Capital Management LLC purchased a new position in shares of Prosperity Bancshares in the 3rd quarter worth $4,804,000. Prospector Partners LLC grew its position in Prosperity Bancshares by 24.6% in the third quarter. Prospector Partners LLC now owns 228,992 shares of the bank’s stock worth $16,503,000 after acquiring an additional 45,177 shares in the last quarter. Thrivent Financial for Lutherans increased its stake in Prosperity Bancshares by 16.0% during the second quarter. Thrivent Financial for Lutherans now owns 811,772 shares of the bank’s stock worth $49,632,000 after acquiring an additional 112,101 shares during the last quarter. Sanctuary Advisors LLC purchased a new stake in Prosperity Bancshares during the third quarter valued at approximately $372,000. Finally, US Bancorp DE lifted its stake in shares of Prosperity Bancshares by 3.4% in the 3rd quarter. US Bancorp DE now owns 4,720 shares of the bank’s stock valued at $340,000 after purchasing an additional 153 shares during the last quarter. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Prosperity Bancshares Company Profile

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.