Brokerages Set Prosperity Bancshares, Inc. (NYSE:PB) Price Target at $81.38

Shares of Prosperity Bancshares, Inc. (NYSE:PB) have been given a consensus recommendation of “Moderate Buy” by the fourteen research firms that are presently covering the company, Marketbeat.com reports. Six investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $81.38.

A number of analysts recently commented on the company. DA Davidson lowered Prosperity Bancshares from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $80.00 to $78.00 in a report on Tuesday, October 15th. Barclays lifted their price target on Prosperity Bancshares from $84.00 to $88.00 and gave the company an “equal weight” rating in a research report on Friday, December 20th. StockNews.com lowered Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Wednesday, January 8th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $77.00 price objective on shares of Prosperity Bancshares in a report on Thursday, October 24th. Finally, UBS Group dropped their target price on Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating for the company in a report on Thursday, December 26th.

Insider Activity at Prosperity Bancshares

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $81.44, for a total transaction of $40,720.00. Following the sale, the director now directly owns 113,815 shares in the company, valued at approximately $9,269,093.60. This trade represents a 0.44 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Leah Henderson sold 1,100 shares of the 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. This represents a 12.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 14,600 shares of company stock valued at $1,196,144 in the last 90 days. Corporate insiders own 4.28% of the company’s stock.

Hedge Funds Weigh In On Prosperity Bancshares

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Geode Capital Management LLC raised its holdings in Prosperity Bancshares by 0.9% during the third quarter. Geode Capital Management LLC now owns 1,708,509 shares of the bank’s stock valued at $123,162,000 after acquiring an additional 15,309 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of Prosperity Bancshares by 0.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,183,295 shares of the bank’s stock worth $85,280,000 after purchasing an additional 6,518 shares during the last quarter. Vaughan Nelson Investment Management L.P. increased its stake in Prosperity Bancshares by 6.4% during the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 889,219 shares of the bank’s stock worth $67,002,000 after acquiring an additional 53,654 shares during the last quarter. Verition Fund Management LLC increased its stake in Prosperity Bancshares by 0.5% during the third quarter. Verition Fund Management LLC now owns 834,701 shares of the bank’s stock worth $60,157,000 after acquiring an additional 3,978 shares during the last quarter. Finally, Thrivent Financial for Lutherans increased its stake in Prosperity Bancshares by 0.9% during the third quarter. Thrivent Financial for Lutherans now owns 818,744 shares of the bank’s stock worth $59,007,000 after acquiring an additional 6,972 shares during the last quarter. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

Prosperity Bancshares Stock Performance

Shares of NYSE:PB opened at $79.41 on Friday. The business’s 50 day simple moving average is $78.80 and its two-hundred day simple moving average is $74.93. The firm has a market cap of $7.56 billion, a P/E ratio of 16.86, a PEG ratio of 1.11 and a beta of 0.93. Prosperity Bancshares has a 52-week low of $57.16 and a 52-week high of $86.75.

Prosperity Bancshares (NYSE:PB) last posted its earnings results on Wednesday, January 29th. The bank reported $1.37 earnings per share for the quarter, beating analysts’ consensus estimates of $1.33 by $0.04. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%. On average, equities analysts forecast that Prosperity Bancshares will post 5.05 earnings per share for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be given a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a yield of 2.92%. The ex-dividend date is Friday, March 14th. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 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.