Prosperity Bancshares (NYSE:PB) Research Coverage Started at Jefferies Financial Group

Jefferies Financial Group started coverage on shares of Prosperity Bancshares (NYSE:PB) in a report released on Wednesday morning, MarketBeat reports. The firm issued a buy rating and a $85.00 price objective on the bank’s stock.

Other analysts have also issued reports about the company. Wall Street Zen raised Prosperity Bancshares from a “sell” rating to a “hold” rating in a report on Tuesday, May 13th. Barclays lowered their price objective on shares of Prosperity Bancshares from $88.00 to $86.00 and set an “equal weight” rating for the company in a research report on Tuesday, April 8th. Royal Bank of Canada lowered their price objective on shares of Prosperity Bancshares from $85.00 to $78.00 and set a “sector perform” rating for the company in a research report on Thursday, April 24th. Raymond James boosted their price objective on shares of Prosperity Bancshares from $82.00 to $87.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. Finally, Keefe, Bruyette & Woods lowered their price objective on shares of Prosperity Bancshares from $95.00 to $90.00 and set an “outperform” rating for the company in a research report on Monday, May 5th. Seven equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $83.80.

Prosperity Bancshares Stock Performance

PB opened at $69.80 on Wednesday. The firm has a market cap of $6.65 billion, a P/E ratio of 13.79, a price-to-earnings-growth ratio of 0.94 and a beta of 0.70. Prosperity Bancshares has a 52-week low of $57.16 and a 52-week high of $86.76. The business’s fifty day moving average is $68.89 and its 200-day moving average is $74.97.

Prosperity Bancshares (NYSE:PB) last released its earnings results on Wednesday, April 23rd. The bank reported $1.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.35 by $0.02. The company had revenue of $306.68 million for the quarter, compared to analyst estimates of $307.17 million. Prosperity Bancshares had a return on equity of 6.64% and a net margin of 26.79%. Prosperity Bancshares’s quarterly revenue was up 10.7% on a year-over-year basis. During the same period in the prior year, the firm posted $1.18 EPS. On average, research analysts predict that Prosperity Bancshares will post 5.83 earnings per share for the current fiscal year.

Prosperity Bancshares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be issued a $0.58 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $2.32 dividend on an annualized basis and a yield of 3.32%. Prosperity Bancshares’s payout ratio is presently 44.19%.

Insiders Place Their Bets

In other news, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction on Wednesday, April 9th. The shares were sold at an average price of $63.62, for a total transaction of $31,810.00. Following the transaction, the director now owns 102,815 shares in the company, valued at approximately $6,541,090.30. The trade was a 0.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold a total of 6,600 shares of company stock valued at $460,409 in the last 90 days. Corporate insiders own 4.20% of the company’s stock.

Hedge Funds Weigh In On Prosperity Bancshares

Hedge funds have recently modified their holdings of the business. Smartleaf Asset Management LLC lifted its holdings in shares of Prosperity Bancshares by 487.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 376 shares of the bank’s stock worth $28,000 after purchasing an additional 312 shares during the period. Jones Financial Companies Lllp lifted its holdings in shares of Prosperity Bancshares by 368.5% during the fourth quarter. Jones Financial Companies Lllp now owns 520 shares of the bank’s stock worth $39,000 after purchasing an additional 409 shares during the period. UMB Bank n.a. lifted its holdings in shares of Prosperity Bancshares by 102.7% during the fourth quarter. UMB Bank n.a. now owns 592 shares of the bank’s stock worth $45,000 after purchasing an additional 300 shares during the period. BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of Prosperity Bancshares during the first quarter worth $48,000. Finally, Aster Capital Management DIFC Ltd lifted its holdings in shares of Prosperity Bancshares by 349.5% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 917 shares of the bank’s stock worth $69,000 after purchasing an additional 713 shares during the period. Institutional investors and hedge funds 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.