Prosperity Bancshares, Inc. (NYSE:PB) Receives $83.80 Average Target Price from Brokerages

Shares of Prosperity Bancshares, Inc. (NYSE:PB) have received an average rating of “Moderate Buy” from the sixteen analysts that are presently covering the stock, MarketBeat reports. Six research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The average 1-year price target among brokers that have covered the stock in the last year is $83.80.

PB has been the subject of several recent research reports. Royal Bank Of Canada lowered their price objective on 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. Barclays cut their target price on Prosperity Bancshares from $88.00 to $86.00 and set an “equal weight” rating on the stock in a research note on Tuesday, April 8th. Morgan Stanley decreased their target price on shares of Prosperity Bancshares from $102.00 to $94.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. Keefe, Bruyette & Woods decreased their price objective on shares of Prosperity Bancshares from $95.00 to $90.00 and set an “outperform” rating for the company in a report on Monday, May 5th. Finally, Hovde Group reduced their target price on Prosperity Bancshares from $90.00 to $80.00 and set an “outperform” rating for the company in a report on Friday, April 25th.

Insider Buying and Selling at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 600 shares of the firm’s stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $70.89, for a total transaction of $42,534.00. Following the transaction, the director now owns 45,700 shares in the company, valued at approximately $3,239,673. This trade represents a 1.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders sold a total of 9,000 shares of company stock valued at $621,965 in the last three months. Company insiders own 4.20% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in PB. CIBC Private Wealth Group LLC boosted its stake in shares of Prosperity Bancshares by 4.4% during the fourth quarter. CIBC Private Wealth Group LLC now owns 3,069 shares of the bank’s stock valued at $229,000 after purchasing an additional 128 shares in the last quarter. U.S. Capital Wealth Advisors LLC increased its holdings in shares of Prosperity Bancshares by 4.9% in the 1st quarter. U.S. Capital Wealth Advisors LLC now owns 3,326 shares of the bank’s stock valued at $237,000 after acquiring an additional 156 shares during the period. Tectonic Advisors LLC lifted its stake in shares of Prosperity Bancshares by 2.0% during the 1st quarter. Tectonic Advisors LLC now owns 8,319 shares of the bank’s stock worth $594,000 after purchasing an additional 165 shares during the last quarter. Sanctuary Advisors LLC lifted its stake in shares of Prosperity Bancshares by 3.8% during the 4th quarter. Sanctuary Advisors LLC now owns 5,359 shares of the bank’s stock worth $430,000 after purchasing an additional 194 shares during the last quarter. Finally, First Horizon Advisors Inc. boosted its position in Prosperity Bancshares by 23.9% during the fourth quarter. First Horizon Advisors Inc. now owns 1,010 shares of the bank’s stock valued at $76,000 after purchasing an additional 195 shares in the last quarter. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Prosperity Bancshares Stock Performance

PB stock opened at $70.82 on Tuesday. The company’s 50 day moving average price is $69.47 and its two-hundred day moving average price is $72.75. Prosperity Bancshares has a one year low of $58.66 and a one year high of $86.76. The company has a market capitalization of $6.75 billion, a PE ratio of 13.49, a price-to-earnings-growth ratio of 0.86 and a beta of 0.68.

Prosperity Bancshares (NYSE:PB) last issued its earnings results on Wednesday, April 23rd. The bank reported $1.37 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 the consensus estimate of $307.17 million. Prosperity Bancshares had a net margin of 27.69% and a return on equity of 6.81%. The firm’s revenue for the quarter was up 10.7% on a year-over-year basis. During the same period in the previous year, the firm earned $1.18 earnings per share. On average, research analysts predict that Prosperity Bancshares will post 5.83 EPS for the current year.

Prosperity Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be paid a $0.58 dividend. The ex-dividend date is Friday, June 13th. This represents a $2.32 dividend on an annualized basis and a yield of 3.28%. Prosperity Bancshares’s payout ratio is 44.19%.

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.