Prosperity Bancshares, Inc. (NYSE:PB) Given Consensus Recommendation of “Hold” by Brokerages

Shares of Prosperity Bancshares, Inc. (NYSE:PB) have been assigned an average rating of “Hold” from the fifteen brokerages that are covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have given a buy rating to the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $78.9231.

A number of equities analysts have commented on PB shares. TD Cowen reissued a “buy” rating on shares of Prosperity Bancshares in a research note on Wednesday, January 7th. Hovde Group raised their price objective on shares of Prosperity Bancshares from $75.00 to $77.00 and gave the company an “outperform” rating in a research report on Thursday, January 29th. Cantor Fitzgerald boosted their price objective on shares of Prosperity Bancshares from $81.00 to $83.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 3rd. Piper Sandler lowered Prosperity Bancshares from an “overweight” rating to a “neutral” rating and lowered their price objective for the stock from $77.00 to $74.00 in a research report on Thursday, January 29th. Finally, Morgan Stanley boosted their price objective on Prosperity Bancshares from $80.00 to $91.00 and gave the stock an “overweight” rating in a report on Monday, March 2nd.

Prosperity Bancshares Price Performance

Shares of PB stock opened at $66.18 on Thursday. The stock has a market cap of $6.72 billion, a P/E ratio of 11.55, a price-to-earnings-growth ratio of 0.93 and a beta of 0.66. Prosperity Bancshares has a one year low of $61.06 and a one year high of $77.20. The stock has a fifty day moving average price of $70.33 and a 200 day moving average price of $68.62.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings results on Wednesday, January 28th. The bank reported $1.46 EPS for the quarter, beating the consensus estimate of $1.45 by $0.01. Prosperity Bancshares had a return on equity of 7.11% and a net margin of 31.22%.The business had revenue of $317.73 million for the quarter, compared to analyst estimates of $319.30 million. During the same quarter in the previous year, the firm earned $1.37 EPS. Prosperity Bancshares’s quarterly revenue was down 5.9% on a year-over-year basis. Equities research analysts anticipate that Prosperity Bancshares will post 5.83 EPS for the current year.

Prosperity Bancshares Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Friday, March 13th will be issued a dividend of $0.60 per share. The ex-dividend date is Friday, March 13th. This represents a $2.40 dividend on an annualized basis and a yield of 3.6%. Prosperity Bancshares’s dividend payout ratio (DPR) is 41.88%.

Insider Activity

In related news, Director Ned S. Holmes sold 600 shares of the stock in a transaction that occurred on Wednesday, December 31st. The shares were sold at an average price of $69.38, for a total value of $41,628.00. Following the sale, the director directly owned 42,500 shares in the company, valued at $2,948,650. This trade represents a 1.39% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. In the last three months, insiders sold 13,200 shares of company stock worth $922,415. 3.96% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Prosperity Bancshares

Large investors have recently bought and sold shares of the company. Mather Group LLC. acquired a new stake in Prosperity Bancshares in the third quarter worth $26,000. Community Bank N.A. acquired a new position in shares of Prosperity Bancshares in the 3rd quarter valued at $29,000. Danske Bank A S bought a new stake in shares of Prosperity Bancshares in the 3rd quarter valued at $40,000. Annis Gardner Whiting Capital Advisors LLC bought a new stake in shares of Prosperity Bancshares in the 3rd quarter valued at $42,000. Finally, Employees Retirement System of Texas acquired a new stake in Prosperity Bancshares during the 2nd quarter worth $48,000. Institutional investors own 80.69% of the company’s stock.

About Prosperity Bancshares

Prosperity Bancshares, Inc is a holding company for Prosperity Bank, offering a broad range of commercial and consumer banking services across Texas, Oklahoma, Arkansas and Louisiana. Through its network of branches and digital platforms, the company provides deposit products, business and real estate lending, treasury management, mortgage origination and servicing, as well as wealth management and trust services.

Originally chartered in 1911 as First National Bank in McKinney, Texas, the organization rebranded to Prosperity Bank in 2009 following a series of strategic acquisitions aimed at deepening its regional presence.