Prosperity Bancshares (NYSE:PB) Stock Price Passes Above Two Hundred Day Moving Average – What’s Next?

Prosperity Bancshares, Inc. (NYSE:PB) crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $70.04 and traded as high as $74.79. Prosperity Bancshares shares last traded at $74.6590, with a volume of 998,097 shares.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on PB. Morgan Stanley reissued an “equal weight” rating and issued a $80.00 price objective (down from $85.00) on shares of Prosperity Bancshares in a research note on Monday, July 6th. Wall Street Zen upgraded shares of Prosperity Bancshares from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 16th. Benchmark began coverage on shares of Prosperity Bancshares in a report on Wednesday, June 24th. They issued a “hold” rating on the stock. TD Cowen boosted their price target on shares of Prosperity Bancshares from $77.00 to $79.00 and gave the stock a “buy” rating in a research note on Friday, May 1st. Finally, Citigroup increased their price target on shares of Prosperity Bancshares from $74.00 to $75.00 and gave the stock a “neutral” rating in a report on Thursday, June 25th. Five analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Prosperity Bancshares has an average rating of “Hold” and a consensus target price of $76.36.

Prosperity Bancshares Price Performance

The stock has a fifty day moving average of $70.45 and a two-hundred day moving average of $70.04. The stock has a market cap of $7.53 billion, a price-to-earnings ratio of 13.53, a price-to-earnings-growth ratio of 1.16 and a beta of 0.63. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.01.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings data on Wednesday, April 29th. The bank reported $1.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.41 by $0.09. Prosperity Bancshares had a return on equity of 7.20% and a net margin of 29.50%.The firm had revenue of $367.62 million during the quarter, compared to analysts’ expectations of $358.60 million. During the same quarter in the prior year, the business posted $1.37 earnings per share. Prosperity Bancshares’s revenue was up 19.9% compared to the same quarter last year. On average, equities research analysts anticipate that Prosperity Bancshares, Inc. will post 6.25 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Monday, June 15th were issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date was Monday, June 15th. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 43.48%.

Insider Activity at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 600 shares of the business’s stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $70.61, for a total transaction of $42,366.00. Following the sale, the director owned 39,800 shares of the company’s stock, valued at approximately $2,810,278. The trade was a 1.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 13,200 shares of company stock valued at $926,152 in the last ninety days. 3.96% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in PB. Danske Bank A S acquired a new position in Prosperity Bancshares during the third quarter worth $40,000. SouthState Bank Corp purchased a new position in shares of Prosperity Bancshares in the fourth quarter valued at $49,000. Osaic Holdings Inc. raised its stake in shares of Prosperity Bancshares by 34.9% during the 2nd quarter. Osaic Holdings Inc. now owns 719 shares of the bank’s stock worth $51,000 after buying an additional 186 shares during the last quarter. Eurizon Capital SGR S.p.A. purchased a new stake in shares of Prosperity Bancshares in the 4th quarter worth about $55,000. Finally, True Wealth Design LLC boosted its position in shares of Prosperity Bancshares by 179.6% in the 4th quarter. True Wealth Design LLC now owns 945 shares of the bank’s stock worth $65,000 after buying an additional 607 shares in the last quarter. 80.69% of the stock is owned by hedge funds and other institutional investors.

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.