Prosperity Bancshares, Inc. (NYSE:PB) Receives Average Rating of “Hold” from Brokerages

Shares of Prosperity Bancshares, Inc. (NYSE:PB) have earned an average rating of “Hold” from the fourteen analysts that are currently covering the firm, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, seven have given a hold recommendation and six have given a buy recommendation to the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $76.8182.

PB has been the subject of a number of research analyst reports. Weiss Ratings raised shares of Prosperity Bancshares from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday. Wall Street Zen upgraded Prosperity Bancshares from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 16th. TD Cowen upped their price target on Prosperity Bancshares from $77.00 to $79.00 and gave the company a “buy” rating in a report on Friday, May 1st. Benchmark initiated coverage on Prosperity Bancshares in a research report on Wednesday, June 24th. They issued a “hold” rating for the company. Finally, Morgan Stanley lifted their price objective on Prosperity Bancshares from $83.00 to $85.00 and gave the stock an “overweight” rating in a report on Monday.

Insider Buying and Selling

In other Prosperity Bancshares news, Director Ned S. Holmes sold 600 shares of Prosperity Bancshares stock in a transaction on Wednesday, April 8th. The shares were sold at an average price of $68.97, for a total transaction of $41,382.00. Following the sale, the director owned 41,100 shares in the company, valued at $2,834,667. The trade was a 1.44% 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. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 14,300 shares of company stock valued at $999,976 over the last three months. 3.96% of the stock is owned by company insiders.

Hedge Funds Weigh In On Prosperity Bancshares

Hedge funds and other institutional investors have recently made changes to their positions in the business. AQR Capital Management LLC boosted its position in shares of Prosperity Bancshares by 175.1% during the 2nd quarter. AQR Capital Management LLC now owns 2,383,162 shares of the bank’s stock valued at $167,393,000 after acquiring an additional 1,516,939 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC raised its position in Prosperity Bancshares by 910.4% in the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,311,051 shares of the bank’s stock worth $90,607,000 after purchasing an additional 1,181,295 shares in the last quarter. North Reef Capital Management LP raised its position in Prosperity Bancshares by 149.0% in the first quarter. North Reef Capital Management LP now owns 1,107,877 shares of the bank’s stock worth $74,427,000 after purchasing an additional 662,877 shares in the last quarter. Artisan Partners Limited Partnership bought a new position in Prosperity Bancshares during the fourth quarter worth about $44,822,000. Finally, Norges Bank bought a new position in Prosperity Bancshares during the fourth quarter worth about $37,645,000. 80.69% of the stock is owned by institutional investors.

Prosperity Bancshares Price Performance

NYSE:PB opened at $70.90 on Friday. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.76 and a quick ratio of 0.76. Prosperity Bancshares has a one year low of $61.06 and a one year high of $77.20. The company has a fifty day moving average price of $69.96 and a 200 day moving average price of $70.00. The stock has a market cap of $7.15 billion, a P/E ratio of 12.84, a PEG ratio of 1.09 and a beta of 0.63.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings results 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 net margin of 29.50% and a return on equity of 7.20%. The company had revenue of $367.62 million for the quarter, compared to analyst estimates of $358.60 million. During the same period last year, the business posted $1.37 EPS. The business’s quarterly revenue was up 19.9% on a year-over-year basis. Analysts anticipate that Prosperity Bancshares will post 6.27 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Monday, June 15th were given a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend was Monday, June 15th. Prosperity Bancshares’s dividend payout ratio (DPR) is 43.48%.

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.