Analysts Set Prosperity Bancshares, Inc. (NYSE:PB) Target Price at $80.68

Prosperity Bancshares, Inc. (NYSE:PB) has been given an average rating of “Moderate Buy” by the thirteen brokerages that are covering the firm, MarketBeat Ratings reports. Five research analysts have rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average 1 year price objective among analysts that have covered the stock in the last year is $80.68.

PB has been the topic of several recent research reports. Wolfe Research reaffirmed a “peer perform” rating on shares of Prosperity Bancshares in a report on Thursday. StockNews.com downgraded Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Friday, November 29th. Truist Financial cut Prosperity Bancshares from a “buy” rating to a “hold” rating and dropped their target price for the company from $81.00 to $79.00 in a report on Friday, September 20th. Wedbush reaffirmed an “outperform” rating and issued a $90.00 price target on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Finally, DA Davidson lowered Prosperity Bancshares from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $80.00 to $78.00 in a research note on Tuesday, October 15th.

Insiders Place Their Bets

In other Prosperity Bancshares news, Director Leah Henderson sold 1,100 shares of the stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $83.24, for a total transaction of $91,564.00. Following the sale, the director now directly owns 7,525 shares in the company, valued at approximately $626,381. This trade represents a 12.75 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Chairman H E. Timanus, Jr. sold 4,000 shares of the stock in a transaction on Monday, November 25th. The shares were sold at an average price of $86.50, for a total value of $346,000.00. Following the sale, the chairman now directly owns 229,953 shares in the company, valued at $19,890,934.50. This trade represents a 1.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 7,100 shares of company stock worth $604,114. Company insiders own 4.28% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in PB. Dimensional Fund Advisors LP grew its position in shares of Prosperity Bancshares by 14.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,287,615 shares of the bank’s stock valued at $262,141,000 after acquiring an additional 532,241 shares during the period. Point72 Asset Management L.P. bought a new position in Prosperity Bancshares in the 3rd quarter worth $16,478,000. Victory Capital Management Inc. increased its stake in Prosperity Bancshares by 3.0% in the 2nd quarter. Victory Capital Management Inc. now owns 6,359,165 shares of the bank’s stock worth $388,799,000 after buying an additional 184,453 shares in the last quarter. Thrivent Financial for Lutherans raised its holdings in Prosperity Bancshares by 16.0% during the second quarter. Thrivent Financial for Lutherans now owns 811,772 shares of the bank’s stock valued at $49,632,000 after acquiring an additional 112,101 shares during the period. Finally, Jane Street Group LLC boosted its stake in shares of Prosperity Bancshares by 418.0% in the third quarter. Jane Street Group LLC now owns 111,548 shares of the bank’s stock worth $8,039,000 after acquiring an additional 90,015 shares during the period. 80.69% of the stock is owned by hedge funds and other institutional investors.

Prosperity Bancshares Stock Down 0.3 %

NYSE PB opened at $81.93 on Friday. The stock’s 50-day simple moving average is $77.11 and its two-hundred day simple moving average is $70.48. Prosperity Bancshares has a twelve month low of $57.16 and a twelve month high of $86.75. The company has a market capitalization of $7.80 billion, a price-to-earnings ratio of 17.39, a PEG ratio of 1.24 and a beta of 0.92.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.34 earnings per share for the quarter, beating analysts’ consensus estimates of $1.31 by $0.03. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%. The company had revenue of $459.00 million for the quarter, compared to analysts’ expectations of $299.83 million. During the same period last year, the firm posted $1.20 EPS. On average, equities analysts expect that Prosperity Bancshares will post 5.05 earnings per share for the current fiscal year.

Prosperity Bancshares Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be paid a dividend of $0.58 per share. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.56. The ex-dividend date is Friday, December 13th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.83%. Prosperity Bancshares’s payout ratio is presently 47.56%.

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.