Prosperity Bancshares (NYSE:PB) Downgraded by StockNews.com to Sell

StockNews.com downgraded shares of Prosperity Bancshares (NYSE:PB) from a hold rating to a sell rating in a research report sent to investors on Friday.

Other equities research analysts have also issued research reports about the company. Raymond James lowered Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 target price on the stock. in a research report on Tuesday, September 17th. Hovde Group upped their price objective on shares of Prosperity Bancshares from $80.50 to $82.50 and gave the company an “outperform” rating in a report on Monday, August 26th. Royal Bank of Canada reissued a “sector perform” rating and set a $77.00 target price on shares of Prosperity Bancshares in a report on Thursday, October 24th. Truist Financial lowered shares of Prosperity Bancshares from a “buy” rating to a “hold” rating and lowered their price target for the company from $81.00 to $79.00 in a report on Friday, September 20th. Finally, Wedbush reaffirmed an “outperform” rating and set a $90.00 price target on shares of Prosperity Bancshares in a research report on Thursday, October 24th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $79.95.

Prosperity Bancshares Trading Down 0.5 %

NYSE:PB opened at $83.73 on Friday. The company has a market capitalization of $7.98 billion, a P/E ratio of 17.78, a PEG ratio of 1.25 and a beta of 0.89. Prosperity Bancshares has a 12 month low of $57.16 and a 12 month high of $86.75. The firm has a fifty day simple moving average of $75.96 and a 200-day simple moving average of $69.82.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, topping analysts’ consensus estimates of $1.31 by $0.03. The company had revenue of $459.00 million during the quarter, compared to analysts’ expectations of $299.83 million. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%. During the same quarter in the previous year, the firm posted $1.20 EPS. Equities analysts forecast that Prosperity Bancshares will post 5.05 EPS for the current year.

Prosperity Bancshares Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be issued a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a yield of 2.77%. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.56. The ex-dividend date is Friday, December 13th. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 49.26%.

Insider Transactions at Prosperity Bancshares

In other news, Chairman H E. Timanus, Jr. sold 4,000 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $86.50, for a total value of $346,000.00. Following the transaction, the chairman now 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 transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Leah Henderson sold 1,100 shares of the business’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $83.24, for a total value of $91,564.00. Following the sale, the director now owns 7,525 shares of the company’s stock, valued at $626,381. The trade was a 12.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 6,100 shares of company stock valued at $520,264 over the last 90 days. Corporate insiders own 4.28% of the company’s stock.

Hedge Funds Weigh In On Prosperity Bancshares

Several hedge funds and other institutional investors have recently modified their holdings of PB. Advisors Asset Management Inc. acquired a new stake in Prosperity Bancshares in the 1st quarter valued at about $124,000. Price T Rowe Associates Inc. MD increased its holdings in shares of Prosperity Bancshares by 5.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 50,602 shares of the bank’s stock valued at $3,329,000 after purchasing an additional 2,706 shares during the last quarter. Westwood Holdings Group Inc. lifted its position in Prosperity Bancshares by 68.2% during the first quarter. Westwood Holdings Group Inc. now owns 6,726 shares of the bank’s stock worth $442,000 after buying an additional 2,726 shares in the last quarter. Abich Financial Wealth Management LLC boosted its stake in Prosperity Bancshares by 12,433.3% during the first quarter. Abich Financial Wealth Management LLC now owns 752 shares of the bank’s stock worth $49,000 after buying an additional 746 shares during the last quarter. Finally, GAMMA Investing LLC grew its holdings in Prosperity Bancshares by 59.6% in the 2nd quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock valued at $29,000 after buying an additional 177 shares in the last quarter. 80.69% of the stock is owned by hedge funds and other institutional investors.

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.