UBS Group Has Lowered Expectations for Prosperity Bancshares (NYSE:PB) Stock Price

Prosperity Bancshares (NYSE:PB) had its price objective lowered by UBS Group from $77.00 to $76.00 in a research report sent to investors on Thursday morning,Benzinga reports. The brokerage currently has a buy rating on the bank’s stock.

PB has been the subject of several other research reports. Truist Financial cut Prosperity Bancshares from a “buy” rating to a “hold” rating and decreased their target price for the stock from $81.00 to $79.00 in a research note on Friday, September 20th. Raymond James lowered shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price objective for the company. in a research note on Tuesday, September 17th. Wolfe Research reissued a “peer perform” rating on shares of Prosperity Bancshares in a research note on Thursday, December 5th. 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, StockNews.com cut shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Friday, November 29th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, Prosperity Bancshares presently has a consensus rating of “Moderate Buy” and a consensus target price of $81.50.

Prosperity Bancshares Stock Performance

Shares of NYSE PB opened at $76.24 on Thursday. The company’s 50 day moving average price is $78.85 and its 200-day moving average price is $71.97. Prosperity Bancshares has a 52-week low of $57.16 and a 52-week high of $86.75. The company has a market capitalization of $7.26 billion, a P/E ratio of 16.19, a price-to-earnings-growth ratio of 1.19 and a beta of 0.92.

Prosperity Bancshares (NYSE:PB) last released its earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.31 by $0.03. Prosperity Bancshares had a net margin of 25.39% and a return on equity of 6.46%. The business had revenue of $459.00 million for the quarter, compared to analyst estimates of $299.83 million. During the same quarter in the previous year, the business earned $1.20 earnings per share. Analysts forecast that Prosperity Bancshares will post 5.05 earnings per share for the current year.

Prosperity Bancshares Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be paid a $0.58 dividend. The ex-dividend date of this dividend is Friday, December 13th. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.56. This represents a $2.32 annualized dividend and a dividend yield of 3.04%. Prosperity Bancshares’s dividend payout ratio is 49.26%.

Insider Activity at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 500 shares of the stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $78.48, for a total value of $39,240.00. Following the completion of the sale, the director now owns 110,815 shares in the company, valued at $8,696,761.20. This represents a 0.45 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Chairman H E. Timanus, Jr. sold 4,000 shares of the firm’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $86.50, for a total transaction of $346,000.00. Following the transaction, the chairman now directly owns 229,953 shares in the company, valued at $19,890,934.50. The trade was a 1.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 12,100 shares of company stock valued at $1,004,719 over the last 90 days. Insiders own 4.28% of the company’s stock.

Hedge Funds Weigh In On Prosperity Bancshares

Several institutional investors have recently modified their holdings of the business. Quarry LP grew its position in Prosperity Bancshares by 533.3% during the second quarter. Quarry LP now owns 494 shares of the bank’s stock valued at $30,000 after buying an additional 416 shares during the period. Quest Partners LLC grew its position in shares of Prosperity Bancshares by 3,147.1% during the 2nd quarter. Quest Partners LLC now owns 552 shares of the bank’s stock valued at $34,000 after acquiring an additional 535 shares during the period. Strategic Financial Concepts LLC purchased a new stake in shares of Prosperity Bancshares during the 2nd quarter worth approximately $43,000. Headlands Technologies LLC bought a new stake in shares of Prosperity Bancshares in the 2nd quarter worth approximately $46,000. Finally, GAMMA Investing LLC lifted its stake in Prosperity Bancshares by 47.9% in the third quarter. GAMMA Investing LLC now owns 701 shares of the bank’s stock valued at $51,000 after purchasing an additional 227 shares during the last quarter. 80.69% of the stock is owned by institutional investors.

About Prosperity Bancshares

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.