Brokerages Set Prosperity Bancshares, Inc. (NYSE:PB) PT at $83.80

Shares of Prosperity Bancshares, Inc. (NYSE:PB) have received a consensus rating of “Moderate Buy” from the sixteen brokerages that are presently covering the stock, Marketbeat.com reports. Six investment analysts have rated the stock with a hold recommendation and ten have given a buy recommendation to the company. The average 1 year target price among brokerages that have covered the stock in the last year is $83.80.

PB has been the subject of several analyst reports. Hovde Group dropped their target price on Prosperity Bancshares from $90.00 to $80.00 and set an “outperform” rating for the company in a report on Friday, April 25th. Wall Street Zen upgraded Prosperity Bancshares from a “sell” rating to a “hold” rating in a report on Tuesday, May 13th. Morgan Stanley lowered their price target on Prosperity Bancshares from $102.00 to $94.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. Barclays lowered their price target on Prosperity Bancshares from $88.00 to $86.00 and set an “equal weight” rating for the company in a report on Tuesday, April 8th. Finally, Jefferies Financial Group began coverage on Prosperity Bancshares in a report on Wednesday, May 21st. They set a “buy” rating and a $85.00 price target for the company.

Insider Buying and Selling

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $72.69, for a total value of $36,345.00. Following the sale, the director now owns 101,915 shares of the company’s stock, valued at $7,408,201.35. This trade represents a 0.49% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last 90 days, insiders have sold 9,000 shares of company stock valued at $621,965. Corporate insiders own 4.20% of the company’s stock.

Institutional Investors Weigh In On Prosperity Bancshares

Hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. raised its position in shares of Prosperity Bancshares by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 9,780,006 shares of the bank’s stock worth $736,923,000 after acquiring an additional 44,567 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Prosperity Bancshares by 2.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,688,304 shares of the bank’s stock worth $334,595,000 after acquiring an additional 102,044 shares in the last quarter. T. Rowe Price Investment Management Inc. raised its position in shares of Prosperity Bancshares by 14.6% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 3,232,995 shares of the bank’s stock worth $230,739,000 after acquiring an additional 412,283 shares in the last quarter. Massachusetts Financial Services Co. MA raised its position in shares of Prosperity Bancshares by 1.4% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,342,047 shares of the bank’s stock worth $176,473,000 after acquiring an additional 32,917 shares in the last quarter. Finally, Snyder Capital Management L P raised its position in shares of Prosperity Bancshares by 7.3% during the 4th quarter. Snyder Capital Management L P now owns 1,220,977 shares of the bank’s stock worth $92,001,000 after acquiring an additional 83,488 shares in the last quarter. Institutional investors and hedge funds own 80.69% of the company’s stock.

Prosperity Bancshares Stock Performance

Shares of PB opened at $70.15 on Tuesday. Prosperity Bancshares has a one year low of $58.66 and a one year high of $86.76. The stock has a market capitalization of $6.68 billion, a price-to-earnings ratio of 13.36, a PEG ratio of 0.88 and a beta of 0.68. The stock has a 50 day moving average price of $69.56 and a 200 day moving average price of $72.61.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results on Wednesday, April 23rd. The bank reported $1.37 EPS for the quarter, topping the consensus estimate of $1.35 by $0.02. The firm had revenue of $306.68 million during the quarter, compared to analysts’ expectations of $307.17 million. Prosperity Bancshares had a return on equity of 6.81% and a net margin of 27.69%. The firm’s revenue for the quarter was up 10.7% on a year-over-year basis. During the same period in the previous year, the business earned $1.18 earnings per share. On average, analysts predict that Prosperity Bancshares will post 5.83 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 13th will be paid a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a yield of 3.31%. The ex-dividend date is Friday, June 13th. Prosperity Bancshares’s payout ratio is 44.19%.

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.