Prosperity Bancshares’ (PB) Outperform Rating Reaffirmed at Raymond James Financial

Raymond James Financial restated their outperform rating on shares of Prosperity Bancshares (NYSE:PB) in a report released on Thursday,Benzinga reports. They currently have a $77.00 price target on the bank’s stock, up from their previous price target of $75.00.

Several other equities analysts also recently weighed in on the company. Royal Bank Of Canada lowered their target price on Prosperity Bancshares from $78.00 to $72.00 and set a “sector perform” rating on the stock in a research report on Friday, October 10th. Stephens lifted their target price on Prosperity Bancshares from $77.00 to $81.00 and gave the company an “overweight” rating in a research report on Thursday. Cantor Fitzgerald initiated coverage on Prosperity Bancshares in a research report on Wednesday, September 10th. They set an “overweight” rating and a $78.00 target price on the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of Prosperity Bancshares in a research report on Wednesday, October 8th. Finally, Citigroup reiterated a “neutral” rating and set a $68.00 target price (down from $78.00) on shares of Prosperity Bancshares in a research report on Monday, September 15th. Eleven equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $80.21.

Prosperity Bancshares Trading Down 0.5%

Shares of PB stock opened at $64.78 on Thursday. Prosperity Bancshares has a 12 month low of $61.06 and a 12 month high of $86.75. The stock has a market cap of $6.15 billion, a P/E ratio of 11.55, a P/E/G ratio of 0.97 and a beta of 0.73. The company has a 50 day simple moving average of $66.13 and a two-hundred day simple moving average of $68.30.

Prosperity Bancshares (NYSE:PB) last announced its earnings results on Wednesday, October 29th. The bank reported $1.45 EPS for the quarter, meeting analysts’ consensus estimates of $1.45. The business had revenue of $314.67 million during the quarter, compared to analysts’ expectations of $317.94 million. Prosperity Bancshares had a net margin of 30.28% and a return on equity of 7.06%. The firm’s revenue was up 3.9% on a year-over-year basis. During the same period in the prior year, the company earned $1.34 earnings per share. As a group, equities analysts forecast that Prosperity Bancshares will post 5.83 earnings per share for the current year.

Prosperity Bancshares Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Investors of record on Monday, December 15th will be given a dividend of $0.60 per share. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.58. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date is Monday, December 15th. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 42.18%.

Insider Buying and Selling at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 600 shares of the company’s stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $66.34, for a total transaction of $39,804.00. Following the completion of the transaction, the director owned 44,600 shares in the company, valued at approximately $2,958,764. This represents a 1.33% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold a total of 13,200 shares of company stock worth $878,770 in the last three months. 4.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Prosperity Bancshares

Hedge funds have recently made changes to their positions in the company. Mather Group LLC. purchased a new stake in shares of Prosperity Bancshares in the third quarter worth about $26,000. Steph & Co. purchased a new stake in shares of Prosperity Bancshares in the second quarter worth about $38,000. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of Prosperity Bancshares in the first quarter worth about $48,000. Employees Retirement System of Texas purchased a new stake in shares of Prosperity Bancshares in the second quarter worth about $48,000. Finally, Osaic Holdings Inc. lifted its position in shares of Prosperity Bancshares by 34.9% in the second quarter. Osaic Holdings Inc. now owns 719 shares of the bank’s stock worth $51,000 after buying an additional 186 shares in the last quarter. 80.69% of the stock is currently 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.