Prosperity Bancshares, Inc. (NYSE:PB) Given Consensus Rating of “Hold” by Brokerages

Shares of Prosperity Bancshares, Inc. (NYSE:PB) have received an average recommendation of “Hold” from the fourteen analysts that are currently covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, eight have issued a hold recommendation and five have assigned a buy recommendation to the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $76.3636.

PB has been the subject of several recent analyst reports. Weiss Ratings upgraded shares of Prosperity Bancshares from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, July 1st. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $80.00 price target on shares of Prosperity Bancshares in a report on Tuesday, June 23rd. TD Cowen boosted their price objective on Prosperity Bancshares from $77.00 to $79.00 and gave the stock a “buy” rating in a research report on Friday, May 1st. Wall Street Zen raised Prosperity Bancshares from a “strong sell” rating to a “sell” rating in a report on Saturday, May 16th. Finally, Morgan Stanley restated an “equal weight” rating and issued a $80.00 target price (down from $85.00) on shares of Prosperity Bancshares in a research report on Monday.

Prosperity Bancshares Trading Down 2.1%

NYSE:PB opened at $70.46 on Friday. The firm has a market capitalization of $7.11 billion, a P/E ratio of 12.77, a P/E/G ratio of 1.10 and a beta of 0.63. The business has a 50 day simple moving average of $70.08 and a 200 day simple moving average of $69.97. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.76 and a quick ratio of 0.76. Prosperity Bancshares has a 12-month low of $61.06 and a 12-month high of $77.20.

Prosperity Bancshares (NYSE:PB) last posted its earnings results on Wednesday, April 29th. The bank reported $1.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.41 by $0.09. Prosperity Bancshares had a return on equity of 7.20% and a net margin of 29.50%.The company had revenue of $367.62 million for the quarter, compared to analysts’ expectations of $358.60 million. During the same period last year, the business posted $1.37 earnings per share. The firm’s quarterly revenue was up 19.9% compared to the same quarter last year. Equities research analysts predict that Prosperity Bancshares will post 6.27 EPS for the current year.

Prosperity Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Monday, June 15th were paid a $0.60 dividend. The ex-dividend date of this dividend was Monday, June 15th. This represents a $2.40 annualized dividend and a dividend yield of 3.4%. Prosperity Bancshares’s dividend payout ratio is presently 43.48%.

Insider Activity at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 600 shares of the firm’s stock in a transaction on Wednesday, April 15th. The stock was sold at an average price of $68.73, for a total transaction of $41,238.00. Following the transaction, the director directly owned 41,000 shares of the company’s stock, valued at approximately $2,817,930. This trade represents a 1.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold 13,200 shares of company stock worth $924,099 over the last quarter. 3.96% of the stock is currently owned by company insiders.

Institutional Trading of Prosperity Bancshares

A number of hedge funds and other institutional investors have recently made changes to their positions in PB. Community Bank N.A. bought a new position in Prosperity Bancshares during the 3rd quarter valued at $29,000. Danske Bank A S bought a new position in Prosperity Bancshares during the third quarter valued at about $40,000. SouthState Bank Corp acquired a new position in Prosperity Bancshares during the fourth quarter worth about $49,000. Osaic Holdings Inc. raised its position in 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 acquiring an additional 186 shares in the last quarter. Finally, Eurizon Capital SGR S.p.A. acquired a new stake in Prosperity Bancshares in the 4th quarter valued at about $55,000. 80.69% of the stock is currently owned by institutional investors.

Prosperity Bancshares Company Profile

Prosperity Bancshares, Inc is a holding company for Prosperity Bank, offering a broad range of commercial and consumer banking services across Texas, Oklahoma, Arkansas and Louisiana. Through its network of branches and digital platforms, the company provides deposit products, business and real estate lending, treasury management, mortgage origination and servicing, as well as wealth management and trust services.

Originally chartered in 1911 as First National Bank in McKinney, Texas, the organization rebranded to Prosperity Bank in 2009 following a series of strategic acquisitions aimed at deepening its regional presence.