Prosperity Bancshares, Inc. (NYSE:PB) Receives $70.19 Consensus Price Target from Brokerages

Prosperity Bancshares, Inc. (NYSE:PBGet Free Report) has been assigned a consensus rating of “Moderate Buy” from the twelve brokerages that are presently covering the firm, MarketBeat Ratings reports. Four analysts have rated the stock with a hold recommendation, seven have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $70.19.

PB has been the subject of a number of research reports. UBS Group raised their target price on Prosperity Bancshares from $65.00 to $71.00 and gave the company a “buy” rating in a research note on Wednesday, December 13th. Wedbush decreased their price target on shares of Prosperity Bancshares from $58.00 to $55.00 and set a “neutral” rating on the stock in a research note on Thursday, October 26th. StockNews.com raised shares of Prosperity Bancshares to a “sell” rating in a research note on Thursday, November 2nd. Truist Financial raised their price objective on shares of Prosperity Bancshares from $61.00 to $75.00 and gave the company a “buy” rating in a research note on Friday, December 15th. Finally, Raymond James increased their target price on shares of Prosperity Bancshares from $65.00 to $80.00 and gave the stock a “strong-buy” rating in a report on Friday, January 5th.

Get Our Latest Stock Analysis on Prosperity Bancshares

Insider Buying and Selling at Prosperity Bancshares

In other news, Director L. Jack Lord sold 2,100 shares of the company’s stock in a transaction that occurred on Monday, December 11th. The stock was sold at an average price of $62.94, for a total transaction of $132,174.00. Following the completion of the transaction, the director now directly owns 31,025 shares of the company’s stock, valued at $1,952,713.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Prosperity Bancshares

Hedge funds have recently modified their holdings of the stock. Planned Solutions Inc. bought a new position in Prosperity Bancshares in the 4th quarter worth approximately $37,000. GAMMA Investing LLC bought a new stake in shares of Prosperity Bancshares during the 4th quarter valued at $38,000. Amica Retiree Medical Trust bought a new stake in shares of Prosperity Bancshares during the 2nd quarter valued at $42,000. Fifth Third Bancorp raised its position in shares of Prosperity Bancshares by 29.6% during the 2nd quarter. Fifth Third Bancorp now owns 749 shares of the bank’s stock valued at $42,000 after acquiring an additional 171 shares during the last quarter. Finally, Covestor Ltd raised its position in shares of Prosperity Bancshares by 83.6% during the 1st quarter. Covestor Ltd now owns 692 shares of the bank’s stock valued at $48,000 after acquiring an additional 315 shares during the last quarter. 81.70% of the stock is owned by institutional investors and hedge funds.

Prosperity Bancshares Price Performance

Shares of PB stock opened at $64.13 on Friday. Prosperity Bancshares has a 12-month low of $49.60 and a 12-month high of $76.72. The firm has a market capitalization of $6.01 billion, a price-to-earnings ratio of 14.16, a price-to-earnings-growth ratio of 1.25 and a beta of 0.95. The business has a 50 day simple moving average of $65.22 and a 200 day simple moving average of $59.65.

Prosperity Bancshares (NYSE:PBGet Free Report) last posted its earnings results on Wednesday, January 24th. The bank reported $1.19 EPS for the quarter, topping the consensus estimate of $1.15 by $0.04. The firm had revenue of $413.00 million for the quarter, compared to the consensus estimate of $279.34 million. Prosperity Bancshares had a net margin of 26.24% and a return on equity of 6.62%. During the same period in the prior year, the business posted $1.51 earnings per share. On average, equities analysts anticipate that Prosperity Bancshares will post 5.06 EPS for the current fiscal year.

Prosperity Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, April 1st. Shareholders of record on Friday, March 15th will be given a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a yield of 3.49%. The ex-dividend date is Thursday, March 14th. Prosperity Bancshares’s payout ratio is 49.45%.

Prosperity Bancshares Company Profile

(Get Free Report

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; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and purchase of equipment and machinery.

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Analyst Recommendations for Prosperity Bancshares (NYSE:PB)

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