Analysts Set Prosperity Bancshares, Inc. (NYSE:PB) PT at $83.50

Shares of Prosperity Bancshares, Inc. (NYSE:PB) have earned a consensus rating of “Moderate Buy” from the fourteen research firms that are currently covering the company, Marketbeat.com reports. Six analysts have rated the stock with a hold rating and eight have issued a buy rating on the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $83.50.

PB has been the topic of several research reports. Morgan Stanley dropped their price objective on shares of Prosperity Bancshares from $102.00 to $94.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. Raymond James boosted their price objective on shares of Prosperity Bancshares from $82.00 to $87.00 and gave the stock an “outperform” rating in a research note on Thursday, January 30th. Bank of America raised shares of Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $80.00 price objective on the stock in a research note on Tuesday, January 7th. StockNews.com raised shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a research note on Tuesday, March 11th. Finally, Wolfe Research reissued a “peer perform” rating on shares of Prosperity Bancshares in a research note on Thursday, December 5th.

Insider Activity

In other news, Director Ned S. Holmes sold 500 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $75.25, for a total transaction of $37,625.00. Following the completion of the transaction, the director now directly owns 109,815 shares of the company’s stock, valued at $8,263,578.75. The trade was a 0.45 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold 5,000 shares of company stock valued at $382,665 over the last three months. Insiders own 4.28% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Blue Trust Inc. increased its holdings in Prosperity Bancshares by 14.9% during the fourth quarter. Blue Trust Inc. now owns 987 shares of the bank’s stock valued at $71,000 after buying an additional 128 shares during the last quarter. CIBC Private Wealth Group LLC increased its holdings in Prosperity Bancshares by 4.4% during the fourth quarter. CIBC Private Wealth Group LLC now owns 3,069 shares of the bank’s stock valued at $229,000 after buying an additional 128 shares during the last quarter. GAMMA Investing LLC increased its holdings in Prosperity Bancshares by 20.4% during the fourth quarter. GAMMA Investing LLC now owns 844 shares of the bank’s stock valued at $64,000 after buying an additional 143 shares during the last quarter. M&T Bank Corp increased its holdings in Prosperity Bancshares by 0.3% during the third quarter. M&T Bank Corp now owns 45,392 shares of the bank’s stock valued at $3,272,000 after buying an additional 149 shares during the last quarter. Finally, Sanctuary Advisors LLC increased its holdings in Prosperity Bancshares by 3.8% during the fourth quarter. Sanctuary Advisors LLC now owns 5,359 shares of the bank’s stock valued at $430,000 after buying an additional 194 shares during the last quarter. 80.69% of the stock is owned by hedge funds and other institutional investors.

Prosperity Bancshares Price Performance

Shares of NYSE PB opened at $70.49 on Friday. Prosperity Bancshares has a 1 year low of $57.16 and a 1 year high of $86.76. The company’s 50-day moving average is $76.64 and its 200 day moving average is $76.25. The stock has a market capitalization of $6.72 billion, a P/E ratio of 13.93, a P/E/G ratio of 0.94 and a beta of 0.94.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings results on Wednesday, January 29th. The bank reported $1.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.33 by $0.04. Prosperity Bancshares had a net margin of 26.79% and a return on equity of 6.64%. Research analysts anticipate that Prosperity Bancshares will post 5.83 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be issued a dividend of $0.58 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $2.32 annualized dividend and a dividend yield of 3.29%. Prosperity Bancshares’s payout ratio is 45.85%.

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.