Prosperity Bancshares, Inc. (NYSE:PB) Receives $83.35 Consensus PT from Brokerages

Shares of Prosperity Bancshares, Inc. (NYSE:PB) have received an average recommendation of “Moderate Buy” from the fourteen analysts that are presently covering the firm, MarketBeat Ratings reports. Six investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $83.35.

A number of analysts recently issued reports on the stock. Bank of America upgraded shares of Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $80.00 target price on the stock in a research report on Tuesday, January 7th. Barclays lowered their price objective on Prosperity Bancshares from $88.00 to $86.00 and set an “equal weight” rating for the company in a research report on Tuesday, April 8th. StockNews.com upgraded Prosperity Bancshares from a “sell” rating to a “hold” rating in a research report on Thursday. 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. Finally, UBS Group cut their price objective on shares of Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating on the stock in a report on Thursday, December 26th.

Insiders Place Their Bets

In related news, Director Ned S. Holmes sold 500 shares of the firm’s stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $79.01, for a total transaction of $39,505.00. Following the completion of the sale, the director now directly owns 108,315 shares of the company’s stock, valued at approximately $8,557,968.15. This trade represents a 0.46 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold a total of 5,500 shares of company stock worth $408,695 over the last quarter. 4.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Prosperity Bancshares

Institutional investors have recently made changes to their positions in the business. Blue Trust Inc. grew its stake in Prosperity Bancshares by 14.9% in the fourth quarter. Blue Trust Inc. now owns 987 shares of the bank’s stock worth $71,000 after purchasing an additional 128 shares in the last quarter. CIBC Private Wealth Group LLC grew its position in shares of Prosperity Bancshares by 4.4% in the 4th quarter. CIBC Private Wealth Group LLC now owns 3,069 shares of the bank’s stock worth $229,000 after acquiring an additional 128 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of Prosperity Bancshares by 20.4% in the 4th quarter. GAMMA Investing LLC now owns 844 shares of the bank’s stock valued at $64,000 after acquiring an additional 143 shares during the last quarter. M&T Bank Corp raised its position in shares of Prosperity Bancshares by 0.3% during the 3rd quarter. M&T Bank Corp now owns 45,392 shares of the bank’s stock valued at $3,272,000 after acquiring an additional 149 shares in the last quarter. Finally, Sanctuary Advisors LLC raised its position in shares of Prosperity Bancshares by 3.8% during the 4th quarter. Sanctuary Advisors LLC now owns 5,359 shares of the bank’s stock valued at $430,000 after acquiring an additional 194 shares in the last quarter. 80.69% of the stock is owned by institutional investors and hedge funds.

Prosperity Bancshares Trading Up 0.8 %

Shares of PB opened at $64.72 on Thursday. The firm’s fifty day simple moving average is $72.73 and its 200-day simple moving average is $75.63. The firm has a market capitalization of $6.17 billion, a price-to-earnings ratio of 12.79, a PEG ratio of 0.94 and a beta of 0.82. Prosperity Bancshares has a twelve month low of $57.16 and a twelve month high of $86.76.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings data 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 return on equity of 6.64% and a net margin of 26.79%. On average, analysts predict that Prosperity Bancshares will post 5.83 earnings per share for the current fiscal year.

Prosperity Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th were given a $0.58 dividend. This represents a $2.32 annualized dividend and a yield of 3.58%. The ex-dividend date was Friday, March 14th. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 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.