Analysts Set Prosperity Bancshares, Inc. (NYSE:PB) Target Price at $78.96

Shares of Prosperity Bancshares, Inc. (NYSE:PB) have been given an average recommendation of “Moderate Buy” by the thirteen brokerages that are currently covering the company, Marketbeat Ratings reports. Four equities research analysts have rated the stock with a hold recommendation and nine have issued a buy recommendation on the company. The average 1 year price target among brokers that have covered the stock in the last year is $78.96.

Several research analysts have commented on the company. Morgan Stanley raised Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $75.00 to $86.00 in a research report on Monday, August 5th. Piper Sandler upped their price objective on Prosperity Bancshares from $73.00 to $80.00 and gave the company an “overweight” rating in a research note on Thursday, July 25th. DA Davidson lowered Prosperity Bancshares from a “buy” rating to a “neutral” rating and dropped their target price for the company from $80.00 to $78.00 in a report on Tuesday, October 15th. Barclays increased their price target on Prosperity Bancshares from $75.00 to $76.00 and gave the stock an “equal weight” rating in a report on Thursday, October 24th. Finally, Raymond James cut shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price objective on the stock. in a research note on Tuesday, September 17th.

Insider Buying and Selling at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 500 shares of the business’s stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $83.96, for a total value of $41,980.00. Following the completion of the sale, the director now directly owns 114,315 shares in the company, valued at approximately $9,597,887.40. The trade was a 0.44 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.28% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Prosperity Bancshares

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Victory Capital Management Inc. raised its stake in shares of Prosperity Bancshares by 3.0% in the 2nd quarter. Victory Capital Management Inc. now owns 6,359,165 shares of the bank’s stock valued at $388,799,000 after acquiring an additional 184,453 shares during the period. Dimensional Fund Advisors LP increased its holdings in Prosperity Bancshares by 14.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,287,615 shares of the bank’s stock valued at $262,141,000 after purchasing an additional 532,241 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in Prosperity Bancshares by 0.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,183,295 shares of the bank’s stock valued at $85,280,000 after purchasing an additional 6,518 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of Prosperity Bancshares by 2.1% during the second quarter. Bank of New York Mellon Corp now owns 935,420 shares of the bank’s stock worth $57,192,000 after purchasing an additional 19,224 shares in the last quarter. Finally, Vaughan Nelson Investment Management L.P. boosted its position in shares of Prosperity Bancshares by 4.6% in the third quarter. Vaughan Nelson Investment Management L.P. now owns 835,565 shares of the bank’s stock worth $60,219,000 after buying an additional 36,480 shares during the period. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Prosperity Bancshares Stock Up 0.5 %

NYSE:PB opened at $82.50 on Monday. Prosperity Bancshares has a 52 week low of $57.16 and a 52 week high of $85.13. The company has a fifty day simple moving average of $73.79 and a two-hundred day simple moving average of $68.31. The company has a market cap of $7.86 billion, a price-to-earnings ratio of 17.52, a price-to-earnings-growth ratio of 1.24 and a beta of 0.89.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, topping the consensus estimate of $1.31 by $0.03. The company had revenue of $459.00 million during the quarter, compared to analysts’ expectations of $299.83 million. Prosperity Bancshares had a net margin of 25.39% and a return on equity of 6.46%. During the same quarter in the previous year, the business posted $1.20 EPS. On average, analysts expect that Prosperity Bancshares will post 5.05 EPS for the current year.

Prosperity Bancshares Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be paid a dividend of $0.58 per share. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.56. The ex-dividend date of this dividend is Friday, December 13th. This represents a $2.32 annualized dividend and a dividend yield of 2.81%. Prosperity Bancshares’s dividend payout ratio is presently 47.56%.

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.