UBS Group Cuts Prosperity Bancshares (NYSE:PB) Price Target to $76.00

Prosperity Bancshares (NYSE:PB) had its price objective trimmed by UBS Group from $77.00 to $76.00 in a research note issued to investors on Thursday morning,Benzinga reports. The brokerage currently has a buy rating on the bank’s stock.

Several other equities analysts have also recently issued reports on the stock. Wedbush reissued an “outperform” rating and issued a $90.00 price objective on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Raymond James lowered shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price target on the stock. in a research note on Tuesday, September 17th. Royal Bank of Canada restated a “sector perform” rating and issued a $77.00 price objective on shares of Prosperity Bancshares in a research report on Thursday, October 24th. Barclays boosted their target price on Prosperity Bancshares from $84.00 to $88.00 and gave the stock an “equal weight” rating in a research report on Friday, December 20th. Finally, Wolfe Research reissued a “peer perform” rating on shares of Prosperity Bancshares in a report on Thursday, December 5th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $81.50.

Prosperity Bancshares Stock Down 1.1 %

Shares of PB stock opened at $75.43 on Thursday. The stock’s 50-day moving average price is $78.93 and its 200 day moving average price is $72.11. The stock has a market capitalization of $7.19 billion, a PE ratio of 16.01, a price-to-earnings-growth ratio of 1.19 and a beta of 0.92. Prosperity Bancshares has a 52-week low of $57.16 and a 52-week high of $86.75.

Prosperity Bancshares (NYSE:PB) last announced its earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share for the quarter, beating the consensus estimate of $1.31 by $0.03. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%. The company had revenue of $459.00 million for the quarter, compared to the consensus estimate of $299.83 million. During the same period last year, the business posted $1.20 EPS. Analysts expect that Prosperity Bancshares will post 5.05 earnings per share for the current fiscal year.

Prosperity Bancshares Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be issued a $0.58 dividend. This is a positive change 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 yield of 3.08%. Prosperity Bancshares’s dividend payout ratio is 49.26%.

Insider Activity

In other Prosperity Bancshares news, Chairman H E. Timanus, Jr. sold 4,000 shares of the firm’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $86.50, for a total transaction of $346,000.00. Following the completion of the transaction, the chairman now owns 229,953 shares of the company’s stock, valued at approximately $19,890,934.50. This trade represents a 1.71 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Ned S. Holmes sold 500 shares of the company’s stock in a transaction 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 owns 114,315 shares in the company, valued at $9,597,887.40. This represents a 0.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 12,100 shares of company stock worth $1,004,719 over the last 90 days. 4.28% of the stock is currently owned by corporate insiders.

Institutional Trading of Prosperity Bancshares

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PB. Dimensional Fund Advisors LP boosted its position in Prosperity Bancshares by 14.2% during the second quarter. Dimensional Fund Advisors LP now owns 4,287,615 shares of the bank’s stock worth $262,141,000 after acquiring an additional 532,241 shares during the last quarter. Point72 Asset Management L.P. acquired a new stake in shares of Prosperity Bancshares during the third quarter worth $16,478,000. Victory Capital Management Inc. grew its position in shares of Prosperity Bancshares by 3.0% in the second quarter. Victory Capital Management Inc. now owns 6,359,165 shares of the bank’s stock valued at $388,799,000 after purchasing an additional 184,453 shares during the period. Thrivent Financial for Lutherans increased its stake in Prosperity Bancshares by 16.0% in the second quarter. Thrivent Financial for Lutherans now owns 811,772 shares of the bank’s stock valued at $49,632,000 after purchasing an additional 112,101 shares during the last quarter. Finally, Jane Street Group LLC lifted its position in Prosperity Bancshares by 418.0% during the third quarter. Jane Street Group LLC now owns 111,548 shares of the bank’s stock worth $8,039,000 after buying an additional 90,015 shares during the period. Hedge funds and other institutional investors own 80.69% of the company’s stock.

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.