Prosperity Bancshares, Inc. (NYSE:PB) Receives $82.88 Average PT from Brokerages

Shares of Prosperity Bancshares, Inc. (NYSE:PB - Get Free Report) have received a consensus recommendation of "Moderate Buy" from the fourteen brokerages that are covering the firm, Marketbeat.com reports. Six research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $82.88.

A number of research analysts have recently commented on the stock. StockNews.com upgraded shares of Prosperity Bancshares from a "sell" rating to a "hold" rating in a report on Friday, January 31st. Stephens upped their price target on shares of Prosperity Bancshares from $93.00 to $94.00 and gave the stock an "overweight" rating in a report on Thursday, January 30th. UBS Group cut their price target 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. Bank of America upgraded shares of Prosperity Bancshares from an "underperform" rating to a "neutral" rating and set a $80.00 price target on the stock in a report on Tuesday, January 7th. Finally, Raymond James upped 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.

Insider Buying and Selling at Prosperity Bancshares

In other news, Chairman H E. Timanus, Jr. sold 4,000 shares of the company's stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $86.50, for a total transaction of $346,000.00. Following the transaction, the chairman now owns 229,953 shares in the company, valued at $19,890,934.50. This represents a 1.71 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Ned S. Holmes sold 500 shares of the company's stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $84.66, for a total transaction of $42,330.00. Following the transaction, the director now owns 113,315 shares in the company, valued at approximately $9,593,247.90. This trade represents a 0.44 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 14,000 shares of company stock valued at $1,140,995. 4.28% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Prosperity Bancshares

Several hedge funds have recently modified their holdings of PB. Creative Planning increased its holdings in shares of Prosperity Bancshares by 17.2% during the third quarter. Creative Planning now owns 3,909 shares of the bank's stock valued at $282,000 after acquiring an additional 574 shares in the last quarter. Blue Trust Inc. increased its holdings in shares of Prosperity Bancshares by 181.6% during the third quarter. Blue Trust Inc. now owns 859 shares of the bank's stock valued at $62,000 after acquiring an additional 554 shares in the last quarter. Raymond James & Associates increased its holdings in shares of Prosperity Bancshares by 7.0% during the third quarter. Raymond James & Associates now owns 31,942 shares of the bank's stock valued at $2,302,000 after acquiring an additional 2,082 shares in the last quarter. Allspring Global Investments Holdings LLC increased its holdings in shares of Prosperity Bancshares by 21.8% during the third quarter. Allspring Global Investments Holdings LLC now owns 272,331 shares of the bank's stock valued at $19,627,000 after acquiring an additional 48,719 shares in the last quarter. Finally, Copeland Capital Management LLC increased its holdings in Prosperity Bancshares by 2.7% in the 3rd quarter. Copeland Capital Management LLC now owns 472,895 shares of the bank's stock worth $34,082,000 after buying an additional 12,573 shares during the period. Institutional investors and hedge funds own 80.69% of the company's stock.

Prosperity Bancshares Stock Performance

PB stock traded down $1.02 during mid-day trading on Wednesday, reaching $76.50. 464,274 shares of the stock traded hands, compared to its average volume of 505,133. Prosperity Bancshares has a one year low of $57.16 and a one year high of $86.75. The stock has a market capitalization of $7.29 billion, a PE ratio of 15.12, a PEG ratio of 0.94 and a beta of 0.94. The business has a 50-day moving average price of $77.46 and a two-hundred day moving average price of $75.97.

Prosperity Bancshares (NYSE:PB - Get Free Report) last posted its quarterly earnings results on Wednesday, January 29th. The bank reported $1.37 EPS for the quarter, topping analysts' consensus estimates of $1.33 by $0.04. Prosperity Bancshares had a net margin of 26.79% and a return on equity of 6.64%. On average, equities analysts expect that Prosperity Bancshares will post 5.83 earnings per share for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be given a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a dividend yield of 3.03%. The ex-dividend date is Friday, March 14th. Prosperity Bancshares's payout ratio is 45.85%.

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.