Prosperity Bancshares (NYSE:PB) Upgraded by Bank of America to "Neutral" Rating

Bank of America upgraded shares of Prosperity Bancshares (NYSE:PB - Free Report) from an underperform rating to a neutral rating in a report released on Tuesday morning, MarketBeat Ratings reports. Bank of America currently has $80.00 target price on the bank's stock.

A number of other equities analysts have also recently commented on the company. Truist Financial cut Prosperity Bancshares from a "buy" rating to a "hold" rating and decreased their price target for the stock from $81.00 to $79.00 in a research note on Friday, September 20th. UBS Group lowered their price target on shares of Prosperity Bancshares from $77.00 to $76.00 and set a "buy" rating for the company in a report on Thursday, December 26th. Wolfe Research reissued a "peer perform" rating on shares of Prosperity Bancshares in a research report on Thursday, December 5th. StockNews.com upgraded shares of Prosperity Bancshares from a "sell" rating to a "hold" rating in a research report on Tuesday, December 31st. Finally, Wedbush reiterated an "outperform" rating and set a $90.00 target price on shares of Prosperity Bancshares in a report on Thursday, October 24th. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $81.38.

Prosperity Bancshares Price Performance

PB stock traded down $1.02 during mid-day trading on Tuesday, hitting $73.73. 501,851 shares of the stock were exchanged, compared to its average volume of 423,388. The business has a fifty day moving average price of $79.20 and a 200 day moving average price of $73.10. Prosperity Bancshares has a 12 month low of $57.16 and a 12 month high of $86.75. The stock has a market capitalization of $7.02 billion, a price-to-earnings ratio of 15.65, a PEG ratio of 1.19 and a beta of 0.93.

Prosperity Bancshares (NYSE:PB - Get Free Report) last released its earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share for the quarter, topping analysts' consensus estimates of $1.31 by $0.03. The company had revenue of $459.00 million during the quarter, compared to the consensus estimate of $299.83 million. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%. During the same quarter in the previous year, the company posted $1.20 EPS. As a group, equities analysts forecast that Prosperity Bancshares will post 5.05 EPS for the current fiscal year.

Prosperity Bancshares Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Friday, December 13th were given a dividend of $0.58 per share. The ex-dividend date of this dividend was Friday, December 13th. This is a positive change from Prosperity Bancshares's previous quarterly dividend of $0.56. This represents a $2.32 annualized dividend and a dividend yield of 3.15%. Prosperity Bancshares's payout ratio is currently 49.26%.

Insider Buying and Selling

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the business's stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $81.44, for a total value of $40,720.00. Following the sale, the director now directly owns 113,815 shares of the company's stock, valued at approximately $9,269,093.60. The trade was a 0.44 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Chairman H E. Timanus, Jr. sold 4,000 shares of the firm's stock in a transaction on Monday, November 25th. The shares were sold at an average price of $86.50, for a total value of $346,000.00. Following the transaction, the chairman now owns 229,953 shares of the company's stock, valued at $19,890,934.50. The trade was a 1.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 13,100 shares of company stock valued at $1,080,364 over the last ninety days. Company insiders own 4.28% of the company's stock.

Hedge Funds Weigh In On Prosperity Bancshares

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Quarry LP lifted its position in Prosperity Bancshares by 533.3% during the second quarter. Quarry LP now owns 494 shares of the bank's stock valued at $30,000 after purchasing an additional 416 shares during the period. Quest Partners LLC boosted its stake in shares of Prosperity Bancshares by 3,147.1% in the 2nd quarter. Quest Partners LLC now owns 552 shares of the bank's stock worth $34,000 after buying an additional 535 shares during the last quarter. Strategic Financial Concepts LLC bought a new stake in shares of Prosperity Bancshares in the second quarter worth $43,000. Headlands Technologies LLC purchased a new stake in Prosperity Bancshares during the second quarter valued at $46,000. Finally, GAMMA Investing LLC lifted its holdings in Prosperity Bancshares by 47.9% in the third quarter. GAMMA Investing LLC now owns 701 shares of the bank's stock valued at $51,000 after acquiring an additional 227 shares during the period. 80.69% of the stock is owned by institutional investors.

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.