Prosperity Bancshares (NYSE:PB) Price Target Raised to $83.00

by · The Markets Daily

Prosperity Bancshares (NYSE:PB – Free Report) had its target price increased by Cantor Fitzgerald from $81.00 to $83.00 in a research note released on Tuesday,Benzinga reports. Cantor Fitzgerald currently has an overweight rating on the bank’s stock.

A number of other equities analysts also recently commented on PB. Citigroup restated a “neutral” rating on shares of Prosperity Bancshares in a research note on Monday, February 2nd. TD Cowen reiterated a “buy” rating on shares of Prosperity Bancshares in a report on Wednesday, January 7th. DA Davidson restated a “neutral” rating and set a $76.00 price objective on shares of Prosperity Bancshares in a report on Thursday, January 29th. Barclays lowered Prosperity Bancshares from an “equal weight” rating to an “underweight” rating and decreased their target price for the company from $75.00 to $68.00 in a research report on Monday, February 2nd. Finally, Morgan Stanley increased their price target on Prosperity Bancshares from $80.00 to $91.00 and gave the stock an “overweight” rating in a research report on Monday. Seven equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $78.92.

Read Our Latest Stock Analysis on Prosperity Bancshares

Prosperity Bancshares Stock Down 0.4%

PB stock opened at $69.49 on Tuesday. Prosperity Bancshares has a twelve month low of $61.06 and a twelve month high of $77.20. The firm has a market cap of $7.06 billion, a price-to-earnings ratio of 12.13, a PEG ratio of 0.98 and a beta of 0.66. The business’s fifty day simple moving average is $71.71 and its two-hundred day simple moving average is $68.91.

Prosperity Bancshares (NYSE:PB – Get Free Report) last issued its earnings results on Wednesday, January 28th. The bank reported $1.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.45 by $0.01. The firm had revenue of $317.73 million during the quarter, compared to analyst estimates of $319.30 million. Prosperity Bancshares had a net margin of 31.22% and a return on equity of 7.11%. The business’s revenue was down 5.9% on a year-over-year basis. During the same period in the previous year, the firm earned $1.37 earnings per share. Research analysts expect that Prosperity Bancshares will post 5.83 EPS for the current year.

Prosperity Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th will be issued a $0.60 dividend. The ex-dividend date is Friday, March 13th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.5%. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 41.88%.

Insider Buying and Selling at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 500 shares of the firm’s stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $70.04, for a total transaction of $35,020.00. Following the sale, the director owned 80,915 shares of the company’s stock, valued at $5,667,286.60. This trade represents a 0.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In the last three months, insiders sold 14,250 shares of company stock worth $1,018,824. Corporate insiders own 4.20% of the company’s stock.

Institutional Trading of Prosperity Bancshares

A number of institutional investors have recently modified their holdings of PB. Vanguard Group Inc. raised its stake in shares of Prosperity Bancshares by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 10,256,927 shares of the bank’s stock worth $708,856,000 after acquiring an additional 140,035 shares in the last quarter. State Street Corp boosted its stake in Prosperity Bancshares by 6.6% in the third quarter. State Street Corp now owns 5,580,039 shares of the bank’s stock valued at $373,231,000 after acquiring an additional 343,062 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in Prosperity Bancshares by 0.6% in the third quarter. Dimensional Fund Advisors LP now owns 4,784,022 shares of the bank’s stock worth $317,416,000 after purchasing an additional 28,994 shares during the last quarter. AQR Capital Management LLC increased its position in shares of Prosperity Bancshares by 34.5% during the fourth quarter. AQR Capital Management LLC now owns 4,600,715 shares of the bank’s stock worth $317,955,000 after purchasing an additional 1,179,307 shares in the last quarter. Finally, Morgan Stanley lifted its holdings in shares of Prosperity Bancshares by 0.4% during the 4th quarter. Morgan Stanley now owns 3,679,871 shares of the bank’s stock valued at $254,316,000 after purchasing an additional 15,192 shares during the last quarter. 80.69% of the stock is currently owned by institutional investors.

About Prosperity Bancshares

(Get Free Report)

Prosperity Bancshares, Inc is a holding company for Prosperity Bank, offering a broad range of commercial and consumer banking services across Texas, Oklahoma, Arkansas and Louisiana. Through its network of branches and digital platforms, the company provides deposit products, business and real estate lending, treasury management, mortgage origination and servicing, as well as wealth management and trust services.

Originally chartered in 1911 as First National Bank in McKinney, Texas, the organization rebranded to Prosperity Bank in 2009 following a series of strategic acquisitions aimed at deepening its regional presence.

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