Prosperity Bancshares (NYSE:PB) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of Prosperity Bancshares (NYSE:PB) from a sell rating to a hold rating in a report published on Tuesday morning.

Several other research analysts have also recently weighed in on PB. Truist Financial cut Prosperity Bancshares from a “buy” rating to a “hold” rating and lowered their target price for the stock from $81.00 to $79.00 in a report on Friday, September 20th. Wolfe Research reiterated a “peer perform” rating on shares of Prosperity Bancshares in a research report on Thursday, December 5th. DA Davidson cut 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. Raymond James lowered Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price target on the stock. in a report on Tuesday, September 17th. Finally, UBS Group lowered their price target on shares of Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating on the stock in a research report on Thursday, December 26th. Six research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $81.50.

Prosperity Bancshares Stock Performance

Shares of PB stock opened at $74.68 on Tuesday. Prosperity Bancshares has a fifty-two week low of $57.16 and a fifty-two week high of $86.75. The stock’s fifty day moving average is $79.13 and its two-hundred day moving average is $72.58. The firm has a market capitalization of $7.11 billion, a P/E ratio of 15.86, a PEG ratio of 1.19 and a beta of 0.92.

Prosperity Bancshares (NYSE:PB) last issued its earnings results on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, beating analysts’ consensus estimates of $1.31 by $0.03. The business 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 period in the prior year, the business earned $1.20 earnings per share. On average, equities analysts forecast that Prosperity Bancshares will post 5.05 earnings per share for the current year.

Prosperity Bancshares Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th were paid a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a yield of 3.11%. The ex-dividend date was Friday, December 13th. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.56. Prosperity Bancshares’s dividend payout ratio (DPR) is 49.26%.

Insider Buying and Selling at Prosperity Bancshares

In other Prosperity Bancshares news, Director Leah Henderson sold 1,100 shares of the business’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $83.24, for a total transaction of $91,564.00. Following the sale, the director now directly owns 7,525 shares in the company, valued at $626,381. This represents a 12.75 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman H E. Timanus, Jr. sold 4,000 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The shares were 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 directly owns 229,953 shares of the company’s stock, valued at approximately $19,890,934.50. The trade was a 1.71 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 12,600 shares of company stock worth $1,042,739 over the last three months. Insiders own 4.28% of the company’s stock.

Institutional Investors Weigh In On Prosperity Bancshares

Several large investors have recently added to or reduced their stakes in PB. Franklin Resources Inc. grew its stake in shares of Prosperity Bancshares by 40.6% in the third quarter. Franklin Resources Inc. now owns 34,411 shares of the bank’s stock worth $2,509,000 after acquiring an additional 9,935 shares in the last quarter. Tidal Investments LLC boosted its holdings in Prosperity Bancshares by 5.7% in the third quarter. Tidal Investments LLC now owns 3,875 shares of the bank’s stock valued at $279,000 after purchasing an additional 209 shares during the period. Sanctuary Advisors LLC acquired a new position in Prosperity Bancshares during the 3rd quarter worth $372,000. Sunbelt Securities Inc. increased its holdings in Prosperity Bancshares by 31.0% during the 3rd quarter. Sunbelt Securities Inc. now owns 981 shares of the bank’s stock worth $71,000 after purchasing an additional 232 shares during the period. Finally, Geode Capital Management LLC raised its position in Prosperity Bancshares by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 1,708,509 shares of the bank’s stock valued at $123,162,000 after purchasing an additional 15,309 shares in the last quarter. 80.69% of the stock is owned by hedge funds and other 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.