Prosperity Bancshares (NYSE:PB) Stock Price Expected to Rise, Stephens Analyst Says

Prosperity Bancshares (NYSE:PB) had its price target lifted by Stephens from $93.00 to $94.00 in a research report report published on Thursday,Benzinga reports. The firm currently has an overweight rating on the bank’s stock.

Several other brokerages have also recently weighed in on PB. DA Davidson cut Prosperity Bancshares from a “buy” rating to a “neutral” rating and decreased their price target for the company from $80.00 to $78.00 in a research report on Tuesday, October 15th. Wolfe Research reaffirmed a “peer perform” rating on shares of Prosperity Bancshares in a report on Thursday, December 5th. UBS Group cut 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. Wedbush reaffirmed an “outperform” rating and issued a $90.00 price target on shares of Prosperity Bancshares in a report on Thursday, October 24th. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $77.00 price objective on shares of Prosperity Bancshares in a research note 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.com, the company has a consensus rating of “Moderate Buy” and an average target price of $82.88.

Prosperity Bancshares Stock Performance

Shares of PB opened at $80.35 on Thursday. The firm has a market cap of $7.65 billion, a PE ratio of 15.88, a price-to-earnings-growth ratio of 1.12 and a beta of 0.93. Prosperity Bancshares has a 52-week low of $57.16 and a 52-week high of $86.75. The business’s 50 day moving average price is $78.76 and its two-hundred day moving average price is $74.97.

Prosperity Bancshares (NYSE:PB) last announced its earnings results on Wednesday, January 29th. The bank reported $1.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.33 by $0.04. Prosperity Bancshares had a return on equity of 6.68% and a net margin of 26.79%. Research analysts predict that Prosperity Bancshares will post 5.78 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be paid a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a yield of 2.89%. The ex-dividend date of this dividend is Friday, March 14th. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 45.85%.

Insider Buying and Selling at Prosperity Bancshares

In related news, Director Harrison Stafford II sold 4,000 shares of Prosperity Bancshares stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $80.07, for a total value of $320,280.00. Following the completion of the transaction, the director now owns 107,137 shares in the company, valued at approximately $8,578,459.59. This trade represents a 3.60 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Ned S. Holmes sold 500 shares of the business’s stock in a transaction that occurred 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 in the company, valued at $9,269,093.60. The trade was a 0.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 15,100 shares of company stock valued at $1,236,104 in the last three months. 4.28% of the stock is currently owned by corporate insiders.

Institutional Trading of Prosperity Bancshares

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Point72 Asset Management L.P. bought a new position in shares of Prosperity Bancshares in the third quarter worth about $16,478,000. Jane Street Group LLC grew its stake in Prosperity Bancshares by 418.0% in the third quarter. Jane Street Group LLC now owns 111,548 shares of the bank’s stock valued at $8,039,000 after purchasing an additional 90,015 shares during the last quarter. Strategic Financial Concepts LLC purchased a new stake in shares of Prosperity Bancshares during the fourth quarter valued at about $5,463,000. Los Angeles Capital Management LLC purchased a new stake in Prosperity Bancshares during the third quarter valued at approximately $4,804,000. Finally, Vaughan Nelson Investment Management L.P. boosted its stake in Prosperity Bancshares by 6.4% in the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 889,219 shares of the bank’s stock valued at $67,002,000 after acquiring an additional 53,654 shares in the last quarter. Hedge funds and other institutional investors own 80.69% of the company’s stock.

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.