Prosperity Bancshares (NYSE:PB) Given New $94.00 Price Target at Morgan Stanley

Prosperity Bancshares (NYSE:PB) had its price objective decreased by Morgan Stanley from $102.00 to $94.00 in a research report released on Thursday morning,Benzinga reports. Morgan Stanley currently has an overweight rating on the bank’s stock.

Several other analysts have also recently commented on the company. Bank of America raised Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $80.00 target price for the company in a research report on Tuesday, January 7th. Wolfe Research reaffirmed a “peer perform” rating on shares of Prosperity Bancshares in a research report on Thursday, December 5th. UBS Group cut their price objective on Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating for the company in a report on Thursday, December 26th. Stephens increased their price objective on Prosperity Bancshares from $93.00 to $94.00 and gave the stock an “overweight” rating in a report on Thursday, January 30th. Finally, StockNews.com upgraded Prosperity Bancshares from a “sell” rating to a “hold” rating in a report on Tuesday. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $83.50.

Prosperity Bancshares Stock Down 1.6 %

Shares of Prosperity Bancshares stock opened at $69.17 on Thursday. The stock has a market cap of $6.59 billion, a PE ratio of 13.67, a price-to-earnings-growth ratio of 0.94 and a beta of 0.94. The business has a fifty day simple moving average of $76.98 and a 200-day simple moving average of $76.29. Prosperity Bancshares has a 12 month low of $57.16 and a 12 month high of $86.76.

Prosperity Bancshares (NYSE:PB) last issued its earnings results on Wednesday, January 29th. The bank reported $1.37 EPS for the quarter, topping the consensus estimate of $1.33 by $0.04. Prosperity Bancshares had a return on equity of 6.64% and a net margin of 26.79%. Analysts expect that Prosperity Bancshares will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be issued a dividend of $0.58 per share. The ex-dividend date is Friday, March 14th. This represents a $2.32 annualized dividend and a yield of 3.35%. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 45.85%.

Insider Buying and Selling at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $80.01, for a total value of $40,005.00. Following the transaction, the director now directly owns 107,315 shares in the company, valued at approximately $8,586,273.15. The trade was a 0.46 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders have sold a total of 5,500 shares of company stock worth $421,905 over the last three months. Corporate insiders own 4.28% of the company’s stock.

Hedge Funds Weigh In On Prosperity Bancshares

A number of institutional investors have recently made changes to their positions in PB. Norges Bank bought a new position in shares of Prosperity Bancshares in the fourth quarter worth about $68,986,000. North Reef Capital Management LP bought a new position in shares of Prosperity Bancshares in the fourth quarter worth about $29,211,000. Point72 Asset Management L.P. bought a new position in shares of Prosperity Bancshares in the third quarter worth about $16,478,000. Northern Trust Corp increased its stake in shares of Prosperity Bancshares by 25.5% in the fourth quarter. Northern Trust Corp now owns 937,108 shares of the bank’s stock worth $70,611,000 after purchasing an additional 190,449 shares during the period. Finally, ExodusPoint Capital Management LP grew its position in Prosperity Bancshares by 462.3% during the fourth quarter. ExodusPoint Capital Management LP now owns 169,778 shares of the bank’s stock worth $12,793,000 after buying an additional 139,585 shares in the last quarter. 80.69% of the stock is currently 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.