Analysts Set Prosperity Bancshares, Inc. (NYSE:PB) Target Price at $83.50

Shares of Prosperity Bancshares, Inc. (NYSE:PB) have been assigned an average rating of “Moderate Buy” from the fourteen analysts that are covering the firm, Marketbeat Ratings reports. Six research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $83.50.

Several analysts have issued reports on the company. StockNews.com lowered Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Wednesday. Morgan Stanley decreased their price objective on shares of Prosperity Bancshares from $102.00 to $94.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. Wolfe Research restated a “peer perform” rating on shares of Prosperity Bancshares in a research report on Thursday, December 5th. UBS Group lowered their price objective on Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating for the company in a research report on Thursday, December 26th. Finally, Stephens boosted their price target on Prosperity Bancshares from $93.00 to $94.00 and gave the company an “overweight” rating in a research note on Thursday, January 30th.

Prosperity Bancshares Trading Down 1.1 %

NYSE:PB opened at $70.51 on Friday. Prosperity Bancshares has a 1-year low of $57.16 and a 1-year high of $86.76. The firm has a market capitalization of $6.72 billion, a price-to-earnings ratio of 13.93, a PEG ratio of 0.94 and a beta of 0.94. The business’s 50-day moving average price is $76.49 and its two-hundred day moving average price is $76.17.

Prosperity Bancshares (NYSE:PB) last announced its earnings results on Wednesday, January 29th. The bank reported $1.37 earnings per share for the quarter, topping analysts’ consensus estimates of $1.33 by $0.04. Prosperity Bancshares had a net margin of 26.79% and a return on equity of 6.64%. Sell-side analysts predict that Prosperity Bancshares will post 5.83 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be paid a $0.58 dividend. The ex-dividend date is Friday, March 14th. This represents a $2.32 dividend on an annualized basis and a yield of 3.29%. Prosperity Bancshares’s dividend payout ratio is 45.85%.

Insider Activity

In other news, Director Ned S. Holmes sold 500 shares of the stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $75.25, for a total value of $37,625.00. Following the transaction, the director now owns 109,815 shares of the company’s stock, valued at $8,263,578.75. This represents a 0.45 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 5,500 shares of company stock worth $418,095 over the last ninety days. Company insiders own 4.28% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of PB. Blue Trust Inc. grew its position in shares of Prosperity Bancshares by 14.9% in the 4th quarter. Blue Trust Inc. now owns 987 shares of the bank’s stock worth $71,000 after buying an additional 128 shares during the last quarter. CIBC Private Wealth Group LLC lifted its stake in shares of Prosperity Bancshares by 4.4% in the 4th quarter. CIBC Private Wealth Group LLC now owns 3,069 shares of the bank’s stock worth $229,000 after purchasing an additional 128 shares during the period. GAMMA Investing LLC lifted its position in Prosperity Bancshares by 20.4% during the fourth quarter. GAMMA Investing LLC now owns 844 shares of the bank’s stock valued at $64,000 after purchasing an additional 143 shares in the last quarter. M&T Bank Corp lifted its holdings in Prosperity Bancshares by 0.3% during the third quarter. M&T Bank Corp now owns 45,392 shares of the bank’s stock valued at $3,272,000 after purchasing an additional 149 shares in the last quarter. Finally, Sanctuary Advisors LLC lifted its position in shares of Prosperity Bancshares by 3.8% in the fourth quarter. Sanctuary Advisors LLC now owns 5,359 shares of the bank’s stock valued at $430,000 after acquiring an additional 194 shares in the last quarter. 80.69% of the stock is currently owned by institutional investors.

About Prosperity Bancshares

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.