Prosperity Bancshares (NYSE:PB) Price Target Cut to $76.00 by Analysts at UBS Group

Prosperity Bancshares (NYSE:PB) had its price target trimmed by UBS Group from $77.00 to $76.00 in a research note released on Thursday,Benzinga reports. The brokerage currently has a buy rating on the bank’s stock.

Other research analysts have also issued reports about the stock. DA Davidson lowered shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $80.00 to $78.00 in a research note on Tuesday, October 15th. Raymond James cut Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price objective for the company. in a research report on Tuesday, September 17th. Truist Financial lowered Prosperity Bancshares from a “buy” rating to a “hold” rating and decreased their target price for the stock from $81.00 to $79.00 in a report on Friday, September 20th. Wedbush reaffirmed an “outperform” rating and set a $90.00 price objective on shares of Prosperity Bancshares in a research report on Thursday, October 24th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $77.00 price objective on shares of Prosperity Bancshares in a research report on Thursday, October 24th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, Prosperity Bancshares presently has an average rating of “Moderate Buy” and an average price target of $81.50.

Prosperity Bancshares Stock Up 0.1 %

Shares of PB stock opened at $76.24 on Thursday. The firm has a market capitalization of $7.26 billion, a price-to-earnings ratio of 16.19, a price-to-earnings-growth ratio of 1.19 and a beta of 0.92. Prosperity Bancshares has a 12-month low of $57.16 and a 12-month high of $86.75. The firm has a fifty day moving average of $78.85 and a 200-day moving average of $71.97.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, beating the consensus estimate of $1.31 by $0.03. Prosperity Bancshares had a net margin of 25.39% and a return on equity of 6.46%. The business had revenue of $459.00 million for the quarter, compared to analysts’ expectations of $299.83 million. During the same period in the previous year, the firm posted $1.20 EPS. Research analysts expect that Prosperity Bancshares will post 5.05 earnings per share for the current year.

Prosperity Bancshares Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be issued a $0.58 dividend. The ex-dividend date of this dividend is Friday, December 13th. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.56. This represents a $2.32 annualized dividend and a yield of 3.04%. Prosperity Bancshares’s payout ratio is currently 49.26%.

Insider Transactions at Prosperity Bancshares

In other Prosperity Bancshares news, Chairman H E. Timanus, Jr. sold 4,000 shares of the firm’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $86.50, for a total value of $346,000.00. Following the sale, the chairman now owns 229,953 shares of the company’s stock, valued at approximately $19,890,934.50. This trade represents a 1.71 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Ned S. Holmes sold 500 shares of the business’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $78.48, for a total value of $39,240.00. Following the transaction, the director now directly owns 110,815 shares of the company’s stock, valued at $8,696,761.20. This trade represents a 0.45 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 12,100 shares of company stock valued at $1,004,719. 4.28% of the stock is owned by corporate insiders.

Institutional Trading of Prosperity Bancshares

Hedge funds have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP raised its position in Prosperity Bancshares by 14.2% in the second quarter. Dimensional Fund Advisors LP now owns 4,287,615 shares of the bank’s stock valued at $262,141,000 after purchasing an additional 532,241 shares during the last quarter. Point72 Asset Management L.P. bought a new position in Prosperity Bancshares in the 3rd quarter valued at approximately $16,478,000. Victory Capital Management Inc. boosted its position in Prosperity Bancshares by 3.0% during the 2nd quarter. Victory Capital Management Inc. now owns 6,359,165 shares of the bank’s stock worth $388,799,000 after buying an additional 184,453 shares during the period. Thrivent Financial for Lutherans grew its holdings in Prosperity Bancshares by 16.0% during the 2nd quarter. Thrivent Financial for Lutherans now owns 811,772 shares of the bank’s stock worth $49,632,000 after acquiring an additional 112,101 shares during the last quarter. Finally, Jane Street Group LLC increased its position in Prosperity Bancshares by 418.0% in the 3rd quarter. Jane Street Group LLC now owns 111,548 shares of the bank’s stock valued at $8,039,000 after acquiring an additional 90,015 shares during the period. Institutional investors and hedge funds own 80.69% of the company’s stock.

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.