Prosperity Bancshares, Inc. (NYSE:PB) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of Prosperity Bancshares, Inc. (NYSE:PB) have been given a consensus rating of “Moderate Buy” by the thirteen research firms that are currently covering the company, Marketbeat.com reports. Five investment 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 brokers that have issued ratings on the stock in the last year is $81.50.

Several equities research analysts recently weighed in on the stock. Raymond James lowered shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price objective on the stock. in a research note on Tuesday, September 17th. Barclays increased their target price on Prosperity Bancshares from $84.00 to $88.00 and gave the stock an “equal weight” rating in a research report on Friday, December 20th. StockNews.com downgraded shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Friday, November 29th. UBS Group cut their price objective 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. Finally, Wolfe Research restated a “peer perform” rating on shares of Prosperity Bancshares in a research report on Thursday, December 5th.

Prosperity Bancshares Trading Down 0.4 %

NYSE PB opened at $75.14 on Tuesday. The company has a market capitalization of $7.16 billion, a PE ratio of 15.95, a price-to-earnings-growth ratio of 1.19 and a beta of 0.92. The business’s 50-day moving average price is $79.01 and its 200 day moving average price is $72.42. Prosperity Bancshares has a twelve month low of $57.16 and a twelve month high of $86.75.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $299.83 million. During the same period last year, the business earned $1.20 EPS. Equities analysts predict that Prosperity Bancshares will post 5.05 EPS for the current year.

Prosperity Bancshares Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be paid a $0.58 dividend. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.56. The ex-dividend date is Friday, December 13th. This represents a $2.32 annualized dividend and a dividend yield of 3.09%. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 49.26%.

Insider Buying and Selling at Prosperity Bancshares

In other news, Chairman H E. Timanus, Jr. sold 4,000 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $86.50, for a total transaction of $346,000.00. Following the completion of the sale, the chairman now owns 229,953 shares in the company, valued at $19,890,934.50. The trade was a 1.71 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at 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 owns 113,815 shares of the company’s stock, valued at approximately $9,269,093.60. This represents a 0.44 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 12,600 shares of company stock valued at $1,042,739 in the last 90 days. 4.28% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Prosperity Bancshares

Institutional investors have recently made changes to their positions in the company. Dimensional Fund Advisors LP raised its stake 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 in the last quarter. Point72 Asset Management L.P. bought a new stake in shares of Prosperity Bancshares during the third quarter worth about $16,478,000. Victory Capital Management Inc. grew its holdings in shares of Prosperity Bancshares by 3.0% during the second quarter. Victory Capital Management Inc. now owns 6,359,165 shares of the bank’s stock worth $388,799,000 after purchasing an additional 184,453 shares during the last quarter. Thrivent Financial for Lutherans grew its holdings in shares of Prosperity Bancshares by 16.0% during the second quarter. Thrivent Financial for Lutherans now owns 811,772 shares of the bank’s stock worth $49,632,000 after purchasing an additional 112,101 shares during the last quarter. Finally, Jane Street Group LLC grew its holdings in shares of Prosperity Bancshares by 418.0% during the third quarter. Jane Street Group LLC now owns 111,548 shares of the bank’s stock worth $8,039,000 after purchasing an additional 90,015 shares during the last quarter. Institutional investors 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.