Prosperity Bancshares (NYSE:PB) Receives “Peer Perform” Rating from Wolfe Research

Wolfe Research reiterated their peer perform rating on shares of Prosperity Bancshares (NYSE:PB) in a research report report published on Thursday, MarketBeat.com reports.

A number of other research analysts have also weighed in on the company. DA Davidson lowered Prosperity Bancshares from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $80.00 to $78.00 in a research note on Tuesday, October 15th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $77.00 target price on shares of Prosperity Bancshares in a research report on Thursday, October 24th. Wedbush reaffirmed an “outperform” rating and issued a $90.00 target price on shares of Prosperity Bancshares in a research report on Thursday, October 24th. StockNews.com lowered Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Friday, November 29th. Finally, Hovde Group increased their target price on Prosperity Bancshares from $80.50 to $82.50 and gave the stock an “outperform” rating in a research report on Monday, August 26th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, Prosperity Bancshares has a consensus rating of “Moderate Buy” and an average target price of $80.68.

Prosperity Bancshares Stock Performance

Shares of NYSE:PB opened at $82.17 on Thursday. The business’s fifty day moving average price is $76.89 and its two-hundred day moving average price is $70.26. The stock has a market cap of $7.83 billion, a PE ratio of 17.45, a price-to-earnings-growth ratio of 1.24 and a beta of 0.92. Prosperity Bancshares has a one year low of $57.16 and a one year high of $86.75.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share for the quarter, topping analysts’ consensus estimates of $1.31 by $0.03. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%. The company had revenue of $459.00 million for the quarter, compared to analyst estimates of $299.83 million. During the same quarter in the prior year, the company posted $1.20 EPS. As a group, equities research analysts predict that Prosperity Bancshares will post 5.05 earnings per share for the current fiscal 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 given a $0.58 dividend. The ex-dividend date is Friday, December 13th. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.56. This represents a $2.32 annualized dividend and a yield of 2.82%. Prosperity Bancshares’s dividend payout ratio (DPR) is 49.26%.

Insider Activity

In other news, Director Ned S. Holmes sold 500 shares of the firm’s stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $83.96, for a total transaction of $41,980.00. Following the completion of the sale, the director now directly owns 114,315 shares in the company, valued at $9,597,887.40. This trade represents a 0.44 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Leah Henderson sold 1,100 shares of Prosperity Bancshares stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $83.24, for a total value of $91,564.00. Following the completion of the transaction, the director now owns 7,525 shares of the company’s stock, valued at $626,381. This trade represents a 12.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 7,100 shares of company stock worth $604,114 over the last ninety days. Corporate insiders own 4.28% of the company’s stock.

Hedge Funds Weigh In On Prosperity Bancshares

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. M&T Bank Corp boosted its stake in Prosperity Bancshares by 0.3% in the third quarter. M&T Bank Corp now owns 45,392 shares of the bank’s stock valued at $3,272,000 after acquiring an additional 149 shares during the period. US Bancorp DE boosted its stake in Prosperity Bancshares by 3.4% in the third quarter. US Bancorp DE now owns 4,720 shares of the bank’s stock valued at $340,000 after acquiring an additional 153 shares during the period. GAMMA Investing LLC boosted its stake in Prosperity Bancshares by 59.6% in the second quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock valued at $29,000 after acquiring an additional 177 shares during the period. Tectonic Advisors LLC raised its holdings in shares of Prosperity Bancshares by 3.0% during the third quarter. Tectonic Advisors LLC now owns 7,058 shares of the bank’s stock valued at $509,000 after buying an additional 206 shares during the last quarter. Finally, Tidal Investments LLC raised its holdings in shares of Prosperity Bancshares by 5.7% during the third quarter. Tidal Investments LLC now owns 3,875 shares of the bank’s stock valued at $279,000 after buying an additional 209 shares during the last quarter. 80.69% of the stock is currently owned by institutional investors and hedge funds.

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.