Prosperity Bancshares (NYSE:PB) Price Target Raised to $88.00

Prosperity Bancshares (NYSE:PB) had its price objective boosted by Barclays from $84.00 to $88.00 in a research report released on Friday morning,Benzinga reports. They currently have an equal weight rating on the bank’s stock.

Several other research analysts also recently issued reports on PB. Raymond James downgraded shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 target price on the stock. in a research note on Tuesday, September 17th. StockNews.com downgraded Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Friday, November 29th. Wedbush restated an “outperform” rating and issued a $90.00 price target on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Truist Financial downgraded Prosperity Bancshares from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $81.00 to $79.00 in a report on Friday, September 20th. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $77.00 target price on shares of Prosperity Bancshares in a research note on Thursday, October 24th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Prosperity Bancshares currently has a consensus rating of “Hold” and an average price target of $82.05.

Prosperity Bancshares Stock Up 1.1 %

NYSE PB opened at $74.95 on Friday. The stock’s 50 day moving average is $78.69 and its 200 day moving average is $71.55. The firm has a market capitalization of $7.14 billion, a PE ratio of 15.91, a P/E/G ratio of 1.19 and a beta of 0.92. 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 earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.31 by $0.03. The firm had revenue of $459.00 million during the quarter, compared to analyst estimates of $299.83 million. Prosperity Bancshares had a net margin of 25.39% and a return on equity of 6.46%. During the same period last year, the business earned $1.20 earnings per share. On average, research analysts anticipate that Prosperity Bancshares will post 5.05 earnings per share 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 issued a dividend of $0.58 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $2.32 annualized dividend and a yield of 3.10%. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.56. Prosperity Bancshares’s payout ratio is currently 49.26%.

Insider Transactions at Prosperity Bancshares

In other news, Director Leah Henderson sold 1,100 shares of the stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $83.24, for a total value of $91,564.00. Following the sale, the director now owns 7,525 shares of the company’s stock, valued at approximately $626,381. This represents a 12.75 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $81.44, for a total transaction of $40,720.00. Following the transaction, the director now directly owns 113,815 shares of the company’s stock, valued at approximately $9,269,093.60. This represents a 0.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 12,100 shares of company stock valued at $1,004,719 over the last three months. Corporate insiders own 4.28% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the business. Quarry LP increased its stake in Prosperity Bancshares by 533.3% in the 2nd quarter. Quarry LP now owns 494 shares of the bank’s stock worth $30,000 after buying an additional 416 shares during the period. Quest Partners LLC increased its position in shares of Prosperity Bancshares by 3,147.1% during the second quarter. Quest Partners LLC now owns 552 shares of the bank’s stock worth $34,000 after acquiring an additional 535 shares during the period. GAMMA Investing LLC raised its stake in shares of Prosperity Bancshares by 47.9% during the third quarter. GAMMA Investing LLC now owns 701 shares of the bank’s stock valued at $51,000 after acquiring an additional 227 shares in the last quarter. Headlands Technologies LLC purchased a new stake in shares of Prosperity Bancshares in the second quarter valued at approximately $46,000. Finally, First Horizon Advisors Inc. boosted its holdings in shares of Prosperity Bancshares by 190.0% in the third quarter. First Horizon Advisors Inc. now owns 815 shares of the bank’s stock valued at $59,000 after purchasing an additional 534 shares during the period. Hedge funds and other 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.