Prosperity Bancshares (NYSE:PB) Price Target Raised to $84.00

Prosperity Bancshares (NYSE:PB) had its target price increased by TD Cowen from $83.00 to $84.00 in a research report released on Wednesday morning,Benzinga reports. The brokerage currently has a buy rating on the bank’s stock.

A number of other analysts have also commented on the company. Cantor Fitzgerald initiated coverage on Prosperity Bancshares in a report on Wednesday, September 10th. They issued an “overweight” rating and a $78.00 target price for the company. Weiss Ratings reiterated a “hold (c)” rating on shares of Prosperity Bancshares in a research note on Wednesday, October 8th. Citigroup restated a “neutral” rating and set a $68.00 price objective (down from $78.00) on shares of Prosperity Bancshares in a research report on Monday, September 15th. Cowen restated a “buy” rating on shares of Prosperity Bancshares in a report on Wednesday. Finally, Hovde Group downgraded Prosperity Bancshares from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 26th. Eight equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, Prosperity Bancshares has a consensus rating of “Moderate Buy” and a consensus target price of $80.75.

Prosperity Bancshares Price Performance

Shares of PB opened at $72.49 on Wednesday. Prosperity Bancshares has a one year low of $61.06 and a one year high of $82.75. The firm has a market capitalization of $6.89 billion, a PE ratio of 12.92, a price-to-earnings-growth ratio of 0.94 and a beta of 0.68. The company has a 50-day simple moving average of $69.39 and a two-hundred day simple moving average of $68.36.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results on Wednesday, October 29th. The bank reported $1.45 earnings per share for the quarter, hitting the consensus estimate of $1.45. Prosperity Bancshares had a return on equity of 7.06% and a net margin of 30.28%.The company had revenue of $314.67 million for the quarter, compared to analysts’ expectations of $317.94 million. During the same period in the prior year, the firm earned $1.34 earnings per share. The firm’s revenue for the quarter was up 3.9% on a year-over-year basis. Analysts expect that Prosperity Bancshares will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, January 2nd. Shareholders of record on Monday, December 15th were paid a dividend of $0.60 per share. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.58. The ex-dividend date of this dividend was Monday, December 15th. This represents a $2.40 annualized dividend and a yield of 3.3%. Prosperity Bancshares’s dividend payout ratio is presently 42.78%.

Insider Activity at Prosperity Bancshares

In other Prosperity Bancshares news, Director Leah Henderson sold 1,050 shares of Prosperity Bancshares stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $73.00, for a total value of $76,650.00. Following the sale, the director owned 8,075 shares in the company, valued at $589,475. The trade was a 11.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ned S. Holmes sold 500 shares of the stock in a transaction dated Wednesday, January 7th. The stock was sold at an average price of $69.97, for a total transaction of $34,985.00. Following the transaction, the director directly owned 84,915 shares of the company’s stock, valued at approximately $5,941,502.55. This trade represents a 0.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 16,150 shares of company stock valued at $1,108,748. Insiders own 4.20% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of PB. Mather Group LLC. purchased a new stake in Prosperity Bancshares in the 3rd quarter valued at $26,000. Community Bank N.A. acquired a new position in shares of Prosperity Bancshares in the third quarter valued at approximately $29,000. Steph & Co. purchased a new position in Prosperity Bancshares during the second quarter worth about $38,000. Danske Bank A S purchased a new stake in shares of Prosperity Bancshares during the 3rd quarter valued at $40,000. Finally, Annis Gardner Whiting Capital Advisors LLC acquired a new stake in Prosperity Bancshares during the 3rd quarter worth approximately $42,000. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

About Prosperity Bancshares

Prosperity Bancshares, Inc is a holding company for Prosperity Bank, offering a broad range of commercial and consumer banking services across Texas, Oklahoma, Arkansas and Louisiana. Through its network of branches and digital platforms, the company provides deposit products, business and real estate lending, treasury management, mortgage origination and servicing, as well as wealth management and trust services.

Originally chartered in 1911 as First National Bank in McKinney, Texas, the organization rebranded to Prosperity Bank in 2009 following a series of strategic acquisitions aimed at deepening its regional presence.