Prosperity Bancshares (NYSE:PB) Price Target Cut to $86.00 by Analysts at Barclays

Prosperity Bancshares (NYSE:PB - Free Report) had its price objective lowered by Barclays from $88.00 to $86.00 in a research note released on Tuesday,Benzinga reports. The firm currently has an equal weight rating on the bank's stock.

PB has been the subject of a number of other research reports. Stephens lifted their target price on Prosperity Bancshares from $93.00 to $94.00 and gave the stock an "overweight" rating in a report on Thursday, January 30th. Morgan Stanley cut their price objective on shares of Prosperity Bancshares from $102.00 to $94.00 and set an "overweight" rating for the company in a report on Thursday, March 13th. StockNews.com cut shares of Prosperity Bancshares from a "hold" rating to a "sell" rating in a report on Wednesday, March 19th. UBS Group cut their price target on Prosperity Bancshares from $77.00 to $76.00 and set a "buy" rating for the company in a research note on Thursday, December 26th. Finally, Raymond James raised their price objective on Prosperity Bancshares from $82.00 to $87.00 and gave the stock an "outperform" rating in a research note on Thursday, January 30th. Seven analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $83.35.

Prosperity Bancshares Trading Up 0.8 %

Shares of NYSE:PB traded up $0.53 on Tuesday, hitting $64.72. The company had a trading volume of 1,160,269 shares, compared to its average volume of 561,854. The stock has a 50 day moving average price of $72.73 and a 200 day moving average price of $75.63. The stock has a market cap of $6.17 billion, a price-to-earnings ratio of 12.79, a P/E/G ratio of 0.94 and a beta of 0.82. Prosperity Bancshares has a 1-year low of $57.16 and a 1-year high of $86.76.

Prosperity Bancshares (NYSE:PB - Get Free Report) last issued its quarterly earnings data on Wednesday, January 29th. The bank reported $1.37 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.33 by $0.04. Prosperity Bancshares had a return on equity of 6.64% and a net margin of 26.79%. Sell-side analysts anticipate that Prosperity Bancshares will post 5.83 earnings per share for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Friday, March 14th were given a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a yield of 3.58%. The ex-dividend date of this dividend was Friday, March 14th. Prosperity Bancshares's dividend payout ratio is 45.85%.

Insider Buying and Selling at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 500 shares of the business's stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $78.43, for a total transaction of $39,215.00. Following the sale, the director now directly owns 108,815 shares in the company, valued at approximately $8,534,360.45. The trade was a 0.46 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders have sold 5,500 shares of company stock worth $408,695 over the last quarter. Corporate insiders own 4.20% of the company's stock.

Institutional Investors Weigh In On Prosperity Bancshares

Several hedge funds have recently added to or reduced their stakes in the business. Smartleaf Asset Management LLC lifted its holdings in shares of Prosperity Bancshares by 487.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 376 shares of the bank's stock worth $28,000 after purchasing an additional 312 shares during the period. Jones Financial Companies Lllp lifted its holdings in Prosperity Bancshares by 368.5% during the 4th quarter. Jones Financial Companies Lllp now owns 520 shares of the bank's stock worth $39,000 after buying an additional 409 shares during the period. UMB Bank n.a. grew its position in shares of Prosperity Bancshares by 102.7% in the 4th quarter. UMB Bank n.a. now owns 592 shares of the bank's stock valued at $45,000 after buying an additional 300 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of Prosperity Bancshares by 20.4% in the fourth quarter. GAMMA Investing LLC now owns 844 shares of the bank's stock valued at $64,000 after buying an additional 143 shares during the period. Finally, Aster Capital Management DIFC Ltd raised its position in shares of Prosperity Bancshares by 349.5% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 917 shares of the bank's stock worth $69,000 after acquiring an additional 713 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.