Prosperity Bancshares, Inc. (NYSE:PB) Stock Has Average Price Target of $77.73

Key Points

• Analyst consensus is “Hold” for Prosperity Bancshares, with six buy, six hold, and two sell ratings. The average 12-month price target is $77.73, above the stock’s reported $66.10 price.
• Prosperity Bancshares reported quarterly EPS of $1.62, beating the $1.50 consensus estimate, while revenue rose 25.9% year over year to $391.25 million.
• Institutional investors and hedge funds own 80.69% of the company, while insiders have sold 11,600 shares worth about $830,000 over the past 90 days. The company pays a quarterly dividend of $0.60 per share, representing an annualized yield of approximately 3.6%.

Prosperity Bancshares, Inc. (NYSE:PB - Get Free Report) has received an average recommendation of "Hold" from the fourteen research firms that are covering the company, MarketBeat.com reports. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $77.73.

Several equities analysts have issued reports on the company. Raymond James Financial upgraded Prosperity Bancshares from a "market perform" rating to an "outperform" rating and set a $78.00 price objective for the company in a research report on Tuesday, October 6th. Citigroup decreased their target price on Prosperity Bancshares from $79.00 to $77.00 and set a "neutral" rating on the stock in a report on Tuesday, September 22nd. Cantor Fitzgerald restated an "overweight" rating and set a $80.00 target price on shares of Prosperity Bancshares in a report on Tuesday, June 23rd. Royal Bank Of Canada lowered their target price on Prosperity Bancshares from $80.00 to $77.00 and set a "sector perform" rating for the company in a research note on Friday. Finally, Morgan Stanley lifted their price target on Prosperity Bancshares from $80.00 to $81.00 and gave the company an "underweight" rating in a report on Monday, September 28th.

Insiders Place Their Bets

In other Prosperity Bancshares news, Director Ned Holmes sold 500 shares of the business's stock in a transaction dated Wednesday, October 7th. The shares were sold at an average price of $65.78, for a total value of $32,890.00. Following the completion of the transaction, the director directly owned 67,115 shares of the company's stock, valued at approximately $4,414,824.70. The trade was a 0.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In the last ninety days, insiders have sold 11,600 shares of company stock valued at $829,985. Company insiders own 3.96% of the company's stock.

Hedge Funds Weigh In On Prosperity Bancshares

A number of large investors have recently modified their holdings of PB. Parkside Financial Bank & Trust boosted its position in shares of Prosperity Bancshares by 52.0% in the 2nd quarter. Parkside Financial Bank & Trust now owns 576 shares of the bank's stock worth $42,000 after purchasing an additional 197 shares during the last quarter. Earned Wealth Advisors LLC increased its holdings in Prosperity Bancshares by 6.2% in the first quarter. Earned Wealth Advisors LLC now owns 3,639 shares of the bank's stock valued at $244,000 after purchasing an additional 213 shares during the last quarter. Farther Finance Advisors LLC increased its holdings in Prosperity Bancshares by 15.9% in the third quarter. Farther Finance Advisors LLC now owns 1,867 shares of the bank's stock valued at $124,000 after purchasing an additional 256 shares during the last quarter. Versant Capital Management Inc increased its holdings in Prosperity Bancshares by 3.3% in the second quarter. Versant Capital Management Inc now owns 10,921 shares of the bank's stock valued at $798,000 after purchasing an additional 348 shares during the last quarter. Finally, GAMMA Investing LLC lifted its stake in Prosperity Bancshares by 33.8% in the second quarter. GAMMA Investing LLC now owns 1,990 shares of the bank's stock valued at $145,000 after buying an additional 503 shares during the period. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Prosperity Bancshares Stock Performance

NYSE:PB opened at $66.10 on Monday. Prosperity Bancshares has a 1 year low of $61.06 and a 1 year high of $77.20. The firm has a 50 day moving average of $71.10 and a 200-day moving average of $70.47. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $6.67 billion, a P/E ratio of 11.46, a price-to-earnings-growth ratio of 0.73 and a beta of 0.66.

Prosperity Bancshares (NYSE:PB - Get Free Report) last announced its earnings results on Wednesday, July 29th. The bank reported $1.62 EPS for the quarter, topping the consensus estimate of $1.50 by $0.12. The business had revenue of $391.25 million for the quarter, compared to the consensus estimate of $380.73 million. Prosperity Bancshares had a return on equity of 7.39% and a net margin of 29.95%. Prosperity Bancshares's revenue was up 25.9% compared to the same quarter last year. During the same period in the previous year, the business earned $1.42 EPS. As a group, sell-side analysts anticipate that Prosperity Bancshares will post 6.46 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th were issued a dividend of $0.60 per share. The ex-dividend date of this dividend was Tuesday, September 15th. This represents a $2.40 dividend on an annualized basis and a yield of 3.6%. Prosperity Bancshares's dividend payout ratio is currently 41.59%.

About Prosperity Bancshares

Prosperity Bancshares, Inc is a bank holding company headquartered in Houston, Texas. Through its principal subsidiary, Prosperity Bank, the company provides a range of banking and financial services to individuals, businesses and institutional customers.

Prosperity Bank offers deposit accounts, commercial and consumer lending, mortgage and real estate loans, treasury management, cash management, online and mobile banking, and other related financial services. Its lending activities support businesses, agricultural customers, real estate projects and consumers.

Founded in 1983, Prosperity Bancshares has expanded through organic growth and acquisitions.

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