Hovde Group Lowers Prosperity Bancshares (NYSE:PB) Price Target to $83.00

Prosperity Bancshares (NYSE:PB - Free Report) had its price objective cut by Hovde Group from $85.00 to $83.00 in a research report released on Thursday morning, Marketbeat Ratings reports. The brokerage currently has an outperform rating on the bank's stock.

A number of other brokerages have also weighed in on PB. Jefferies Financial Group started coverage on shares of Prosperity Bancshares in a research note on Wednesday, May 21st. They issued a "buy" rating and a $85.00 price target for the company. Barclays reduced their price target on shares of Prosperity Bancshares from $88.00 to $86.00 and set an "equal weight" rating for the company in a research note on Tuesday, April 8th. Wall Street Zen raised shares of Prosperity Bancshares from a "sell" rating to a "hold" rating in a research note on Tuesday, May 13th. Keefe, Bruyette & Woods reduced their price target on shares of Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating for the company in a research note on Monday, May 5th. Finally, Royal Bank Of Canada reduced their price target on shares of Prosperity Bancshares from $85.00 to $78.00 and set a "sector perform" rating for the company in a research note on Thursday, April 24th. Seven equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. According to MarketBeat.com, Prosperity Bancshares presently has a consensus rating of "Moderate Buy" and an average price target of $84.57.

Prosperity Bancshares Trading Down 0.3%

Prosperity Bancshares stock traded down $0.18 during midday trading on Thursday, reaching $67.52. 1,123,776 shares of the stock traded hands, compared to its average volume of 660,956. The firm has a fifty day moving average price of $70.74 and a two-hundred day moving average price of $72.10. The firm has a market cap of $6.43 billion, a price-to-earnings ratio of 12.28, a PEG ratio of 1.01 and a beta of 0.68. Prosperity Bancshares has a fifty-two week low of $61.57 and a fifty-two week high of $86.75.

Prosperity Bancshares (NYSE:PB - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The bank reported $1.42 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.40 by $0.02. The firm had revenue of $310.70 million during the quarter, compared to analyst estimates of $315.66 million. Prosperity Bancshares had a net margin of 29.37% and a return on equity of 6.99%. During the same period in the previous year, the business posted $1.22 EPS. Analysts anticipate that Prosperity Bancshares will post 5.83 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be paid a $0.58 dividend. The ex-dividend date is Monday, September 15th. This represents a $2.32 annualized dividend and a yield of 3.44%. Prosperity Bancshares's dividend payout ratio is presently 42.18%.

Insiders Place Their Bets

In other Prosperity Bancshares news, Director Ned S. Holmes sold 600 shares of the business's stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $70.89, for a total value of $42,534.00. Following the completion of the sale, the director directly owned 45,700 shares of the company's stock, valued at $3,239,673. The trade was a 1.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In the last quarter, insiders have sold 12,500 shares of company stock valued at $885,446. 4.20% of the stock is currently owned by corporate insiders.

Institutional Trading of Prosperity Bancshares

Large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in shares of Prosperity Bancshares by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 9,780,006 shares of the bank's stock worth $736,923,000 after buying an additional 44,567 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Prosperity Bancshares by 2.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,688,304 shares of the bank's stock worth $334,595,000 after buying an additional 102,044 shares during the period. T. Rowe Price Investment Management Inc. boosted its holdings in Prosperity Bancshares by 14.6% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 3,232,995 shares of the bank's stock valued at $230,739,000 after purchasing an additional 412,283 shares during the period. Massachusetts Financial Services Co. MA boosted its holdings in Prosperity Bancshares by 1.4% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,342,047 shares of the bank's stock valued at $176,473,000 after purchasing an additional 32,917 shares during the period. Finally, Vaughan Nelson Investment Management L.P. boosted its holdings in Prosperity Bancshares by 14.1% in the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 1,269,634 shares of the bank's stock valued at $89,179,000 after purchasing an additional 157,060 shares during the period. 80.69% of the stock is owned by institutional investors.

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.