Prosperity Bancshares, Inc. (NYSE:PB) Given Consensus Rating of "Moderate Buy" by Analysts

Key Points

• Prosperity Bancshares has received an average recommendation of "Moderate Buy" from 16 brokerages, with six holding and ten buying the stock, and an average price target of $84.13.
• In recent transactions, director Ned S. Holmes sold 500 shares for approximately $34,370, while insiders have sold a total of 15,400 shares worth over $1 million in the last three months.
• The company declared a quarterly dividend of $0.58 per share, with an ex-dividend date of September 15, indicating a 3.4% yield and a payout ratio of 42.18%.

Prosperity Bancshares, Inc. (NYSE:PB - Get Free Report) has earned an average recommendation of "Moderate Buy" from the seventeen ratings firms that are covering the firm, MarketBeat.com reports. Six investment analysts have rated the stock with a hold recommendation and eleven have assigned a buy recommendation to the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $83.75.

Several brokerages have recently issued reports on PB. Citigroup upped their price target on shares of Prosperity Bancshares from $76.00 to $78.00 and gave the stock a "buy" rating in a report on Tuesday, August 26th. Jefferies Financial Group began coverage on Prosperity Bancshares in a report on Wednesday, May 21st. They issued a "buy" rating and a $85.00 target price for the company. Cantor Fitzgerald started coverage on Prosperity Bancshares in a research note on Wednesday. They set an "overweight" rating and a $78.00 price target on the stock. Piper Sandler reduced their price target on Prosperity Bancshares from $86.00 to $84.00 and set an "overweight" rating on the stock in a report on Thursday, July 24th. Finally, Hovde Group dropped their price objective on shares of Prosperity Bancshares from $85.00 to $83.00 and set an "outperform" rating for the company in a report on Thursday, July 24th.

Insider Buying and Selling at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 500 shares of the stock in a transaction on Wednesday, September 10th. The stock was sold at an average price of $67.19, for a total value of $33,595.00. Following the completion of the sale, the director directly owned 93,415 shares in the company, valued at $6,276,553.85. This represents a 0.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have sold a total of 15,400 shares of company stock valued at $1,069,500 over the last quarter. Insiders own 4.20% of the company's stock.

Institutional Investors Weigh In On Prosperity Bancshares

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Parallel Advisors LLC boosted its holdings in shares of Prosperity Bancshares by 16.8% in the 2nd quarter. Parallel Advisors LLC now owns 978 shares of the bank's stock worth $69,000 after buying an additional 141 shares during the last quarter. U.S. Capital Wealth Advisors LLC raised its position in Prosperity Bancshares by 4.9% in the first quarter. U.S. Capital Wealth Advisors LLC now owns 3,326 shares of the bank's stock worth $237,000 after acquiring an additional 156 shares during the period. Tectonic Advisors LLC raised its position in Prosperity Bancshares by 2.0% in the first quarter. Tectonic Advisors LLC now owns 8,319 shares of the bank's stock worth $594,000 after acquiring an additional 165 shares during the period. AE Wealth Management LLC boosted its stake in Prosperity Bancshares by 3.8% in the second quarter. AE Wealth Management LLC now owns 4,640 shares of the bank's stock valued at $326,000 after acquiring an additional 172 shares during the last quarter. Finally, Osaic Holdings Inc. grew its position in shares of Prosperity Bancshares by 34.9% during the 2nd quarter. Osaic Holdings Inc. now owns 719 shares of the bank's stock valued at $51,000 after acquiring an additional 186 shares during the period. Institutional investors and hedge funds own 80.69% of the company's stock.

Prosperity Bancshares Stock Performance

Shares of PB traded up $0.38 during mid-day trading on Friday, reaching $67.70. The company had a trading volume of 971,537 shares, compared to its average volume of 989,291. The company has a market capitalization of $6.43 billion, a price-to-earnings ratio of 12.31, a P/E/G ratio of 1.01 and a beta of 0.74. The company's 50 day simple moving average is $69.24 and its 200 day simple moving average is $69.64. Prosperity Bancshares has a 1-year low of $61.57 and a 1-year high of $86.75.

Prosperity Bancshares (NYSE:PB - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The bank reported $1.42 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.40 by $0.02. Prosperity Bancshares had a net margin of 29.37% and a return on equity of 6.99%. The business had revenue of $310.70 million during the quarter, compared to analysts' expectations of $315.66 million. During the same period in the prior year, the company earned $1.22 EPS. As a group, equities analysts forecast that Prosperity Bancshares will post 5.83 earnings per share for the current fiscal year.

Prosperity Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be paid a dividend of $0.58 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $2.32 annualized dividend and a dividend yield of 3.4%. Prosperity Bancshares's dividend payout ratio (DPR) is presently 42.18%.

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.