Prosperity Bancshares, Inc. (NYSE:PB) Given Average Recommendation of "Moderate Buy" by Brokerages

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%.

Shares of Prosperity Bancshares, Inc. (NYSE:PB - Get Free Report) have earned an average recommendation of "Moderate Buy" from the sixteen brokerages that are currently covering the firm, Marketbeat.com reports. Six investment analysts have rated the stock with a hold recommendation and ten have assigned a buy recommendation to the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $84.1333.

Several research firms recently weighed in on PB. Citigroup raised their target price on shares of Prosperity Bancshares from $76.00 to $78.00 and gave the company a "buy" rating in a research note on Tuesday, August 26th. Piper Sandler decreased their target price on shares of Prosperity Bancshares from $86.00 to $84.00 and set an "overweight" rating for the company in a research note on Thursday, July 24th. Jefferies Financial Group began coverage on shares of Prosperity Bancshares in a research note on Wednesday, May 21st. They issued a "buy" rating and a $85.00 target price for the company. Wall Street Zen raised shares of Prosperity Bancshares from a "sell" rating to a "hold" rating in a research note on Tuesday, May 13th. Finally, Hovde Group decreased their target price on shares of Prosperity Bancshares from $85.00 to $83.00 and set an "outperform" rating for the company in a research note on Thursday, July 24th.

Insider Transactions at Prosperity Bancshares

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the firm's stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $68.74, for a total transaction of $34,370.00. Following the completion of the sale, the director owned 93,915 shares of the company's stock, valued at $6,455,717.10. This trade represents a 0.53% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last three months, insiders sold 15,400 shares of company stock worth $1,072,938. Company 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. Osaic Holdings Inc. lifted its holdings in shares of Prosperity Bancshares by 34.9% during the second quarter. Osaic Holdings Inc. now owns 719 shares of the bank's stock worth $51,000 after buying an additional 186 shares in the last quarter. Advisory Services Network LLC lifted its holdings in shares of Prosperity Bancshares by 7.4% during the second quarter. Advisory Services Network LLC now owns 20,639 shares of the bank's stock worth $1,375,000 after buying an additional 1,416 shares in the last quarter. Caxton Associates LLP lifted its holdings in shares of Prosperity Bancshares by 8.3% during the second quarter. Caxton Associates LLP now owns 5,166 shares of the bank's stock worth $363,000 after buying an additional 394 shares in the last quarter. FORA Capital LLC acquired a new stake in shares of Prosperity Bancshares during the second quarter worth $649,000. Finally, Captrust Financial Advisors lifted its holdings in shares of Prosperity Bancshares by 174.3% during the second quarter. Captrust Financial Advisors now owns 10,547 shares of the bank's stock worth $741,000 after buying an additional 6,702 shares in the last quarter. Institutional investors and hedge funds own 80.69% of the company's stock.

Prosperity Bancshares Stock Down 1.3%

Shares of PB opened at $67.91 on Friday. Prosperity Bancshares has a twelve month low of $61.57 and a twelve month high of $86.75. The company has a 50 day moving average of $69.66 and a 200-day moving average of $69.85. The stock has a market capitalization of $6.45 billion, a P/E ratio of 12.35, a P/E/G ratio of 1.02 and a beta of 0.74.

Prosperity Bancshares (NYSE:PB - Get Free Report) last released its earnings results on Wednesday, July 23rd. The bank reported $1.42 earnings per share for the quarter, beating the consensus estimate 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 last year, the business earned $1.22 earnings per share. On average, sell-side analysts anticipate that Prosperity Bancshares will post 5.83 earnings per share for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be issued 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 yield of 3.4%. Prosperity Bancshares's dividend payout ratio (DPR) is currently 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.

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