Prosperity Bancshares, Inc. (NYSE:PB) Receives Consensus Rating of "Hold" from Brokerages

Key Points

• Prosperity Bancshares has a consensus “Hold” rating from 14 brokerages: eight recommend holding, five recommend buying, and one recommends selling. The average 12-month price target is $76.36, compared with the stock’s opening price of $73.59.
• The bank exceeded quarterly expectations, reporting $1.50 in EPS versus the $1.41 consensus and revenue of $367.62 million, up 19.9% year over year. Shares were up 1.4%, with the company valued at approximately $7.42 billion.
• Prosperity Bancshares declared a quarterly dividend of $0.60 per share, or $2.40 annualized, representing a 3.3% yield and a 43.48% payout ratio. Insiders have sold 11,000 shares over the past 90 days, while institutional investors own 80.69% of the stock.

Shares of Prosperity Bancshares, Inc. (NYSE:PB - Get Free Report) have been given a consensus rating of "Hold" by the fourteen brokerages that are presently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, eight have issued a hold recommendation and five have assigned a buy recommendation to the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $76.3636.

A number of equities analysts recently commented on the stock. Citigroup lifted their target price on shares of Prosperity Bancshares from $74.00 to $75.00 and gave the stock a "neutral" rating in a research report on Thursday, June 25th. Cantor Fitzgerald restated an "overweight" rating and set a $80.00 price target on shares of Prosperity Bancshares in a research report on Tuesday, June 23rd. Piper Sandler raised their price objective on Prosperity Bancshares from $74.00 to $75.00 and gave the company a "neutral" rating in a research note on Thursday, April 30th. Wall Street Zen upgraded Prosperity Bancshares from a "strong sell" rating to a "sell" rating in a report on Saturday, May 16th. Finally, Weiss Ratings raised Prosperity Bancshares from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Wednesday, July 1st.

Insider Buying and Selling

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 6th. The stock was sold at an average price of $70.24, for a total value of $42,144.00. Following the completion of the sale, the director owned 40,700 shares in the company, valued at approximately $2,858,768. The trade was a 1.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last 90 days, insiders sold 11,000 shares of company stock valued at $772,745. 3.96% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Sepio Capital LP lifted its holdings in Prosperity Bancshares by 2.4% during the fourth quarter. Sepio Capital LP now owns 5,701 shares of the bank's stock valued at $394,000 after purchasing an additional 133 shares in the last quarter. Commonwealth Equity Services LLC increased its stake in shares of Prosperity Bancshares by 1.0% in the fourth quarter. Commonwealth Equity Services LLC now owns 14,324 shares of the bank's stock worth $990,000 after purchasing an additional 145 shares in the last quarter. Osaic Holdings Inc. increased its stake in shares of Prosperity Bancshares by 34.9% in the second quarter. Osaic Holdings Inc. now owns 719 shares of the bank's stock worth $51,000 after purchasing an additional 186 shares in the last quarter. Earned Wealth Advisors LLC raised its position in shares of Prosperity Bancshares by 6.2% during the 1st 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 period. Finally, Public Employees Retirement System of Ohio raised its position in shares of Prosperity Bancshares by 0.6% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 39,655 shares of the bank's stock valued at $2,631,000 after purchasing an additional 228 shares during the period. Institutional investors own 80.69% of the company's stock.

Prosperity Bancshares Stock Up 1.4%

Shares of PB opened at $73.59 on Wednesday. Prosperity Bancshares has a 1 year low of $61.06 and a 1 year high of $77.20. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.76 and a quick ratio of 0.76. The stock has a 50 day simple moving average of $71.32 and a two-hundred day simple moving average of $70.22. The firm has a market cap of $7.42 billion, a P/E ratio of 13.33, a P/E/G ratio of 1.16 and a beta of 0.63.

Prosperity Bancshares (NYSE:PB - Get Free Report) last posted its quarterly earnings results on Wednesday, April 29th. The bank reported $1.50 EPS for the quarter, topping the consensus estimate of $1.41 by $0.09. Prosperity Bancshares had a net margin of 29.50% and a return on equity of 7.20%. The firm had revenue of $367.62 million for the quarter, compared to the consensus estimate of $358.60 million. During the same period last year, the firm posted $1.37 earnings per share. The business's revenue was up 19.9% compared to the same quarter last year. On average, analysts forecast that Prosperity Bancshares will post 6.25 earnings per share for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 3.3%. The ex-dividend date is Tuesday, September 15th. Prosperity Bancshares's dividend payout ratio (DPR) is presently 43.48%.

About Prosperity Bancshares

Prosperity Bancshares, Inc is a holding company for Prosperity Bank, offering a broad range of commercial and consumer banking services across Texas, Oklahoma, Arkansas and Louisiana. Through its network of branches and digital platforms, the company provides deposit products, business and real estate lending, treasury management, mortgage origination and servicing, as well as wealth management and trust services.

Originally chartered in 1911 as First National Bank in McKinney, Texas, the organization rebranded to Prosperity Bank in 2009 following a series of strategic acquisitions aimed at deepening its regional presence.

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