Brokerages Set Prosperity Bancshares, Inc. (NYSE:PB) Target Price at $83.80

Shares of Prosperity Bancshares, Inc. (NYSE:PB - Get Free Report) have been assigned an average rating of "Moderate Buy" from the sixteen brokerages that are presently covering the firm, MarketBeat.com reports. Six research analysts have rated the stock with a hold recommendation and ten have given a buy recommendation to the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $83.80.

PB has been the topic of a number of research analyst reports. Morgan Stanley cut their target price on shares of Prosperity Bancshares from $102.00 to $94.00 and set an "overweight" rating on the stock in a research report on Thursday, March 13th. Wall Street Zen upgraded shares of Prosperity Bancshares from a "sell" rating to a "hold" rating in a research note on Tuesday, May 13th. Jefferies Financial Group initiated coverage on shares of Prosperity Bancshares in a research report on Wednesday, May 21st. They set a "buy" rating and a $85.00 price objective on the stock. Royal Bank Of Canada dropped their price target on Prosperity Bancshares from $85.00 to $78.00 and set a "sector perform" rating on the stock in a research note on Thursday, April 24th. Finally, Hovde Group cut their price target on Prosperity Bancshares from $90.00 to $80.00 and set an "outperform" rating on the stock in a report on Friday, April 25th.

Insider Buying and Selling

In related news, Director Ned S. Holmes sold 600 shares of Prosperity Bancshares stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $70.89, for a total value of $42,534.00. Following the completion of the sale, the director now owns 45,700 shares of the company's stock, valued at approximately $3,239,673. This trade represents a 1.30% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Over the last 90 days, insiders sold 9,000 shares of company stock worth $621,965. Insiders own 4.20% of the company's stock.

Hedge Funds Weigh In On Prosperity Bancshares

Large investors have recently modified their holdings of the business. Smartleaf Asset Management LLC lifted its position in shares of Prosperity Bancshares by 487.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 376 shares of the bank's stock worth $28,000 after acquiring an additional 312 shares in the last quarter. Jones Financial Companies Lllp increased its holdings in Prosperity Bancshares by 368.5% during the 4th quarter. Jones Financial Companies Lllp now owns 520 shares of the bank's stock worth $39,000 after acquiring an additional 409 shares during the period. BI Asset Management Fondsmaeglerselskab A S bought a new position in Prosperity Bancshares in the 1st quarter worth about $48,000. Aster Capital Management DIFC Ltd increased its position in shares of Prosperity Bancshares by 349.5% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 917 shares of the bank's stock worth $69,000 after purchasing an additional 713 shares during the last quarter. Finally, First Horizon Advisors Inc. lifted its stake in Prosperity Bancshares by 23.9% during the fourth quarter. First Horizon Advisors Inc. now owns 1,010 shares of the bank's stock worth $76,000 after purchasing an additional 195 shares during the last quarter. Hedge funds and other institutional investors own 80.69% of the company's stock.

Prosperity Bancshares Stock Down 0.9%

Shares of NYSE:PB traded down $0.63 during midday trading on Tuesday, hitting $70.15. The stock had a trading volume of 1,189,930 shares, compared to its average volume of 631,542. The company's 50-day moving average price is $69.47 and its 200-day moving average price is $72.75. The company has a market capitalization of $6.68 billion, a P/E ratio of 13.36, a price-to-earnings-growth ratio of 0.86 and a beta of 0.68. Prosperity Bancshares has a fifty-two week low of $58.66 and a fifty-two week high of $86.75.

Prosperity Bancshares (NYSE:PB - Get Free Report) last posted its quarterly earnings results on Wednesday, April 23rd. The bank reported $1.37 EPS for the quarter, topping analysts' consensus estimates of $1.35 by $0.02. Prosperity Bancshares had a return on equity of 6.81% and a net margin of 27.69%. The company had revenue of $306.68 million during the quarter, compared to analysts' expectations of $307.17 million. During the same quarter in the previous year, the firm earned $1.18 EPS. Prosperity Bancshares's revenue was up 10.7% on a year-over-year basis. Research analysts expect that Prosperity Bancshares will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 13th will be given a dividend of $0.58 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $2.32 annualized dividend and a yield of 3.31%. Prosperity Bancshares's payout ratio is currently 44.19%.

Prosperity Bancshares Company Profile

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.