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

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

Several equities analysts have recently commented on the stock. Keefe, Bruyette & Woods decreased their price objective on shares of Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating on the stock in a report on Monday, May 5th. Morgan Stanley dropped their target price on shares of Prosperity Bancshares from $102.00 to $94.00 and set an "overweight" rating for the company in a report on Thursday, March 13th. Barclays dropped their target price on shares of Prosperity Bancshares from $88.00 to $86.00 and set an "equal weight" rating for the company in a report on Tuesday, April 8th. Wall Street Zen upgraded shares of Prosperity Bancshares from a "sell" rating to a "hold" rating in a report on Tuesday, May 13th. Finally, Hovde Group dropped their target price on shares of Prosperity Bancshares from $90.00 to $80.00 and set an "outperform" rating for the company in a report on Friday, April 25th.

Insider Buying and Selling at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 600 shares of the company's stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $70.30, for a total value of $42,180.00. Following the sale, the director now directly owns 45,600 shares in the company, valued at $3,205,680. This represents a 1.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last 90 days, insiders have sold 7,700 shares of company stock valued at $537,759. Insiders own 4.20% of the company's stock.

Institutional Trading of Prosperity Bancshares

Institutional investors and hedge funds have recently made changes to their positions in the stock. Blue Trust Inc. boosted its position in shares of Prosperity Bancshares by 14.9% in the fourth quarter. Blue Trust Inc. now owns 987 shares of the bank's stock worth $71,000 after acquiring an additional 128 shares during the last quarter. KBC Group NV increased its position in Prosperity Bancshares by 45.1% during the fourth quarter. KBC Group NV now owns 4,099 shares of the bank's stock worth $309,000 after purchasing an additional 1,275 shares during the last quarter. Pacer Advisors Inc. raised its stake in Prosperity Bancshares by 1.8% during the fourth quarter. Pacer Advisors Inc. now owns 14,202 shares of the bank's stock worth $1,070,000 after purchasing an additional 247 shares during the period. Hodges Capital Management Inc. boosted its holdings in shares of Prosperity Bancshares by 4.9% in the 4th quarter. Hodges Capital Management Inc. now owns 147,231 shares of the bank's stock valued at $11,094,000 after purchasing an additional 6,902 shares during the last quarter. Finally, Trust Point Inc. boosted its holdings in shares of Prosperity Bancshares by 40.2% in the 4th quarter. Trust Point Inc. now owns 4,770 shares of the bank's stock valued at $359,000 after purchasing an additional 1,367 shares during the last quarter. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

Prosperity Bancshares Trading Down 0.5%

PB traded down $0.37 on Friday, hitting $69.75. 581,014 shares of the company's stock were exchanged, compared to its average volume of 594,196. Prosperity Bancshares has a fifty-two week low of $57.16 and a fifty-two week high of $86.76. The firm has a 50-day moving average price of $68.75 and a 200-day moving average price of $74.58. The stock has a market cap of $6.64 billion, a price-to-earnings ratio of 13.78, a P/E/G ratio of 0.94 and a beta of 0.70.

Prosperity Bancshares (NYSE:PB - Get Free Report) last announced its quarterly earnings results on Wednesday, April 23rd. The bank reported $1.37 earnings per share for the quarter, beating the consensus estimate of $1.35 by $0.02. The firm had revenue of $306.68 million for the quarter, compared to analysts' expectations of $307.17 million. Prosperity Bancshares had a net margin of 26.79% and a return on equity of 6.64%. The company's revenue was up 10.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.18 EPS. On average, equities analysts predict that Prosperity Bancshares will post 5.83 EPS for the current year.

Prosperity Bancshares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be issued a $0.58 dividend. This represents a $2.32 annualized dividend and a yield of 3.33%. The ex-dividend date of this dividend is Friday, June 13th. Prosperity Bancshares's dividend payout ratio (DPR) is 44.19%.

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.