Prosperity Bancshares, Inc. (NYSE:PB) Receives Consensus Recommendation of "Moderate Buy" from Brokerages

Shares of Prosperity Bancshares, Inc. (NYSE:PB - Get Free Report) have been given a consensus recommendation of "Moderate Buy" by the sixteen brokerages that are currently covering the firm, MarketBeat reports. Six investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The average 1-year price target among analysts that have covered the stock in the last year is $83.80.

Several equities analysts have commented on PB shares. Hovde Group dropped their target price on Prosperity Bancshares from $90.00 to $80.00 and set an "outperform" rating for the company in a research report on Friday, April 25th. Barclays dropped their target price on Prosperity Bancshares from $88.00 to $86.00 and set an "equal weight" rating for the company in a research report on Tuesday, April 8th. Wall Street Zen upgraded Prosperity Bancshares from a "sell" rating to a "hold" rating in a research report on Tuesday, May 13th. Royal Bank Of Canada lowered their price objective on Prosperity Bancshares from $85.00 to $78.00 and set a "sector perform" rating for the company in a research report on Thursday, April 24th. Finally, Keefe, Bruyette & Woods lowered their price objective on Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating for the company in a research report on Monday, May 5th.

Prosperity Bancshares Trading Down 0.3%

Prosperity Bancshares stock opened at $73.58 on Friday. The company has a market capitalization of $7.01 billion, a PE ratio of 14.02, a P/E/G ratio of 1.02 and a beta of 0.68. Prosperity Bancshares has a 12 month low of $61.57 and a 12 month high of $86.76. The stock has a 50-day moving average price of $71.02 and a two-hundred day moving average price of $72.29.

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

Prosperity Bancshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be paid a $0.58 dividend. The ex-dividend date is Monday, September 15th. This represents a $2.32 dividend on an annualized basis and a yield of 3.15%. Prosperity Bancshares's dividend payout ratio (DPR) is presently 44.19%.

Insider Buying and Selling

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the firm's stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $71.98, for a total value of $35,990.00. Following the completion of the sale, the director owned 97,415 shares of the company's stock, valued at approximately $7,011,931.70. This trade represents a 0.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders sold a total of 11,900 shares of company stock valued at $842,005 over the last ninety days. Company insiders own 4.20% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Steph & Co. purchased a new position in shares of Prosperity Bancshares during the second quarter valued at approximately $38,000. BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of Prosperity Bancshares during the first quarter valued at approximately $48,000. Aster Capital Management DIFC Ltd boosted its position in shares of Prosperity Bancshares by 349.5% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 917 shares of the bank's stock valued at $69,000 after buying an additional 713 shares during the last quarter. Parallel Advisors LLC boosted its position in shares of Prosperity Bancshares by 16.8% during the second quarter. Parallel Advisors LLC now owns 978 shares of the bank's stock valued at $69,000 after buying an additional 141 shares during the last quarter. Finally, Signaturefd LLC boosted its position in shares of Prosperity Bancshares by 33.8% during the second quarter. Signaturefd LLC now owns 985 shares of the bank's stock valued at $69,000 after buying an additional 249 shares during the last quarter. Hedge funds and other institutional investors own 80.69% of the company's stock.

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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