Prosperity Bancshares, Inc. (NYSE:PB) Receives $83.80 Average PT from Brokerages

Prosperity Bancshares, Inc. (NYSE:PB - Get Free Report) has been assigned an average rating of "Moderate Buy" from the sixteen research firms that are presently covering the firm, MarketBeat reports. Six analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The average 1-year target price among analysts that have covered the stock in the last year is $83.80.

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

Prosperity Bancshares Stock Performance

PB traded up $0.59 during mid-day trading on Friday, reaching $73.07. 998,378 shares of the stock were exchanged, compared to its average volume of 605,918. The stock has a market capitalization of $6.96 billion, a PE ratio of 13.92, a price-to-earnings-growth ratio of 1.00 and a beta of 0.68. The company has a 50 day moving average price of $70.99 and a two-hundred day moving average price of $72.24. Prosperity Bancshares has a 1 year low of $61.57 and a 1 year high of $86.76.

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

Prosperity Bancshares Dividend Announcement

The business also recently announced 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. This represents a $2.32 dividend on an annualized basis and a yield of 3.17%. The ex-dividend date is Monday, September 15th. Prosperity Bancshares's dividend payout ratio (DPR) is presently 44.19%.

Insider Buying and Selling

In other news, Director Ned S. Holmes sold 500 shares of the firm's stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $71.98, for a total transaction of $35,990.00. Following the sale, the director owned 97,415 shares in the company, valued at $7,011,931.70. This trade represents a 0.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In the last 90 days, insiders sold 11,900 shares of company stock worth $842,005. 4.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Wealth Enhancement Advisory Services LLC raised its stake in Prosperity Bancshares by 8.2% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 7,362 shares of the bank's stock valued at $525,000 after purchasing an additional 561 shares during the period. Principal Financial Group Inc. increased its stake in shares of Prosperity Bancshares by 0.4% in the first quarter. Principal Financial Group Inc. now owns 219,056 shares of the bank's stock worth $15,634,000 after acquiring an additional 855 shares during the last quarter. Teacher Retirement System of Texas increased its stake in shares of Prosperity Bancshares by 23.1% in the first quarter. Teacher Retirement System of Texas now owns 21,818 shares of the bank's stock worth $1,557,000 after acquiring an additional 4,098 shares during the last quarter. Avantax Advisory Services Inc. boosted its holdings in Prosperity Bancshares by 45.1% in the fourth quarter. Avantax Advisory Services Inc. now owns 7,281 shares of the bank's stock worth $549,000 after purchasing an additional 2,263 shares in the last quarter. Finally, Cetera Investment Advisers boosted its holdings in Prosperity Bancshares by 5.9% in the fourth quarter. Cetera Investment Advisers now owns 7,675 shares of the bank's stock worth $578,000 after purchasing an additional 427 shares in the last quarter. Institutional investors and hedge funds own 80.69% of the company's stock.

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.