Analysts Set Prosperity Bancshares, Inc. (NYSE:PB) Price Target at $83.50

Prosperity Bancshares, Inc. (NYSE:PB) has earned an average recommendation of “Moderate Buy” from the fourteen analysts that are covering the company, Marketbeat.com reports. Six research analysts have rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $83.50.

PB has been the subject of several analyst reports. Morgan Stanley cut their price target 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. Bank of America raised shares of Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $80.00 price objective for the company in a report on Tuesday, January 7th. Stephens lifted their price objective on shares of Prosperity Bancshares from $93.00 to $94.00 and gave the stock an “overweight” rating in a report on Thursday, January 30th. StockNews.com raised shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a report on Tuesday, March 11th. Finally, Wolfe Research reaffirmed a “peer perform” rating on shares of Prosperity Bancshares in a report on Thursday, December 5th.

Insider Buying and Selling

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the business’s stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $70.63, for a total value of $35,315.00. Following the transaction, the director now owns 104,815 shares in the company, valued at approximately $7,403,083.45. The trade was a 0.47 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold a total of 5,000 shares of company stock worth $382,665 in the last 90 days. 4.28% of the stock is owned by company insiders.

Hedge Funds Weigh In On Prosperity Bancshares

A number of hedge funds have recently modified their holdings of PB. Smartleaf Asset Management LLC increased its position in shares of Prosperity Bancshares by 487.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 376 shares of the bank’s stock valued at $28,000 after acquiring an additional 312 shares during the period. Jones Financial Companies Lllp increased its position in shares of Prosperity Bancshares by 368.5% in the fourth quarter. Jones Financial Companies Lllp now owns 520 shares of the bank’s stock valued at $39,000 after acquiring an additional 409 shares during the period. UMB Bank n.a. increased its position in shares of Prosperity Bancshares by 102.7% in the fourth quarter. UMB Bank n.a. now owns 592 shares of the bank’s stock valued at $45,000 after acquiring an additional 300 shares during the period. First Horizon Advisors Inc. increased its position in shares of Prosperity Bancshares by 190.0% during the third quarter. First Horizon Advisors Inc. now owns 815 shares of the bank’s stock valued at $59,000 after buying an additional 534 shares during the period. Finally, GAMMA Investing LLC increased its position in shares of Prosperity Bancshares by 20.4% during the fourth quarter. GAMMA Investing LLC now owns 844 shares of the bank’s stock valued at $64,000 after buying an additional 143 shares during the period. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Prosperity Bancshares Price Performance

Shares of NYSE:PB opened at $70.49 on Friday. The firm has a fifty day moving average price of $76.64 and a two-hundred day moving average price of $76.25. Prosperity Bancshares has a one year low of $57.16 and a one year high of $86.76. The company has a market cap of $6.72 billion, a price-to-earnings ratio of 13.93, a PEG ratio of 0.94 and a beta of 0.94.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings results on Wednesday, January 29th. The bank reported $1.37 EPS for the quarter, beating the consensus estimate of $1.33 by $0.04. Prosperity Bancshares had a net margin of 26.79% and a return on equity of 6.64%. Equities research analysts expect that Prosperity Bancshares will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be given a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a yield of 3.29%. The ex-dividend date is Friday, March 14th. Prosperity Bancshares’s payout ratio is presently 45.85%.

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.