Prosperity Bancshares, Inc. (NYSE:PB) Given Consensus Rating of “Moderate Buy” by Analysts

Prosperity Bancshares, Inc. (NYSE:PB) has been given a consensus recommendation of “Moderate Buy” by the fourteen ratings firms that are currently covering the company, Marketbeat.com reports. Six investment analysts have rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $83.23.

Several brokerages have issued reports on PB. StockNews.com downgraded shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Thursday, April 24th. Morgan Stanley reduced their price target on Prosperity Bancshares from $102.00 to $94.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. Barclays lowered their price objective on Prosperity Bancshares from $88.00 to $86.00 and set an “equal weight” rating on the stock in a research report on Tuesday, April 8th. Hovde Group reduced their target price on shares of Prosperity Bancshares from $90.00 to $80.00 and set an “outperform” rating for the company in a research report on Friday, April 25th. Finally, Bank of America upgraded Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $80.00 target price for the company in a research report on Tuesday, January 7th.

Insider Buying and Selling

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the stock in a transaction that occurred on Wednesday, February 12th. The shares were sold at an average price of $78.30, for a total transaction of $39,150.00. Following the completion of the sale, the director now owns 106,815 shares of the company’s stock, valued at approximately $8,363,614.50. This represents a 0.47 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders have sold a total of 5,500 shares of company stock valued at $390,340 over the last 90 days. 4.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Prosperity Bancshares

Several large investors have recently modified their holdings of PB. Blue Trust Inc. grew its stake 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 purchasing an additional 128 shares during the last quarter. CIBC Private Wealth Group LLC lifted its stake in shares of Prosperity Bancshares by 4.4% in the 4th quarter. CIBC Private Wealth Group LLC now owns 3,069 shares of the bank’s stock valued at $229,000 after purchasing an additional 128 shares during the period. GAMMA Investing LLC boosted its holdings in shares of Prosperity Bancshares by 20.4% during the 4th quarter. GAMMA Investing LLC now owns 844 shares of the bank’s stock valued at $64,000 after buying an additional 143 shares in the last quarter. U.S. Capital Wealth Advisors LLC boosted its position in shares of Prosperity Bancshares by 4.9% in the 1st quarter. U.S. Capital Wealth Advisors LLC now owns 3,326 shares of the bank’s stock worth $237,000 after purchasing an additional 156 shares in the last quarter. Finally, Tectonic Advisors LLC raised its position in shares of Prosperity Bancshares by 2.0% in the 1st quarter. Tectonic Advisors LLC now owns 8,319 shares of the bank’s stock worth $594,000 after purchasing an additional 165 shares during the last quarter. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Prosperity Bancshares Trading Up 2.8 %

PB opened at $70.00 on Monday. The stock’s fifty day simple moving average is $69.36 and its 200 day simple moving average is $75.18. Prosperity Bancshares has a 1-year low of $57.16 and a 1-year high of $86.76. The stock has a market cap of $6.67 billion, a PE ratio of 13.83, a price-to-earnings-growth ratio of 0.94 and a beta of 0.70.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings data 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 company had revenue of $306.68 million for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period in the prior year, the firm earned $1.18 earnings per share. Equities analysts forecast that Prosperity Bancshares will post 5.83 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

The firm 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 dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a yield of 3.31%. The ex-dividend date of this dividend is Friday, June 13th. Prosperity Bancshares’s payout ratio 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.