Prosperity Bancshares (NYSE:PB) Upgraded at StockNews.com

StockNews.com upgraded shares of Prosperity Bancshares (NYSE:PB) from a sell rating to a hold rating in a research note released on Friday.

A number of other equities research analysts have also recently issued reports on PB. Wedbush reiterated an “outperform” rating and issued a $90.00 price objective on shares of Prosperity Bancshares in a report on Thursday, October 24th. Barclays increased their price objective on Prosperity Bancshares from $84.00 to $88.00 and gave the company an “equal weight” rating in a report on Friday, December 20th. Royal Bank of Canada restated a “sector perform” rating and issued a $77.00 target price on shares of Prosperity Bancshares in a report on Thursday, October 24th. Stephens increased their price target on Prosperity Bancshares from $93.00 to $94.00 and gave the company an “overweight” rating in a report on Thursday. Finally, DA Davidson cut shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $80.00 to $78.00 in a research note on Tuesday, October 15th. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $82.88.

Prosperity Bancshares Stock Performance

Shares of PB opened at $79.96 on Friday. The company has a market capitalization of $7.62 billion, a PE ratio of 15.80, a PEG ratio of 1.12 and a beta of 0.93. The company’s 50 day moving average price is $78.68 and its 200 day moving average price is $75.16. Prosperity Bancshares has a 52 week low of $57.16 and a 52 week high of $86.75.

Prosperity Bancshares (NYSE:PB) last issued its earnings results on Wednesday, January 29th. The bank reported $1.37 EPS for the quarter, beating analysts’ consensus estimates of $1.33 by $0.04. Prosperity Bancshares had a return on equity of 6.68% and a net margin of 26.79%. On average, equities analysts forecast that Prosperity Bancshares will post 5.78 earnings per share for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be paid a $0.58 dividend. This represents a $2.32 annualized dividend and a dividend yield of 2.90%. The ex-dividend date of this dividend is Friday, March 14th. Prosperity Bancshares’s payout ratio is presently 45.85%.

Insider Activity at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 500 shares of the business’s stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $83.96, for a total transaction of $41,980.00. Following the sale, the director now directly owns 114,315 shares in the company, valued at approximately $9,597,887.40. The trade was a 0.44 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Leah Henderson sold 1,100 shares of the company’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $83.24, for a total value of $91,564.00. Following the completion of the transaction, the director now owns 7,525 shares of the company’s stock, valued at $626,381. The trade was a 12.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 15,100 shares of company stock worth $1,236,104 over the last three months. Company insiders own 4.28% of the company’s stock.

Institutional Trading of Prosperity Bancshares

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Quarry LP lifted its holdings in shares of Prosperity Bancshares by 533.3% during the second quarter. Quarry LP now owns 494 shares of the bank’s stock valued at $30,000 after acquiring an additional 416 shares during the period. UMB Bank n.a. lifted its holdings in Prosperity Bancshares by 102.7% during the 4th quarter. UMB Bank n.a. now owns 592 shares of the bank’s stock valued at $45,000 after purchasing an additional 300 shares during the last quarter. GAMMA Investing LLC boosted its position in Prosperity Bancshares by 47.9% in the third quarter. GAMMA Investing LLC now owns 701 shares of the bank’s stock valued at $51,000 after buying an additional 227 shares in the last quarter. First Horizon Advisors Inc. grew its stake in Prosperity Bancshares by 190.0% during the third quarter. First Horizon Advisors Inc. now owns 815 shares of the bank’s stock worth $59,000 after buying an additional 534 shares during the last quarter. Finally, Blue Trust Inc. increased its holdings in shares of Prosperity Bancshares by 181.6% during the third quarter. Blue Trust Inc. now owns 859 shares of the bank’s stock worth $62,000 after buying an additional 554 shares in the last quarter. 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.