Analysts Set Prosperity Bancshares, Inc. (NYSE:PB) Price Target at $78.96

Prosperity Bancshares, Inc. (NYSE:PB) has been assigned an average rating of “Moderate Buy” from the thirteen analysts that are covering the company, Marketbeat.com reports. Four research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $78.96.

PB has been the topic of a number of recent analyst reports. Barclays lifted their price objective on shares of Prosperity Bancshares from $75.00 to $76.00 and gave the company an “equal weight” rating in a research note on Thursday, October 24th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $77.00 price target on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Hovde Group increased their price objective on shares of Prosperity Bancshares from $80.50 to $82.50 and gave the company an “outperform” rating in a report on Monday, August 26th. StockNews.com raised Prosperity Bancshares from a “sell” rating to a “hold” rating in a report on Tuesday, November 12th. Finally, Wedbush reaffirmed an “outperform” rating and set a $90.00 price target on shares of Prosperity Bancshares in a research note on Thursday, October 24th.

Insider Buying and Selling at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction 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 completion of the sale, the director now owns 114,315 shares of the company’s stock, valued at approximately $9,597,887.40. This trade represents a 0.44 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 4.28% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. GAMMA Investing LLC grew its stake in shares of Prosperity Bancshares by 59.6% in the 2nd quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock valued at $29,000 after buying an additional 177 shares in the last quarter. Quarry LP grew its position in Prosperity Bancshares by 533.3% in the second quarter. Quarry LP now owns 494 shares of the bank’s stock worth $30,000 after acquiring an additional 416 shares in the last quarter. Quest Partners LLC increased its stake in shares of Prosperity Bancshares by 3,147.1% during the 2nd quarter. Quest Partners LLC now owns 552 shares of the bank’s stock worth $34,000 after purchasing an additional 535 shares during the last quarter. Abich Financial Wealth Management LLC increased its stake in shares of Prosperity Bancshares by 12,433.3% during the 1st quarter. Abich Financial Wealth Management LLC now owns 752 shares of the bank’s stock worth $49,000 after purchasing an additional 746 shares during the last quarter. Finally, Headlands Technologies LLC bought a new position in shares of Prosperity Bancshares during the 2nd quarter valued at $46,000. 80.69% of the stock is owned by institutional investors and hedge funds.

Prosperity Bancshares Trading Up 0.5 %

Shares of NYSE:PB opened at $82.50 on Monday. The firm’s 50 day moving average is $73.79 and its two-hundred day moving average is $68.40. The firm has a market capitalization of $7.86 billion, a P/E ratio of 17.52, a PEG ratio of 1.23 and a beta of 0.89. Prosperity Bancshares has a 52 week low of $57.16 and a 52 week high of $85.13.

Prosperity Bancshares (NYSE:PB) last posted its earnings results on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, beating the consensus estimate of $1.31 by $0.03. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%. The firm had revenue of $459.00 million for the quarter, compared to analysts’ expectations of $299.83 million. During the same period last year, the firm earned $1.20 EPS. Analysts predict that Prosperity Bancshares will post 5.05 EPS for the current year.

Prosperity Bancshares Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be given a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.81%. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.56. The ex-dividend date is Friday, December 13th. Prosperity Bancshares’s dividend payout ratio is 47.56%.

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.