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 report report published on Tuesday morning.

A number of other research firms have also recently issued reports on PB. Compass Point raised their price target on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the stock a “buy” rating in a report on Friday, July 26th. Hovde Group raised their target price on Prosperity Bancshares from $80.50 to $82.50 and gave the stock an “outperform” rating in a report on Monday, August 26th. Raymond James cut Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price target for the company. in a report on Tuesday, September 17th. Piper Sandler boosted their target price on Prosperity Bancshares from $73.00 to $80.00 and gave the stock an “overweight” rating in a report on Thursday, July 25th. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $77.00 price objective on shares of Prosperity Bancshares in a research report on Thursday, October 24th. Five analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $78.96.

Prosperity Bancshares Stock Performance

Shares of NYSE:PB opened at $82.09 on Tuesday. The stock has a market capitalization of $7.82 billion, a price-to-earnings ratio of 17.43, a PEG ratio of 1.24 and a beta of 0.89. The stock’s 50-day simple moving average is $73.58 and its two-hundred day simple moving average is $68.18. Prosperity Bancshares has a 52-week low of $57.16 and a 52-week high of $85.13.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.34 earnings per share for the quarter, topping the consensus estimate of $1.31 by $0.03. The company had revenue of $459.00 million for the quarter, compared to analysts’ expectations of $299.83 million. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%. During the same period in the previous year, the firm posted $1.20 earnings per share. As a group, equities analysts forecast that Prosperity Bancshares will post 5.05 earnings per share for the current fiscal year.

Prosperity Bancshares Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be issued a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.83%. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.56. The ex-dividend date of this dividend is Friday, December 13th. Prosperity Bancshares’s dividend payout ratio (DPR) is 47.56%.

Insiders Place Their Bets

In related news, Director Ned S. Holmes sold 500 shares of the company’s 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 transaction, the director now directly owns 114,315 shares in the company, valued at $9,597,887.40. This represents a 0.44 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 4.28% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Prosperity Bancshares

Large investors have recently modified their holdings of the stock. Victory Capital Management Inc. grew its holdings in shares of Prosperity Bancshares by 3.0% during the second quarter. Victory Capital Management Inc. now owns 6,359,165 shares of the bank’s stock valued at $388,799,000 after buying an additional 184,453 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Prosperity Bancshares by 14.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,287,615 shares of the bank’s stock valued at $262,141,000 after buying an additional 532,241 shares during the period. Charles Schwab Investment Management Inc. lifted its position in Prosperity Bancshares by 0.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,183,295 shares of the bank’s stock worth $85,280,000 after buying an additional 6,518 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Prosperity Bancshares by 2.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 935,420 shares of the bank’s stock valued at $57,192,000 after acquiring an additional 19,224 shares in the last quarter. Finally, Vaughan Nelson Investment Management L.P. grew its holdings in shares of Prosperity Bancshares by 4.6% during the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 835,565 shares of the bank’s stock valued at $60,219,000 after acquiring an additional 36,480 shares in the last quarter. 80.69% of the stock is owned by institutional investors.

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.