Prosperity Bancshares (NYSE:PB) Stock Rating Upgraded by Bank of America

Bank of America upgraded shares of Prosperity Bancshares (NYSE:PB) from an underperform rating to a neutral rating in a research note issued to investors on Tuesday morning, Marketbeat reports. Bank of America currently has $80.00 price objective on the bank’s stock.

PB has been the subject of a number of other research reports. StockNews.com upgraded Prosperity Bancshares from a “sell” rating to a “hold” rating in a report on Tuesday, December 31st. Barclays boosted their price objective on shares of Prosperity Bancshares from $84.00 to $88.00 and gave the stock an “equal weight” rating in a research note on Friday, December 20th. Royal Bank of Canada reissued a “sector perform” rating and issued a $77.00 target price on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Wedbush reaffirmed an “outperform” rating and set a $90.00 price target on shares of Prosperity Bancshares in a research report on Thursday, October 24th. Finally, Raymond James lowered Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price objective on the stock. in a research report on Tuesday, September 17th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, Prosperity Bancshares has an average rating of “Hold” and an average target price of $81.38.

Prosperity Bancshares Stock Down 1.4 %

NYSE:PB opened at $73.73 on Tuesday. The company has a market cap of $7.02 billion, a P/E ratio of 15.65, a P/E/G ratio of 1.19 and a beta of 0.93. The firm’s 50 day moving average is $79.20 and its two-hundred day moving average is $73.10. Prosperity Bancshares has a fifty-two week low of $57.16 and a fifty-two week high of $86.75.

Prosperity Bancshares (NYSE:PB) last issued its earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share for the quarter, beating analysts’ consensus estimates 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 quarter last year, the firm earned $1.20 earnings per share. Research analysts forecast that Prosperity Bancshares will post 5.05 earnings per share for the current fiscal year.

Prosperity Bancshares Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th were given a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.15%. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.56. The ex-dividend date of this dividend was Friday, December 13th. Prosperity Bancshares’s dividend payout ratio is presently 49.26%.

Insider Transactions at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 500 shares of the stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $81.44, for a total transaction of $40,720.00. Following the transaction, the director now owns 113,815 shares of the company’s stock, valued at approximately $9,269,093.60. This trade represents a 0.44 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Chairman H E. Timanus, Jr. sold 4,000 shares of the business’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $86.50, for a total value of $346,000.00. Following the completion of the sale, the chairman now directly owns 229,953 shares of the company’s stock, valued at approximately $19,890,934.50. This represents a 1.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 13,100 shares of company stock valued at $1,080,364. 4.28% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Prosperity Bancshares

Large investors have recently added to or reduced their stakes in the company. Quarry LP increased its stake in 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 purchasing an additional 416 shares during the last quarter. Quest Partners LLC grew its position 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 valued at $34,000 after buying an additional 535 shares during the last quarter. GAMMA Investing LLC grew its position in shares of Prosperity Bancshares by 47.9% during the 3rd quarter. GAMMA Investing LLC now owns 701 shares of the bank’s stock valued at $51,000 after buying an additional 227 shares during the last quarter. Headlands Technologies LLC acquired a new stake in Prosperity Bancshares during the second quarter worth about $46,000. Finally, First Horizon Advisors Inc. lifted its holdings in Prosperity Bancshares by 190.0% in the third quarter. First Horizon Advisors Inc. now owns 815 shares of the bank’s stock worth $59,000 after acquiring an additional 534 shares during the last quarter. 80.69% of the stock is currently owned by institutional investors.

Prosperity Bancshares Company Profile

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.